Dollar General's Scale and Convenience Should Protect Its Returns Despite Competition
A mid- to high-single-digit percentage increase is likely for our $104 per share valuation for narrow-moat Dollar General after it started fiscal 2019 strong. With investments in fresh food, supply chain and distribution optimization, and non-consumable items showing signs of paying off, we still call for mid-single-digit revenue growth and high-single-digit operating margins over the next decade. We believe Dollar General is poised to leverage its convenience and scale even as retail digitizes ...Dollar General is a discount retailer. The company's consumables products includes paper and cleaning products, packaged food, perishables, snacks, health and beauty, pet, and tobacco products. The company's seasonal products include decorations, toys, batteries, small electronics, greeting cards, stationery, prepaid phones and accessories, gardening supplies, hardware, automotive and home office supplies. The company's home products include kitchen supplies, cookware, small appliances, light bulbs, storage containers, frames, candles, craft supplies and kitchen, bed and bath soft goods. The company's apparel includes casual everyday apparel, as well as socks, underwear, disposable diapers, shoes and accessories.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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