Ongoing Strong Execution at Dollar General Boosts Our Optimism, but Shares Appear Fairly Valued
Reflecting continued strong execution and second-quarter results, we are lifting our near-term targets for narrow-moat Dollar General, resulting in a revised $107 per share valuation (up from $98). Still, the revisions do not alter our long-term outlook, calling for mid-single-digit top-line growth and adjusted operating margins of just under 9% over the next decade, on average. While we have a favorable view of the retailer's prospects even as the competitive landscape shifts, we suggest invest...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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