Pali Research Initiates Coverage on Dollar General (DG) with a Neutral; Prefers FDO
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Pali Research initiates coverage on Dollar General (NYSE: DG) with a Neutral rating.
Pali analyst says, "We are initiating coverage of DG with a Neutral rating based on valuation versus the peer group, as well as our concern that while the upcoming quarter should continue to show industry leading trends, we believe the majority of catalysts may be behind us. DG’s IPO was priced at the low end of the $21-23 range and the stock is currently trading at 8.3x our calendar 2010 EBITDA estimate of $1.387B, a 37.9% premium to the peer group (Dollar Tree (Nasdaq: DLTR) and Family Dollar (NYSE: FDO)) and a 30.6% premium to the larger peer group (discounters)...Our EBITDA estimates for FY2009 and FY2010 respectively are $1.237 billion and $1.403 billion. Our EPS estimates for FY2009 and FY2010 respectively are $1.21 and $1.58...We prefer cheaper names that are in the early innings of improvements such as Family Dollar (Buy, PT $35)."
To see all the upgrades/downgrades on shares of DG, visit our Analyst Ratings page.
Dollar General Corporation operates as a discount retailer of general merchandise in the southern, southwestern, midwestern, and eastern United States.
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