Relative Valuation - US Retail Sector

Discount Store Format

Per Share % of Market Enterprise
Company Price 52w High Capitalization Value
Dollar Tree Inc 46.11 81.2% 10,551 10,816
Dollar General 47.57 84.9% 15,941 18,965
Family Dollar Stores 58.69 78.5% 6,846 7,571
Dollar Tree Inc
(In $ Million, except per share data) Input Formulae
General Information ESOPs / Warrants/RSU
Analyst Name
Updation Date O/s
Bloomberg Ticker DLTR : US 0.0009
Latest Annual Filing 28 Jan'2012 0.1004
Latest Quarter Filing 27 Oct'2012 0.3114
0.2192
0.0053
0.0105
Enterprise Value 0.0076
Current Market Price 46.11 1.2557
52 week high 56.82
52 week low 37.20
Shares o/s - Basic 227 Cpnvertible Pref. Shares
Shares o/s - Diluted 229 Convertible
Common Equity (Diluted Market Cap) 10,551 Amount
Add: Pref. Capital -
Less: Pref. Equity Converted - -
Add: Non Controling Interest - -
Add: Total Debt 264
Less: Debt Converted - 264 Pension/Retirement Benefits
Debt Equivalent Pension/Retirement Liabilities
Unfunded pension/Retirement liability - Pension & Retirement Assets
Implicit Capital Lease - -
Less: Excess cash & Equivalents Capital Lease Obligations
Marketable Securtities - Operating Leasing Yearly Rental
Excess of Pension /retirement assets - - Moody's Multiplication Factor
Enterprise Value 10,816 Implicit Capitalised Lease
ESOPs / Warrants/RSU
In the Money Notional Notional
Ex. Price Options Cash Buyback Dilution
0.57 0.0009 0.0005 0.0000 0.0009
13.35 0.1004 1.3406 0.0291 0.0713
17.50 0.3114 5.4487 0.1182 0.1932
24.26 0.2192 5.3185 0.1153 0.1039
32.22 0.0053 0.1692 0.0037 0.0016
46.52 - - - -
69.41 - - - -
- 1.2557 - - 1.2557
1.63
Cpnvertible Pref. Shares Cpnvertible Debt
Conversion New Convertible Conversion New
Price Shares Amount Price Shares
0 0
0 0
0 - 0
Pension/Retirement Benefits
Pension/Retirement Liabilities
Pension & Retirement Assets
Capital Lease Obligations
Operating Leasing Yearly Rental
Moody's Multiplication Factor 8
Implicit Capitalised Lease 0
Dollar General
(In $ Million, except per share data) Input Formulae
General Information ESOPs / Warrants/RSU
Analyst Name
Updation Date O/s
Bloomberg Ticker DG : US 4.2586
Latest Annual Filing 3.9682
Latest Quarter Filing 02 Nov'2012
Enterprise Value
Current Market Price 47.57
52 week high 56.04
52 week low 39.73
Shares o/s - Basic 329 Cpnvertible Pref. Shares
Shares o/s - Diluted 335 Convertible
Common Equity (Diluted Market Cap) 15,941 Amount
Add: Pref. Capital -
Less: Pref. Equity Converted - -
Add: Non Controling Interest - -
Add: Total Debt 3,024
Less: Debt Converted - 3,024 Pension/Retirement Benefits
Debt Equivalent Pension/Retirement Liabilities
Unfunded pension/Retirement liability - Pension & Retirement Assets
Implicit Capital Lease - -
Less: Excess cash & Equivalents Capital Lease Obligations
Marketable Securtities - Operating Leasing Yearly Rental
Excess of Pension /retirement assets - - Moody's Multiplication Factor
Enterprise Value 18,965 Implicit Capitalised Lease
ESOPs / Warrants/RSU
In the Money Notional Notional
Ex. Price Options Cash Buyback Dilution
10.55 4.259 44.928 0.944 3.314
10.75 3.968 42.659 0.897 3.071
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
6.386
Cpnvertible Pref. Shares Cpnvertible Debt
Conversion New Convertible Conversion New
Price Shares Amount Price Shares
0 0
0 0
0 - 0
Pension/Retirement Benefits
Pension/Retirement Liabilities
Pension & Retirement Assets
Capital Lease Obligations
Operating Leasing Yearly Rental
Moody's Multiplication Factor 8
Implicit Capitalised Lease 0
Family Dollar Stores
(In $ Million, except per share data) Input Formulae
General Information ESOPs / Warrants/RSU
Analyst Name
Updation Date O/s
Bloomberg Ticker FDO : US 2.017
Latest Annual Filing 0.447
Latest Quarter Filing 24 Nov'2012 -0.600
Enterprise Value
Current Market Price 58.69
52 week high 74.73
52 week low 54.03
Shares o/s - Basic 116 Cpnvertible Pref. Shares
Shares o/s - Diluted 117 Convertible
Common Equity (Diluted Market Cap) 6,846 Amount
Add: Pref. Capital -
Less: Pref. Equity Converted - -
Add: Non Controling Interest - -
Add: Total Debt 725
Less: Debt Converted - 725 Pension/Retirement Benefits
Debt Equivalent Pension/Retirement Liabilities
Unfunded pension/Retirement liability - Pension & Retirement Assets
Implicit Capital Lease - -
Less: Excess cash & Equivalents Capital Lease Obligations
Marketable Securtities - Operating Leasing Yearly Rental
Excess of Pension /retirement assets - - Moody's Multiplication Factor
Enterprise Value 7,571 Implicit Capitalised Lease
ESOPs / Warrants/RSU
In the Money Notional Notional
Ex. Price Options Cash Buyback Dilution
37.600 2.02 75.84 1.29 0.72
- 0.45 - - 0.45
26.330 -0.60 -15.80 -0.27 -0.33
- - - -
- - - -
- - - -
- - - -
- - - -
0.84
Cpnvertible Pref. Shares Cpnvertible Debt
Conversion New Convertible Conversion New
Price Shares Amount Price Shares
0 0
0 0
0 - 0
Pension/Retirement Benefits
Pension/Retirement Liabilities
Pension & Retirement Assets
Capital Lease Obligations
Operating Leasing Yearly Rental
Moody's Multiplication Factor 8
Implicit Capitalised Lease 0