Post on 03-Jun-2018
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
1/23
Relative Valuation(US Retail Sector (Discount Stores))
Company CMP M.Cap EV LTM FY1 FY2
AVIS Budget 19.38 2,534 14,740 #DIV/0! #DIV/0! #DIV/0!
Dollar General 42.94 14,595 21,785 1.39x 1.35x 1.23x
Dollar Tree Inc 37.98 8,761 12,649 1.78x 1.71x 1.60x
Family Dollar Stores 64.68 7,548 11,920 1.28x 1.13x 1.05x
Kohl's Corp 43.50 10,106 16,564 0.87x 0.86x 0.84x
High #DIV/0! #DIV/0! #DIV/0!
Mean #DIV/0! #DIV/0! #DIV/0!
Median #DIV/0! #DIV/0! #DIV/0!
Low #DIV/0! #DIV/0! #DIV/0!
Revenues
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LTM FY1 FY2 LTM FY1 FY2 LTM FY1 FY2
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
8.92x 12.09x 15.72x 15.01x 12.86x
8.57x 12.56x 16.50x 15.19x 13.47x
8.56x 13.86x 17.77x 15.22x 13.42x
5.40x 7.93x 10.15x 9.73x 8.88x
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Enterprise Value /
Diluted EPS
Price /
EBITDA EBIT
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
3/23
PEG EPS CAGR EBITDA EBIT RoCE RoE
#DIV/0! 10 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.87x 18 15.6% 11.5% 9.8% 19.4%
20.8% 14.2% 12.1% 35.0%
14.9% 9.2% 9.9% 33.1%
16.2% 11.0% 10.8% 17.4%
LTM Margins (%) LTM Return (%)
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AVIS Budget(In $ Million except Per Share Data) Input Formulae
General Information ESOPs/Wrrants/RSUs/PSUs
Analyst Name RB O/S Ex. Price
Updation Date 31 Dec'12 7.31 10.00
Bloomberg Ticker CAR: US - -
Fiscal Ending Month
Latest Annual
Latest Quarter
Tax Rate
Enterprise Value
Current Market Price 19.38
52 Week High Convertible Debt
52 Week Low Value Con. Pric
Basic Shares O/s 106 345 16.25
Diluted Shares O/s 131
Common Equity (Diluted Market Cap) 2,534 345
Add: Pref. Share Capital -Less: Pref. Share Capital - -
Add: Non Controling Interest - Pension & Retirement Ben
Add: Total Debt 8,769 PV Of retirement & Other
Less: Debt Converted 345 8,424 Fair Value of Pension & Ot
Add Debt Equivalents Unfunded Pension & Relat
Unfunded Pension & Related Liabilities 188 Excess Pension Assets
Implicit Capital Lease 4,128
4,316 Implicit Capital Leases
Less: Excess Cash & Equivalents Operating Lease Rental
Marketable Securities 534 Capitalization Multiplier
Excess Pension Assets - Implicit Capitalised Lease
534
Enterprise Value 14,740
Summary Financials
Period
Revenues
EBITDA
EBIT
Net Income
Dilued EPS
Clean/Adjusted Financials
Reported Revenues
Add/Less Exceptional Losses/Incomes
Adjusted Revenues
Adjusted EBIT as calculated below
Depreciation & Amortization
Implicit Depreciation on Capital Lease Converted
Adjusted EBITDA
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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Reported EBIT
Add/Less Exceptional Items
Pension Related Items (Impacting both EBIT and NP)
Pension Related Items (Impacting ONLY EBIT)
Implicit Interest on Capital Lease Converted (Only EBIT Change)
Adjsuted EBIT
Reported Net Profit
Add/Less Exceptional Items Adjusted in EBIT
Add/Less Exceptional Items reported below EBIT
Tax Impact on Adjustments
Profit/Loss from DisContinued Operations
Adjusted Net Income
Adjusted EPS - Basic
Adjusted EPS - Diluted
Reported EPS - BasicReported EPS - Diluted
Weighted Avg Shares - Basic
Weighted Avg Shares - Diluted
Workings
Oeratimg Lease Rent
Equity
Capital Employed
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
6/23
ITM o/s N. Cash Repurchased Dilution
7.31 73.06 3.77 3.54
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
3.54
Convertible Pref. Shares
New Shares Value Con. Price New Shares
21.23 -
- -
21.23 - -
fits
elated obligations 600
er Related Assets 412
ed Liabilities 188
0
516
8x 2.50
Value 4,128 7.76
H1 LTM FY1 FY2
Annual Prior Stub Crt. Stub LTM
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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Annual Prior Stub Crt. Stub LTM
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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Dollar General(In $ Million except Per Share Data) Input Formulae
General Information ESOPs/Wrrants/RSUs/PSUs
Analyst Name TJ O/S Ex. Price
Updation Date 12 Dec'12 4.258581 10.55
Bloomberg Ticker DG : US 3.968237 10.75
Fiscal Ending Month January
Latest Annual 10K 3 Feb'12
Latest Quarter 10Q 3 Aug'12
Tax Rate 35%
Enterprise Value
Current Market Price 42.94
52 Week High 56.04 Convertible Debt
52 Week Low 38.85 Value Con. Price
Basic Shares O/s 334
Diluted Shares O/s 340
Common Equity (Diluted Market Cap) 14,595 -
Add: Pref. Share Capital -Less: Pref. Share Capital - -
Add: Non Controling Interest - Pension & Retirement Be
Add: Total Debt 2,888 PV Of retirement & Other
Less: Debt Converted - 2,888 Fair Value of Pension &
Add Debt Equivalents Unfunded Pension & Rel
Unfunded Pension & Related Liabilities - Excess Pension Assets
Implicit Capital Lease 4,303
4,303 Implicit Capital Leases
Less: Excess Cash & Equivalents Operating Lease Rental
Marketable Securities - Capitalization Multiplier
Excess Pension Assets - Implicit Capitalised Leas
-
Enterprise Value 21,785
Summary Financials H2
Period 3 Feb'11
Revenues -
EBITDA -
EBIT -
Net Income -
Dilued EPS -
Clean/Adjusted Financials Annual
3 Feb'11
Reported Revenues
Add/Less Exceptional Losses/Incomes
Adjusted Revenues -
Adjusted EBIT as calculated below -
Depreciation & Amortization
Implicit Depreciation on Capital Lease Converted -
Adjusted EBITDA -
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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Reported EBIT
Add/Less Exceptional Items
Pension Related Items (Impacting both EBIT and NP)
Pension Related Items (Impacting ONLY EBIT)
Implicit Interest on Capital Lease Converted (Only EBIT Change) -
Adjsuted EBIT -
Reported Net Profit
Add/Less Exceptional Items Adjusted inEBIT -
Add/Less Exceptional Items reported below EBIT
Tax Impact on Adjustments -
Profit/Loss from DisContinued Operations
Adjusted Net Income -
Adjusted EPS - Basic -
Adjusted EPS - Diluted -
Reported EPS - Basic -Reported EPS - Diluted -
Weighted Avg Shares - Basic
Weighted Avg Shares - Diluted
Workings 3 Feb'11
Oeratimg Lease Rent
Equity
Capital Employed
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
10/23
ITM o/s N. Cash Repurchased Dilution
4.258581 44.9280296 1.05 3.21
3.968237 42.6585478 0.99 2.97
0 0 - -
0 0 - -
0 0 - -
0 0 - -
0 0 - -
6.19
Convertible Pref. Shares
New Shares Value Con. Price New Shares
- -
- -
- - -
efits
Related obligations
ther Related Assets
ted Liabilities 0
0
538
8x
Value 4,303
H1 LTM FY1 FY2
3 Feb'12
14,807 15,630 16,122 17,687
2,352 2,443
1,727 1,803
845 932
2.45 2.73 2.86 3.34
Annual Prior Stub Crt. Stub LTM
3 Feb'12
14,807 7,027 7,850 15,630
- - - -
14,807 7,027 7,850 15,630
1,727 787 862 1,803
275 136 146 286
350 175 179 354
2,352 1,098 1,188 2,443
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
11/23
1,491 672 772 1,591
61 27 1 35
- - - -
- - - -
175 88 90 177
1,727 787 862 1,803
767 303 428 891
60.80 27.30 1.10 35
60 60 28 28
(42) (31) (10) (22)
- - - -
845 360 447 932
2.48 1.05 1.33 2.76
2.45 1.04 1.32 2.73
2.25 0.89 1.28 2.642.22 0.88 1.27 2.61
341.2 341.5 334.5
345.1 345.5 337.5
3 Feb'12 Prior Stub Crt. Stub
525 263 269
4,810 4,810
12,001
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
12/23
Dollar Tree Inc(In $ Million except Per Share Data) Input Formulae
General Information ESOPs/Wrrants/RSUs/
Analyst Name TJ O/S Ex. Price
Updation Date 12 Dec'12 2.5115 -
Bloomberg Ticker DLTR : US 0.0018 0.29
Fiscal Ending Month January 0.2008 6.68
Latest Annual 10K 28 Jan'12 0.6227 8.75
Latest Quarter 10Q 27 Oct'12 0.4385 12.13
Tax Rate 35% 0.0111 16.11
0.0209 23.26
Enterprise Value 0.0153 34.71
Current Market Price 37.98
52 Week High 56.82
52 Week Low 37.12 Convertible Debt
Basic Shares O/s 227 Value Con. Pric
Diluted Shares O/s 231
Common Equity (Diluted Market Cap) 8,761
Add: Pref. Share Capital - -Less: Pref. Share Capital - -
Add: Non Controling Interest - Pension & Retiremen
Add: Total Debt 264 PV Of retirement &
Less: Debt Converted - 264 Fair Value of Pensio
Add Debt Equivalents Unfunded Pension &
Unfunded Pension & Related Liabilities - Excess Pension Asset
Implicit Capital Lease 3,623
3,623 Implicit Capital Leas
Less: Excess Cash & Equivalents Operating Lease Re
Marketable Securities - Capitalization Multip
Excess Pension Assets - Implicit Capitalised
-
Enterprise Value 12,649
Summary Financials
Period
Revenues
EBITDA
EBIT
Net Income
Dilued EPS
Clean/Adjusted Financials
Reported Revenues
Add/Less Exceptional Losses/Incomes
Adjusted Revenues
Adjusted EBIT as calculated below
Depreciation & Amortization
Implicit Depreciation on Capital Lease Converted
Adjusted EBITDA
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
13/23
Reported EBIT
Add/Less Exceptional Items
Pension Related Items (Impacting both EBIT and NP)
Pension Related Items (Impacting ONLY EBIT)
Implicit Interest on Capital Lease Converted (Only EBIT Change)
Adjsuted EBIT
Reported Net Profit
Add/Less Exceptional Items Adjusted inEBIT
Add/Less Exceptional Items reported below EBIT
Tax Impact on Adjustments
Profit/Loss from DisContinued Operations
Adjusted Net Income
Adjusted EPS - Basic
Adjusted EPS - Diluted
Reported EPS - BasicReported EPS - Diluted
Weighted Avg Shares - Basic
Weighted Avg Shares - Diluted
Workings
Oeratimg Lease Rent
Equity
Capital Employed
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PSUs
ITM o/s N. Cash Repurchased Dilution
2.51 - - 2.51
0.00 0.00 0.00 0.00
0.20 1.34 0.04 0.17
0.62 5.45 0.14 0.48
0.44 5.32 0.14 0.30
0.01 0.18 0.00 0.01
0.02 0.49 0.01 0.01
0.02 0.53 0.01 0.00
3.47
Convertible Pref. Shares
New Shares Value Con. Price New Shares
- -
- -
- - -
t Benefits
ther Related obligations
& Other Related Assets
Related Liabilities 0
s 0
es
tal 453
lier 8x
ease Value 3,623
H1 LTM FY1 FY2
6,631 7,094 7,378 7,920
1,368 1,476
923 1,007
488 539
2.01 2.30 2.50 2.82
Annual Prior Stub Crt. Stub LTM
6,631 4,685 5,149 7,094
- - - -
6,631 4,685 5,149 7,094
923 586 670 1,007
164 120 128 172
281 211 226 297
1,368 916 1,025 1,476
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
15/23
782 480 557 859
- - - -
-
-
141 105 113 148
923 586 670 1,007
488 300 391 579
- - - -
- - (61) (61)
- - 21 21
- - - -
488 300 351 539
2.03 1.24 1.52 2.32
2.01 1.23 1.52 2.30
2.03 1.24 1.70 2.492.01 1.23 1.69 2.47
240.6 243.1 230.5
242.4 244.8 231.8
Annual Prior Stub Crt. Stub
422 316 340
1,539 1,539
5,426
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
16/23
Family Dollar Stores(In $ Million except Per Share Data) Input Formulae
General Information ESOPs/Wrrants/RSUs/
Analyst Name TJ O/S Ex. Price
Updation Date 12 Dec'12 2.017 37.6
Bloomberg Ticker FD : US 0.447 0
Fiscal Ending Month August
Latest Annual 10K 25 Aug'12
Latest Quarter
Tax Rate 35%
Enterprise Value
Current Market Price 64.68
52 Week High 74.73 Convertible Debt
52 Week Low 53.03 Value Con. Pric
Basic Shares O/s 115
Diluted Shares O/s 117
Common Equity (Diluted Market Cap) 7,548 -
Add: Pref. Share Capital -Less: Pref. Share Capital - -
Add: Non Controling Interest - Pension & Retiremen
Add: Total Debt 548 PV Of retirement &
Less: Debt Converted - 548 Fair Value of Pensio
Add Debt Equivalents Unfunded Pension &
Unfunded Pension & Related Liabilities - Excess Pension Asset
Implicit Capital Lease 3,855
3,855 Implicit Capital Leas
Less: Excess Cash & Equivalents Operating Lease Re
Marketable Securities 30 Capitalization Multip
Excess Pension Assets - Implicit Capitalised
30
Enterprise Value 11,920
Summary Financials
Period
Revenues
EBITDA
EBIT
Net Income
Dilued EPS
Clean/Adjusted Financials
Reported Revenues
Add/Less Exceptional Losses/Incomes
Adjusted Revenues
Adjusted EBIT as calculated below
Depreciation & Amortization
Implicit Depreciation on Capital Lease Converted
Adjusted EBITDA
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
17/23
Reported EBIT
Add/Less Exceptional Items
Pension Related Items (Impacting both EBIT and NP)
Pension Related Items (Impacting ONLY EBIT)
Implicit Interest on Capital Lease Converted (Only EBIT Change)
Adjsuted EBIT
Reported Net Profit
Add/Less Exceptional Items Adjusted inEBIT
Add/Less Exceptional Items reported below EBIT
Tax Impact on Adjustments
Profit/Loss from DisContinued Operations
Adjusted Net Income
Adjusted EPS - Basic
Adjusted EPS - Diluted
Reported EPS - BasicReported EPS - Diluted
Weighted Avg Shares - Basic
Weighted Avg Shares - Diluted
Workings
Oeratimg Lease Rent
Equity
Capital Employed
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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PSUs
ITM o/s N. Cash Repurchased Dilution
2.02 75.84 1.17 0.84
0.45 - - 0.45
- - - -
- - - -
- - - -
- - - -
- - - -
1.29
Convertible Pref. Shares
New Shares Value Con. Price New Shares
- -
- -
- - -
t Benefits
ther Related obligations
& Other Related Assets
Related Liabilities 0
s 0
es
tal 482
lier 8x
ease Value 3,855
H1 LTM FY1 FY2
9,331 9,331 10,517 11,395
1,392 1,392
860 860
430 430
3.64 3.64 4.25 4.82
Annual Prior Stub Crt. Stub LTM
9,331 9,331
- -
9,331 - - 9,331
860 - - 860
211 211
321 - - 321
1,392 - - 1,392
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
19/23
688 688
12 12
-
-
161 - - 161
860 - - 860
422 422
11.50 - - 12
- -
(4) - - (4)
- - - -
430 - - 430
3.67 - - 3.67
3.64 - - 3.64
3.61 - - 3.613.58 - - 3.58
117.1
118.1
Annual Prior Stub Crt. Stub
482
1,298 1,298
5,670
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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Kohl's Corp(In $ Million except Per Share Data) Input Formulae
General Information ESOPs/Wrrants/RSUs/
Analyst Name TJ O/S Ex. Price
Updation Date 12 Dec'12 15.901 53.66
Bloomberg Ticker KSS:US 2.316 0Fiscal Ending Month January
Latest Annual 10K 28 Jan'12
Latest Quarter 10Q 27 Oct'12
Tax Rate 35%
Enterprise Value
Current Market Price 43.50
52 Week High 55.25 Convertible Debt
52 Week Low 42.72 Value Con. Pric
Basic Shares O/s 230
Diluted Shares O/s 232
Common Equity (Diluted Market Cap) 10,106 -Add: Pref. Share Capital -
Less: Pref. Share Capital - -
Add: Non Controling Interest - Pension & Retiremen
Add: Total Debt 4,578 PV Of retirement &
Less: Debt Converted - 4,578 Fair Value of Pension
Add Debt Equivalents Unfunded Pension &
Unfunded Pension & Related Liabilities - Excess Pension Asset
Implicit Capital Lease 1,880
1,880 Implicit Capital Leas
Less: Excess Cash & Equivalents Operating Lease Re
Marketable Securities - Capitalization Multip
Excess Pension Assets - Implicit Capitalised
-
Enterprise Value 16,564
Summary Financials
Period
Revenues
EBITDA
EBIT
Net Income
Dilued EPS
Clean/Adjusted Financials
Reported Revenues
Add/Less Exceptional Losses/Incomes
Adjusted Revenues
Adjusted EBIT as calculated below
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
21/23
Depreciation & Amortization
Implicit Depreciation on Capital Lease Converted
Adjusted EBITDA
Reported EBIT
Add/Less Exceptional Items
Pension Related Items (Impacting both EBIT and NP)Pension Related Items (Impacting ONLY EBIT)
Implicit Interest on Capital Lease Converted (Only EBIT Change)
Adjsuted EBIT
Reported Net Profit
Add/Less Exceptional Items Adjusted inEBIT
Add/Less Exceptional Items reported below EBIT
Tax Impact on Adjustments
Profit/Loss from DisContinued Operations
Adjusted Net Income
Adjusted EPS - Basic
Adjusted EPS - Diluted
Reported EPS - Basic
Reported EPS - Diluted
Weighted Avg Shares - Basic
Weighted Avg Shares - Diluted
Workings
Oerating Lease Rent
Equity
Capital Employed
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
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PSUs
ITM o/s N. Cash Repurchased Dilution
- - - -
2.32 - - 2.32- - - -
- - - -
- - - -
- - - -
- - - -
2.32
Convertible Pref. Shares
New Shares Value Con. Price New Shares
- -
- -
- - -
t Benefits
ther Related obligations
& Other Related Assets
Related Liabilities 0
s 0
es
tal 235
lier 8x
ease Value 1,880
H1 LTM FY1 FY2
18,804 18,955 19,289 19,608
3,201 3,066
2,246 2,089
1,167 1,065
4.31 4.29 4.47 4.90
Annual Prior Stub Crt. Stub LTM
10K 28 Jan'12 10Q 27 Oct'12
18,804 12,786 12,937 18,955
-
18,804 12,786 12,937 18,955
2,246 1,419 1,262 2,089
8/12/2019 Tapan_Trading Comps_US Retail (Discount Stores)
23/23
778 583 620 815
177 133 118 162
3,201 2,135 1,999 3,066
2,158 1,353 1,203 2,008
-
--
88 66 59 81
2,246 1,419 1,262 2,089
1,167 711 609 1,065
- - - -
-
- - - -
-
1,167 711 609 1,065
4.32 2.58 2.56 4.30
4.31 2.56 2.54 4.29
4.32 2.58 2.56 4.30
4.31 2.56 2.54 4.29
270.0 276.0 238.0
271.0 278.0 240.0
Annual Prior Stub Crt. Stub
265 199 176
6,508 6,106 6,106
12,564