Dollar General Corp

DG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$663.00	Dykbllm	Xjdwmhttt

Elevated Investments to Protect Dollar General’s Brand but Damp 2023 Returns

Jaime M Katz , Ari Felhandler

Mar 16, 2023

Dollar General's Feb. 23 preliminary release quenched any speculation about its fiscal 2022 fourth-quarter earnings, leading investors to focus on 2023 guidance during the March 16 call. As we digest more specific commentary around higher capital, operational, and debt-servicing expenditures in 2023 than our prior forecast, we expect to trim our $212 fair value estimate by a low-single-digit percentage, rendering shares fairly valued.

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