Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Dollar General Corp. (NYSE:DG)

Market Value Added (MVA)

Advanced level

Market value added (MVA) is the difference between a firms’s fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Dollar General Corp., MVA calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Fair value of long-term obligations, including current portion1 3,142,019  2,864,280  3,065,351  3,245,049  2,980,929  2,731,964 
Operating lease liability 8,784,488  8,226,006  7,772,715  7,013,460  6,194,484  5,787,175 
Market value of common equity 36,027,608  30,485,674  24,202,850  19,113,621  24,034,738  22,992,823 
Preferred stock —  —  —  —  —  — 
Market (fair) value of Dollar General 47,954,115  41,575,960  35,040,916  29,372,130  33,210,151  31,511,962 
Less: Invested capital2 19,125,860  18,107,408  17,430,340  16,297,271  15,131,301  14,898,723 
MVA 28,828,255  23,468,552  17,610,576  13,074,859  18,078,850  16,613,239 

Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22), 10-K (filing date: 2015-03-20).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Dollar General Corp.’s market (fair) value less invested capital. Dollar General Corp.’s MVA increased from 2018 to 2019 and from 2019 to 2020.

MVA Spread Ratio

Dollar General Corp., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 28,828,255  23,468,552  17,610,576  13,074,859  18,078,850  16,613,239 
Invested capital2 19,125,860  18,107,408  17,430,340  16,297,271  15,131,301  14,898,723 
Performance Ratio
MVA spread ratio3 150.73% 129.61% 101.03% 80.23% 119.48% 111.51%
Benchmarks
MVA Spread Ratio, Competitors4
Amazon.com Inc. 730.39% 729.67% 837.97% 863.33% 780.61%
Costco Wholesale Corp. 490.54% 406.02% 313.15% 288.95% 315.22%
Home Depot Inc. 547.47% 617.70% 572.85% 503.42% 463.40% 431.28%
Lowe’s Cos. Inc. 185.64% 327.73% 226.12% 230.51% 244.12% 250.60%
Target Corp. 151.69% 106.62% 96.57% 70.25% 127.36% 124.73%
TJX Cos. Inc. 271.00% 346.02% 289.43% 302.98% 348.37% 329.64%
Walmart Inc. 145.51% 124.61% 127.07% 90.39% 85.24% 123.03%

Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22), 10-K (filing date: 2015-03-20).

1 MVA. See details »

2 Invested capital. See details »

3 2020 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 28,828,255 ÷ 19,125,860 = 150.73%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Dollar General Corp.’s MVA spread ratio improved from 2018 to 2019 and from 2019 to 2020.

MVA Margin

Dollar General Corp., MVA margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 28,828,255  23,468,552  17,610,576  13,074,859  18,078,850  16,613,239 
Net sales 27,753,973  25,625,043  23,470,967  21,986,598  20,368,562  18,909,588 
Performance Ratio
MVA margin2 103.87% 91.58% 75.03% 59.47% 88.76% 87.86%
Benchmarks
MVA Margin, Competitors3
Amazon.com Inc. 330.22% 320.48% 371.04% 269.68% 240.92%
Costco Wholesale Corp. 77.31% 59.72% 45.97% 45.93% 48.16%
Home Depot Inc. 181.62% 195.15% 199.31% 182.97% 176.77% 166.72%
Lowe’s Cos. Inc. 68.98% 114.68% 91.69% 96.34% 101.33% 109.58%
Target Corp. 53.60% 37.31% 36.30% 27.36% 49.53% 51.77%
TJX Cos. Inc. 118.33% 150.58% 130.42% 136.36% 151.63% 147.57%
Walmart Inc. 46.83% 38.77% 36.53% 27.93% 27.76% 38.36%

Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22), 10-K (filing date: 2015-03-20).

1 MVA. See details »

2 2020 Calculation
MVA margin = 100 × MVA ÷ Net sales
= 100 × 28,828,255 ÷ 27,753,973 = 103.87%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Dollar General Corp.’s MVA margin ratio improved from 2018 to 2019 and from 2019 to 2020.