Dollar General Corp., current enterprise value calculation

Current share price (P)	$84.03
No. shares of common stock outstanding	219,915,184
US$ in thousands
Common equity (market value)¹	18,479,473)
Add: Preferred stock (per books)	—)
Total equity	18,479,473)
Add: Current portion of long-term obligations (per books)	768,645)
Add: Long-term obligations, excluding current portion (per books)	6,231,539)
Total equity and debt	25,479,657)
Less: Cash and cash equivalents	537,283)
Enterprise value (EV)	24,942,374)

Based on: 10-K (reporting date: 2024-02-02).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 84.03 × 219,915,184

Dollar General Corp., EV calculation

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Share price^1, 2	$150.78	$205.81	$229.63	$187.78	$143.00	$117.47
No. shares of common stock outstanding¹	219,671,316	219,108,477	228,868,368	239,264,252	251,941,312	259,518,801
US$ in thousands
Common equity (market value)³	33,122,041)	45,094,716)	52,555,043)	44,929,041)	36,027,608)	30,485,674)
Add: Preferred stock (book value)	—)	—)	—)	—)	—)	—)
Total equity	33,122,041)	45,094,716)	52,555,043)	44,929,041)	36,027,608)	30,485,674)
Add: Current portion of long-term obligations (book value)	768,645)	—)	—)	—)	555)	1,950)
Add: Long-term obligations, excluding current portion (book value)	6,231,539)	7,009,399)	4,172,068)	4,130,975)	2,911,438)	2,862,740)
Total equity and debt	40,122,225)	52,104,115)	56,727,111)	49,060,016)	38,939,601)	33,350,364)
Less: Cash and cash equivalents	537,283)	381,576)	344,829)	1,376,577)	240,320)	235,487)
Enterprise value (EV)	39,584,942)	51,722,539)	56,382,282)	47,683,439)	38,699,281)	33,114,877)

Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Dollar General Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 150.78 × 219,671,316

An analysis of the valuation metrics from February 2019 to February 2024 reveals a distinct bell-shaped trajectory, characterized by a period of steady expansion followed by a significant contraction.

Equity Valuation Trends: The market value of common equity experienced consistent growth over a three-year period, rising from approximately 30.5 billion US$ in 2019 to a peak of 52.6 billion US$ in January 2022. However, this upward momentum reversed sharply after 2022, with the value declining to 45.1 billion US$ in 2023 and further to 33.1 billion US$ by February 2024, effectively returning to 2019 levels.
Enterprise Value (EV) Analysis: Enterprise value closely mirrored the movement of equity valuation, increasing from 33.1 billion US$ in 2019 to a maximum of 56.4 billion US$ in January 2022. The subsequent downturn saw the EV decrease to 51.7 billion US$ in 2023 and further to 39.6 billion US$ in 2024. This represents a contraction of approximately 29.7% from its peak value.
Capital Structure and Valuation Relationship: The close alignment between total equity and debt and the overall enterprise value suggests that the corporate valuation is heavily influenced by equity market fluctuations. Throughout the period, the total equity and debt figures tracked the enterprise value with high correlation, indicating that changes in the market's perception of equity value were the primary drivers of the total enterprise valuation rather than significant shifts in the debt profile.

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Dollar General Corp. (NYSE:DG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)