Dollar General Corp., FCFE calculation

US$ in thousands

12 months ended:	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Net noncash charges	1,563,418)	1,024,893)	689,392)	617,093)	590,208)	315,496)
Change in operating assets and liabilities	(1,994,852)	(558,314)	531,717)	(91,650)	(36,130)	(52,348)
Net cash provided by operating activities	1,984,555)	2,865,811)	3,876,159)	2,237,998)	2,143,550)	1,802,108)
Purchases of property and equipment	(1,560,582)	(1,070,460)	(1,027,963)	(784,843)	(734,380)	(646,456)
Proceeds from sales of property and equipment	5,236)	4,903)	3,053)	2,358)	2,777)	1,428)
Issuance of long-term obligations	2,296,053)	—)	1,494,315)	—)	499,495)	599,556)
Repayments of long-term obligations	(911,330)	(6,402)	(4,640)	(1,465)	(577,321)	(752,676)
Net increase (decrease) in commercial paper outstanding	1,447,600)	54,300)	(425,200)	58,300)	(63,300)	(60,300)
Borrowings under revolving credit facilities	—)	—)	300,000)	—)	—)	—)
Repayments of borrowings under revolving credit facilities	—)	—)	(300,000)	—)	—)	—)
Costs associated with issuance of debt	(16,925)	(2,268)	(13,574)	(1,675)	(4,384)	(9,524)
Free cash flow to equity (FCFE)	3,244,607)	1,845,884)	3,902,150)	1,510,673)	1,266,437)	934,136)

Based on: 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), 10-K (reporting date: 2018-02-02).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Dollar General Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Dollar General Corp. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Dollar General Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	219,476,497
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,244,607)
FCFE per share	14.78
Current share price (P)	138.50
Valuation Ratio
P/FCFE	9.37
Benchmarks
P/FCFE, Competitors¹
Costco Wholesale Corp.	50.33
Target Corp.	20.56
Walmart Inc.	29.17
P/FCFE, Sector
Consumer Staples Distribution & Retail	40.44
P/FCFE, Industry
Consumer Staples	27.31

Based on: 10-K (reporting date: 2023-02-03).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Dollar General Corp., historical P/FCFE calculation, comparison to benchmarks

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
No. shares of common stock outstanding¹	219,108,477	228,868,368	239,264,252	251,941,312	259,518,801	268,741,400
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,244,607)	1,845,884)	3,902,150)	1,510,673)	1,266,437)	934,136)
FCFE per share³	14.81	8.07	16.31	6.00	4.88	3.48
Share price^1, 4	205.81	229.63	187.78	143.00	117.47	90.06
Valuation Ratio
P/FCFE⁵	13.90	28.47	11.51	23.85	24.07	25.91
Benchmarks
P/FCFE, Competitors⁶
Costco Wholesale Corp.	39.36	82.66	37.82	23.41	36.68	35.16
Target Corp.	78.41	16.84	11.15	13.90	17.63	—
Walmart Inc.	25.97	122.02	18.26	23.39	9.30	—
P/FCFE, Sector
Consumer Staples Distribution & Retail	32.19	60.47	19.63	21.92	12.56	—
P/FCFE, Industry
Consumer Staples	24.38	31.85	24.14	17.57	18.66	—

Based on: 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), 10-K (reporting date: 2018-02-02).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,244,607,000 ÷ 219,108,477 = 14.81

⁴ Closing price as at the filing date of Dollar General Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 205.81 ÷ 14.81 = 13.90

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Dollar General Corp. P/FCFE ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Dollar General Corp. (NYSE:DG)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical