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  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "pageNumber": 48,
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  "nDataPoints": 12,
  "notes": "Uses a 'mature business' valuation framework to expose overvaluation.",
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      "text": "The market is pricing DOL beyond perfection – a valuation this lofty cannot be justified today.",
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      "kind": "list",
      "text": "Management's ten-year store target, Mature revenue per store estimate, Average operating margin, Industry median NTM P/E multiple",
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      "text": "Target Price: $38.15",
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      "text": "We can get close to DOL's current valuation only if we value it as a mature, ex-growth business today under management's lofty goals for the business for ten years into the future, applying no discounts for time, business risk, etc.",
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      "kind": "paragraph",
      "text": "Even if Dollarama were a mature business today under management's long-term targets for the business, DOL stock would have no upside to current share prices. The market is pricing DOL beyond perfection – a valuation this lofty cannot be justified today.",
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      "kind": "title",
      "text": "Dollarama Not Priced To Perfection – Priced Beyond Perfection",
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