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  "documentTitle": "Dollarama Inc. (DOL)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "Includes a valuation bridge from current run-rate to downside, and comparative store density metrics against WMT, DG, and DLTR.",
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      "kind": "callout",
      "text": "Higher Canada store concentration vis-à-vis comparable U.S. store concentration than Walmart",
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      "text": "Achieving management's 1,700 store target would put DOL at a higher per capita penetration level than U.S. peers",
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      "text": "Higher Canada store count vis-à-vis comparable US store count compared to Walmart",
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      "text": "Even if we assume that DOL can reach similar penetration levels and match company growth targets – with steady margins no less – DOL has little upside. Valuing DOL as a mature business at its upper penetration bound implies ~40% downside in a more realistic, yet still generous scenario in which DOL is valued in line with peers.",
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      "text": "Valuing DOL as a mature business at its upper penetration bound implies ~40% downside in a more realistic, yet still generous scenario in which DOL is valued in line with peers.",
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      "text": "Share Price: C$24.60",
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      "text": "As discussed earlier, at 1,700 stores, DOL would have greater penetration than both Dollar General (DG) and Dollar Tree (DLTR), which both offer a much broader assortment of goods including perishables/consumables. Meanwhile, the U.S. appears to be overstored versus Canada. It is likely unreasonable for DOL to target per capita penetration levels on par with its U.S. peers.",
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      "text": "Valuing DOL As A Mature Business In The Canadian Market: ~40% Downside",
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