Dollarama Inc.

L'entreprise

Operates ~1,600+ value/discount stores across Canada with a fixed, low price-point model on consumables and general merchandise.

Owns a majority interest in Dollarcity (Latin America) and acquired Australia's The Reject Shop in 2025, adding international growth and consolidated revenue.

Vertically managed direct sourcing keeps costs low and gross margin near 45%.

Les avantages concurrentiels

Scale-driven purchasing power and direct global sourcing that smaller discounters cannot match.

National store density and brand trust as the default Canadian dollar-store, with pricing power via multi-price-point architecture.

Consumer trade-down tailwind: value retail gains share when household budgets tighten.

Aperçu financier

Période déclarée la plus récente : Q1 fiscal 2027 (reported June 2026); fiscal 2026 ended Feb 1, 2026. Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈2.9%TTM operating cash flow C$1.83B − capex ~C$0.32B = ~C$1.51B free cash flow ÷ ~C$51.5B market cap ≈ 2.9%.

Double-digit revenue growth from new-store openings, resilient same-store sales, and consolidation of The Reject Shop and Dollarcity.

Roughly C$1.5B of trailing free cash flow funds an aggressive share-buyback program (a bigger capital-return lever than the tiny dividend).

Low capex intensity relative to cash generation leaves ample reinvestment and buyback capacity.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

Simple FCF yield ~2.9% — a premium/growth multiple, not a value name.

P/E ~39x (forward ~37x), reflecting consistent double-digit growth and best-in-class returns on capital.

Investors are paying up for compounding and international optionality rather than current cash yield.

Dividende

~C$0.48/share annually, ~0.25% yield — a token payout; capital is returned primarily through large ongoing share buybacks rather than dividends.

Risques et scénario baissier

• Rich valuation leaves little margin for a growth or margin disappointment.
• A reversal in the consumer trade-down cycle (stronger economy) could slow same-store sales.
• Import cost inflation, FX and potential tariffs pressure the fixed-price model's margins.
• International execution risk in Latin America and the newly acquired Australian business.

Faits récents

Q1 fiscal 2027 delivered 21.4% total sales growth and 5.6% Canadian comps with gross margin near 45%; guidance held.

The Reject Shop (Australia) acquisition consolidated into results, lifting reported revenue growth into the mid-teens.

Verdict

Dollarama is arguably the highest-quality retailer on the TSX — durable double-digit growth, ~45% gross margins and ~C$1.5B of free cash flow recycled into buybacks. The trade-off is price: at ~2.9% FCF yield and ~39x earnings, the market already credits years of compounding plus international expansion, so the risk is multiple compression on any stumble. CoinCompass is a publisher, not an investment adviser — do your own due diligence.