Valuation and Performance - Dollar General Corporation (DG) is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 16.38, which is significantly lower than the industry average of 31.95, raising questions about whether the stock is undervalued or reflects underlying challenges [1] - The stock closed at $93.07, with an 11.9% increase over the past month, outperforming the industry's 5.6% rise, and is trading above its 50-day and 200-day moving averages, indicating a bullish trend [4] Growth Drivers - Despite margin pressures and a challenging consumer environment, Dollar General has gained market share through a resilient product mix, real estate expansion, and strategic initiatives aimed at delivering value [6] - The company has implemented a "back-to-basics" initiative, achieving a 6.9% inventory reduction per store and removing 1,000 SKUs, which has improved productivity [7] - Dollar General plans to execute 4,885 real estate projects in fiscal 2025, including 575 new store openings in the U.S. and up to 15 in Mexico, along with 2,000 remodels and 2,250 upgrades under the "Project Elevate" initiative, which has shown first-year comparable sales lifts of 3% to 5% [9] - The company is expanding its digital presence through a partnership with DoorDash, targeting home delivery to 10,000 locations by the end of fiscal 2025, with initial results showing higher average order values compared to in-store purchases [10] - Management aims to diversify its product mix, targeting a boost in non-consumable sales by at least 100 basis points by fiscal 2027 [11] Challenges and Outlook - Dollar General's core customer base is sensitive to inflation and economic pressures, with a reported 1.1% decline in traffic in the final quarter of fiscal 2024 [12] - Management anticipates selling, general, and administrative expenses to increase in 2025 due to retail wage inflation and elevated depreciation, with the first half of fiscal 2025 expected to be particularly pressured [13] - The company projects a year-over-year decline in EPS for the first half of fiscal 2025, with expected declines of 11.3% and 7.6% in the first and second quarters, respectively [14] - Analysts have revised down the Zacks Consensus Estimate for earnings per share, with current estimates at $5.55 and $6.14 for the current and next fiscal years, respectively [15] Long-Term Strategy - Management has outlined a roadmap targeting net sales growth of 3.5%-4% annually starting in fiscal 2025, with same-store sales growth targeted at 2%-3% from 2026 [17] - Operating margin expansion is expected to resume, potentially reaching 6%-7% by 2028, with EPS growth of at least 10% annually anticipated beginning in 2026 [17]

Nanterre, 17 April 2025 VINCI’s Shareholders’ General Meeting and Board of Directors’ meeting of 17 April 2025 All resolutions passedDecision to separate the roles of Chairman and Chief Executive Officer with effect from 1 May 2025Appointments of Xavier Huillard as Chairman of the Board and Pierre Anjolras as Chief Executive Officer with effect from this same dateAppointments of Pierre Anjolras, Karla Bertocco Trindade and María Victoria Zingoni as Directors Appointment of Annette Messemer as Lead Director ...

Core Viewpoint - CVS Health and Dollar General have recently seen stock gains due to their competitive positioning as the last major players in their respective sectors, benefiting from the decline of their top rivals [1][2][5] CVS Health - CVS experienced a significant turnaround after a substantial earnings beat in February and a positive outlook on restructuring its health insurance business [3] - The company reiterated its full-year forecast after multiple downward revisions last year, positioning itself as a "textbook recession-proof stock" [3] - CVS's recent strength is largely attributed to the struggles of its main competitor, Walgreens, which announced plans to go private, potentially leading to more store closures [3][5] - The bankruptcy of Rite Aid further solidifies CVS's position as largely unchallenged in the drugstore market [3] Dollar General - Dollar General has emerged as the primary player in the discount retail sector following Dollar Tree's decision to sell its Family Dollar chain to private equity, which is expected to result in store closures [4] - Despite a mixed quarterly report, Dollar General is perceived to be making progress in improving its business [4] - An analyst note from Citi indicated that Dollar General would be less impacted by new tariffs compared to competitors, as it focuses more on consumable products rather than discretionary items [4]

Nanterre, April 15th, 2025 Disclosure of transactions in on shares from April 07th to April 11th, 2025 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 09, 2024, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCI SA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out from April 07th to April 11th, 2025: I - Aggregate presentation by day and by market Issuer’s name ...

Core Insights - VINCI Airports reported nearly 73 million passengers in Q1 2025, an increase of 4 million passengers or 6% compared to Q1 2024 [3][8] - The Asian market, particularly traffic with China, showed significant growth, exceeding pre-COVID levels for the first time [4][8] - European airports, along with those in Mexico and Chile, benefited from the rise of low-cost airlines, contributing to overall traffic growth [5][8] Traffic Performance - January 2025 saw passenger numbers over 9% higher than January 2024, driven by Asia and the resurgence of traffic with China, which was up 25% compared to January 2019 [3] - February and March traffic stabilized at good levels despite unfavorable comparisons due to the leap year in February 2024 [3] - Traffic at Kansai airports in Japan surged over 35% above 2019 levels in January, fueled by the Chinese New Year holidays [4] Regional Highlights - In Mexico, traffic reached new records, increasing by 30% compared to 2019 in January, with airlines like Volaris and Vivaaerobus expanding operations [5] - Budapest airport recorded excellent results due to the performance of Ryanair, easyJet, and Wizz Air on European routes [5] - Traffic in South America, particularly in Santiago de Chile, was bolstered by increased capacity from airlines like LATAM, which saw a 13% rise [7] Specific Airport Performance - Lisbon airport in Portugal recorded 7,622 thousand passengers, a 1.4% increase, while Porto and Faro airports saw increases of 2.6% and 4.0% respectively [16] - Gatwick airport in the UK had 8,431 thousand passengers, up 1.2%, while Edinburgh airport grew by 6.6% [16] - In Japan, Kansai airports had 8,294 thousand passengers, reflecting a 16% increase [18] Commercial Movements - VINCI Airports experienced a 5.2% increase in commercial movements in Q1 2025 compared to Q1 2024 [15] - Notable growth in commercial flights was observed in Hungary, with a 14% increase at Budapest airport [19] - In Mexico, commercial flights increased by 11%, with Monterrey airport seeing a 21% rise [19]

2. Dollar General However, this sudden stock market correction could create opportunities for investors to bet on quality companies at a discount. Let's discuss some reasons why Realty Income (O 1.89%) and Dollar General (DG 1.32%) could make great long-term buys. 1. Realty Income Since its founding in 1969, Realty Income has grown to become America's eighth-largest real estate investment trust (REIT) -- a type of business structure that allows a company to avoid taxes if it returns 90% of its income to sha ...

Core Viewpoint - The potential for a recession is increasing due to tariff policies, which could lead to a worldwide economic slowdown as prices rise significantly [1][2]. Group 1: Costco Wholesale - Costco operates in the consumer staples sector, focusing on essential products, which typically perform better during recessions [3]. - The company's revenue forecast for the next 12 months is $1,024.03, indicating a 6.29% upside from the current price of $963.41 [4]. - Food accounts for approximately 54% of Costco's total revenue, with gasoline contributing an additional 12% [4]. - Costco's Kirkland Signature brand is priced about 20% lower than national brands, providing a competitive edge during economic downturns [5]. - Despite exposure to non-food items (26% of revenue), Costco's strong membership renewal rate of 91% during the pandemic helps mitigate risks [6]. Group 2: Dollar General - Dollar General is also positioned in the consumer staples sector, focusing on low-cost essentials, which is advantageous in recessionary periods [7]. - The 12-month stock price forecast for Dollar General is $94.75, reflecting a 6.33% upside from the current price of $89.11 [8]. - Consumables make up 82% of Dollar General's total revenue, including essential items like food and personal hygiene products [9]. - The company's strategy of maintaining low price points makes it a favorable option for consumers during tough economic times [10]. Group 3: TJX Companies - TJX operates in the consumer discretionary sector but employs an off-price strategy, selling brand-name goods at significant discounts [11]. - The 12-month stock price forecast for TJX is $135.76, indicating a 5.88% upside from the current price of $128.22 [12]. - TJX has historically outperformed during recessions, with shares rising 30% in the 2001 recession while the S&P 500 fell [13]. - Analysts have identified TJX as a top pick for potential recession resilience, despite underperforming the S&P 500 in 2020 [14].

Core Insights - Dollar General's focus on discounted essentials positions it as a strong defensive play for 2025, with a recent upgrade to a "buy" rating and a price target of $110, indicating a potential upside of 27% from the current share price of $86.85 [1] Financial Performance - Dollar General reported a net sales increase of 4.5% year over year in the fourth quarter, with same-store sales rising by 1.2%, suggesting that the stock's decline over the past year may be exaggerated [2] - The company's fourth-quarter operating profit was halved to $294 million, impacted by store closures and an impairment charge for its pOpshelf business, highlighting the need for improved profitability [3] Strategic Focus - Management's back-to-basics strategy aims to enhance inventory efficiency and reduce costs, which is expected to support profitability improvements [3] - The impact of tariffs on foreign imports could benefit Dollar General, as higher prices for imported goods may drive consumers to seek value, aligning with the company's commitment to providing affordable options [4] Market Position - Dollar General's stock is trading at 15 times this year's earnings estimate and offers a forward dividend yield of 2.71%, indicating relatively good value [4] - The company's historical resilience through various economic cycles suggests it is well-positioned to navigate current challenges, with potential for stock price appreciation towards the analyst's target within the next year [5]

Group 1 - Dollar General Corporation, the largest dollar store retailer in the US, released its 2024 report on March 13, 2025, indicating progress in revitalizing their stores through a back-to-basics strategy [1] - The company is viewed as a value investment opportunity due to its long-term growth potential and strategic changes that may correct stock value misconceptions [1] - The focus is on analyzing company strategies and competitive advantages to assess future prospects, suggesting that strategic changes can lead to high returns for investors [1] Group 2 - The article emphasizes the importance of understanding company developments and strategic shifts as a means to identify potential investment opportunities [1]

Core Viewpoint - The current economic environment and trade policy uncertainty, particularly regarding tariffs, have positioned Dollar General as a resilient investment opportunity amidst broader market declines [1][12]. Company Performance - Dollar General has shown a significant stock performance increase, gaining 4.7% following the announcement of global tariffs, contrasting with the overall market decline [4]. - The company reported same-store sales growth of 1.4% for 2024 and projects a range of 1.2% to 2.2% for 2025, indicating ongoing demand despite margin pressures [11]. Market Positioning - Dollar General's sales are predominantly from consumables, which account for 82% of its sales in 2024, making it less exposed to tariffs compared to competitors like Dollar Tree [5][6]. - The company has a historical track record of outperforming during recessions, with same-store sales growth of 9% in 2008 and 9.5% in 2009 during the financial crisis [8]. Strategic Initiatives - The company has implemented a "Back to Basics" strategy to streamline operations, including closing temporary storage facilities and enhancing store operations to reduce out-of-stock situations [10]. - Dollar General is investing in store remodels while continuing to open new locations, aiming to improve customer experience and operational efficiency [10]. Financial Metrics - The stock is currently priced at a price-to-earnings (P/E) ratio of 17 and offers a dividend yield of 2.6%, making it an attractive option for investors [12].