Dollarama (DOL) dropped 10% on its Q4 results, which edged out estimates but came with guidance for soft same-store growth and flat margins…

… driven by a weak macro backdrop and geopolitical uncertainty. Not a bad print by any means, but when you’re trading at ~35x NTM EPS…

… a modest guide is going to take some air out of the multiple, partly driven by investors anticipating negative estimates revisions and target cuts.

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