Canadian retailing has significant similarities to Australian retailing, so it is worth looking at Canada's leading discount variety retailer, Dollarama, to see how it has performed in recent years, particularly given Amazon has been operating there for >10 years.
Over the past 5 years, Dollarama has had a >400% increase in share price, while TRS has declined by more than 50%. (over 10 years its up +1300%, while TRS is down). Dollarama's EV/EBITDA is about 21x, versus TRS at about 3.5x. Accordingly, if the market valued TRS in the same way, its share price would be about $28.
Obviously this is convenient analysis and I wouldn't buy Dollarama at that price, but it does highlight that any signs of a return to growth should see strong gains from TRS.
The analysis of the US discount variety retailers is similar, although you would need to settle for a ~250% increase in the TRS share price from today's price. ;-)
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