<p>折扣店连锁 Dollarama（多伦多证券交易所代码：DOL）多年来一直是多伦多证券交易所上值得拥有的顶级成长股。过去五年，该股上涨了约 280%，几乎翻了四倍。如今，其市值约为 540 亿美元。然而，截至 1 月 16 日，该股在新年开始时下跌了 4%。这是否意味着进一步下跌的开始，还是 Dollarama 在近期疲软中是一个不错的买入机会？</p>
<p>这家折扣店连锁正在实现稳健增长，在最近的财报中报告了 6% 的可比销售增长，受益于平均交易量和交易规模的增加。尽管面临经济挑战和消费者预算收紧，它的表现仍然相当不错。</p>
<p>毫无疑问，业务依然稳健。但问题可能在于其估值。</p>
<p>Dollarama 的股票交易价格为其过去收益的 42 倍。对于这种倍数，投资者应该期待强劲的增长，甚至可能比 Dollarama 已经实现的增长率更高。这会产生很高的期望，而即使业务表现强劲，也可能难以满足这些期望。</p>
<p>因此，尽管年初表现疲软，我不会建议今天急于购买 Dollarama 的股票。其估值较高，溢价看起来过于庞大。当投资者考虑估值时，该股在接下来的几周和几个月可能会进一步下跌。就目前而言，我会采取观望的态度，因为其过高的溢价可能会导致近期进一步下跌。</p>

达乐

狄乐百货

<p>Dollarama 的股票在 2026 年初下跌了 4%，尽管在过去五年中上涨了 280%。该公司报告了可比销售增长 6%，但其市盈率为 42 倍的估值引发了担忧。分析师表示，高期望可能无法实现，导致潜在的进一步下跌。建议采取谨慎的态度，因为股票的过高溢价可能在接下来的几周和几个月中带来更多下行压力</p>

<p>Dollar store chain Dollarama (TSX:DOL) has been a top growth stock to own on the TSX for years. The stock has soared around 280% over the past five years, nearly quadrupling in value. Today, its market cap sits at roughly $54 billion. However, as of Jan. 16, the stock has declined by 4% to start the new year. Could this be the start of more of a decline, or is Dollarama a good buy on this recent weakness?</p>
<div class="lb-trans"><p>折扣店连锁 Dollarama（多伦多证券交易所代码：DOL）多年来一直是多伦多证券交易所上值得拥有的顶级成长股。过去五年，该股上涨了约 280%，几乎翻了四倍。如今，其市值约为 540 亿美元。然而，截至 1 月 16 日，该股在新年开始时下跌了 4%。这是否意味着进一步下跌的开始，还是 Dollarama 在近期疲软中是一个不错的买入机会？</p>
</div><p>The dollar store chain is generating solid growth and in its most recent earnings it reported comparable sales growth of 6%, benefiting from an increase in average transaction volume and size. It's been doing fairly well despite economic challenges and consumers tightening up their budgets.</p>
<div class="lb-trans"><p>这家折扣店连锁正在实现稳健增长，在最近的财报中报告了 6% 的可比销售增长，受益于平均交易量和交易规模的增加。尽管面临经济挑战和消费者预算收紧，它的表现仍然相当不错。</p>
</div><p>There's no doubt the business is still solid. But the problem may be its valuation.</p>
<div class="lb-trans"><p>毫无疑问，业务依然稳健。但问题可能在于其估值。</p>
</div><p>Dollarama's stock is trading at 42 times its trailing earnings. For that kind of a multiple, investors should expect strong growth, and perhaps an even better growth rate than what Dollarama has already been achieving. It creates high expectations which may not be easy to meet, even if the business has a strong quarter.</p>
<div class="lb-trans"><p>Dollarama 的股票交易价格为其过去收益的 42 倍。对于这种倍数，投资者应该期待强劲的增长，甚至可能比 Dollarama 已经实现的增长率更高。这会产生很高的期望，而即使业务表现强劲，也可能难以满足这些期望。</p>
</div><p>That's why despite its weakness to start the year, I wouldn't suggest rushing out to buy Dollarama's stock today. It's highly valued and the premium looks excessive. As investors consider valuations, the stock may decline lower in the weeks and months ahead. For now, I'd take a wait-and-see approach with it as its excessive premium may result in an even further decline in the near future.</p>
<div class="lb-trans"><p>因此，尽管年初表现疲软，我不会建议今天急于购买 Dollarama 的股票。其估值较高，溢价看起来过于庞大。当投资者考虑估值时，该股在接下来的几周和几个月可能会进一步下跌。就目前而言，我会采取观望的态度，因为其过高的溢价可能会导致近期进一步下跌。</p>
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达乐的股票在 2026 年初下跌。你应该趁机买入吗？