Subject: Re: buy Canadian
The PE multiple for Dollarama has expanded a fair bit, it was often in the 25-30 range, but had recently had a run up to 40x. So its rarely (never) been "cheap", but its very stretched currently.

As mentioned, it's always expensive, and I haven't bought because of that, but the level certainly does vary.

It's worth noting that an expansion from 25x to 40x isn't actually that large a fraction of the 16 year annualized return. If I did the math right, I think that's only 3.7%/year of the 28.4%/year market total return.

Jim