Chris BlumasAlimentation Couche-TardATD.TOBUY ON WEAKNESSAug 12, 2026

Very well run. Low dividend, valuation typically high. Recent acquisition in Poland, now trying to buy Cumberland Farms in US. We're facing a tougher macro backdrop and discretionary spending may come down. Hold, but don't add. Yield is ~1%.

Disclaimer:  While she doesn't own it, another portfolio manager at the firm does and has done very well with it.

They're driven to buy Cumberland Farms. on top of a deal in Poland of more convenience store, also for $8 billion. ATD won't get onto a bidding war, but make an offer. They can walk away and bide their time. They can make many tuck-in acquisitions. They're more likely to issue debt than shares to pay for them. Their same-store sales growth the past 3 quarters has improved dramatically. Loves the company, and it's poised to break out after closing one of these deals. 

Certainly not a Sell. One of the great Canadian companies. When 7-Eleven deal fell through, institutions may have started chasing other stocks. Consumer sentiment might be weighing on it. Great buying opportunity. More acquisitions will come.

It's trying to stabilize, but hasn't bounced back.  It's underperforming. Look elsewhere, but watch it.

Valuation's at low end of where trades traditionally. Will continue to be acquisition-oriented, which will drive a lot of growth. Now so big, harder to find acquisition targets. Organic growth not really there. No problem holding, but he wouldn't be a buyer. Not a lot of upside.

High-quality name. Thinks Zabka will be 5% accretive by Year 3. Consumer slowdown hasn't helped. His team recently lowered its target price. Steady Eddie. Good long-term holding. 

High PE of 23x, but growth only ~7%. Doesn't see catalysts right now. Wouldn't put new $$ toward this one.

Loves it. His firm just bought more this week on the weakness after quarterly results. Pursuing $8B deal in Poland/Romania -- in retrospect, that's a better prize than 7-Eleven. Zabka's organic growth is ~20%, digitally enabled, all in-store merchandise (higher margins than fuel). Probably the best acquisition they've ever done.

Is -10% from all-time highs, but over 40 years, they compounded shareholder wealth under 20% as is their return on equity. He owns a large position. Doesn't know why shares are down. Great long-term prospects.

Done well over last 12 months, but underperformed some competitors. Fundamentals have taken a turn for the much better. New leadership has done a great job improving same-store sales for food and fresh food. Just did its largest deal ever (at a reasonable price), in Poland and Romania. All of a sudden, Poland is a fast-growing economy. 

Once you master quick retail, the sky's the limit. Tremendous valuation opportunity, especially as stock's fallen off for no good reason. Yield is 0.96%.

Well-run. He's watching it. It broke above its 3-year consolidation. Looks good. It could pull back to $85 then bounce when you can re-buy or take profits.

Consumer staple, stable services and products. Not a bad chart -- rising 200-day MA, price is above 50-day. Single-digit growth rates, so not the type of name he looks for (unless valuation is very cheap). Trades at 20x forward PE, with ~9% growth. PEG ratio is 2x. 

Better growth names such as COST or WMT.

Pursuit of 7-Eleven was an ambitious gambit. Consolation prize announced this week -- controlling stake in Poland's largest convenience store operator. Biggest acquisition to date, really well run, should be quite accretive to earnings. 

Continues to execute its regular playbook -- procurement clout to price sharply on fuel, which draws consumers into its stores. Merchandise margins are 3-4x higher than what it earns on fuel. Yield is 0.93%.

Is a little expensive now, but is waiting for a lower price. Watch the chart. They recently benefited from the rise in oil prices.

Great job executing. Last quarter saw fuel margins higher plus great same-store sales growth, he expects that over next several quarters.