Alimentation Couche-Tard (ATD.TO)

The current pullback is an opportunity. Their US business remains sound where there will be a build out of store and merchandise. The pullback is very short term. A headwind would be a slowing economy in North America or Europe. But if rate cuts happen this year, we'll be fine; the consumer will be fine. But if cuts don't come, the consumer will not be fine.

Owns shares in company in portfolio. Highly ranked from technical perspective. Higher trends good for investors. 

Fuel margins less than expected, temporary. More concerning was same-store sales were weak across all geographies. Might just speak to general weakness in consumer spending, and those convenience store items are priced at a premium. Hard to call a trend after 1 quarter.

Grows through acquisition, which is harder now that they're so big. She prefers other growth opportunities.

A good steady Eddy. He's owned this in the past. He had concerns on their dependence on gas. They are a play on convenience stores. Good for the long term. Consistent.

Brilliant Canadian company. Excellent job growing, which will continue. Great acquisitions and expansion. Lots of room to grow. Experimenting with incorporating the new EV world, especially in Europe. Run up, but still a Buy.

Close to record highs. High quality. Long-term hold. Global leader. Geographically well diversified, over 14K stores in 24 countries. One of largest companies in Canada by revenue. Buys and integrates assets like a well-oiled machine, still lots of money on balance sheet for more. High profitability. Yield is 0.8%.

6th largest holding in portfolio. Excellent company with good long term prospects. High growth rate. 2nd largest convenience store operator in the world. Very strong at execution and operation. Founders still active in the business. Still room for further acquisition in sector. Excellent history of return on capital (~20% average for twenty years). 20% compounding over 20-30 years is incredible achievement. 

There hasn't been a major catalyst, but it's a defensive business and is considered a safety trade. But its valuation is rich around 23x now vs. historical around 15-16x, too high. Shares have been on a tear, so it's taking a breather and will stay that way for a while.

A high quality large cap stock. The only uncertainty is how their gas stations will switch to charging stations and the demand needs for this chnage.

Are excellent in buying companies, particularly in the U.S. But the PE now is high. If you're long-term, buy this.

You can't go wrong owning this. Is a long-time compounder. They continue to find opportunities inside and outside Canada, and those acquisitions expand margins.

Grown through acquisition, expanded geographically. Strong operators. Stock's done well, but they have to keep buying to keep growing. GDP-like growth. Looking at EV chargers. Expanding convenience store offerings. Not exciting to her, but can hold for long run.

Wonderful business. Very well run, global. Excellent job with the difficult task of making convenience stores profitable. Valuation of 17x is above his buy price. Long growth runway. Add on pullback.

He's owned, sold, and owned, and doesn't know if he'll ever sell it again ;)  Best in class, amazing acquirers, global, great balance sheet and free cashflow. Company estimates that by 2028, they'll get to $10B of EBIDA. Gross margins are hovering around 33%. Cost savings, and AI should help margins. Fuel sales were lower, and this impacted them. 

Likes that the price slowly gravitates upward, rather than lots of volatility. Yield is 0.71%.