Alimentation Couche-Tard (B) (ATD.B.TO) Buy,…

Alimentation Couche-Tard (B) (ATD.B.TO)

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PAST TOP PICK

(A Top Pick Apr 04/18, Up 43%) He is early buying this in fall 2015 and frustrating for the following year, but it's done well lately. It's improving in communicating with the street; they've been bad at that. They'll still do growth by acquisition, but instead of that being 75%, it'll now be a 50/50 split with organic growth. He hasn't trimmed his holdings. Still likes it.

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TOP PICK

They're 65% US, 25% Europe and the rest in Canada. They've added fresh fuit and better coffee to their stores. They've taken what's worked in other parts of the world and applied them to their North American conveience stores. The stock has done really well after a sideways period. There are lots of mom and pop stores out there, so ATD has a lot of room to grow. (Analysts’ price target is $82.46)

PAST TOP PICK

(A Top Pick Oct 17/18, Up 26%) Levered up, but you have to look at whether there are good reasons for it. They did it to buy competitors and turned that into profitable growth. He'd stick with it. Loves the name from here. Track record has proven itself.

BUY

It's a roll-up story--they know how to make acqusitions and integrate stores. Generatas a lot of free cash flow and the owners own a lot of the stocks. It's risen 1,700% by acquisitions. He wishes he had bought it.

PARTIAL SELL

A success story, expanding their acquisition over the years. It's priced as a growth stock and beyond valuations he would consider. They've done well with convenience store with strong margins. U.S. fuel margins rose higher than the street expected, too. But if you own this, perhaps move into something more conservative--take some profits.

BUY

He really likes it. They're a good acquirer, though they had one weak quarter due to a weak U.S. acquisition. This is a value story. ATD offers some defensiveness from the convenience stores, but also growth. He will hold this for a while.

BUY

They have been one of the best growth by acquisition company in Canada. It is leveraged but they have been buying $500 million every quarter. At this pace they will have lots of cash to play around with in 2-3 years. Convenience store purchases are uninterruptible. One of the better managed companies in Canada.

BUY

He'd still buy it at current 52-week highs, which are a sign of strength. It's a great operator of 12,000 convenience stores at gas stations across North America and Eruope, and could expand to Asia. They're good at selling cigarettes and coffee which pay much higher margins than gas. Also, they're partnering with Canopy, which is a smart move into cannabis.

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HOLD

Great growth by acquisition story for decades. Stumbled a bit in the last year and a half, nothing serious. Earnings flatlined. You'll see acceleration again. Competitors have reported good earnings on gasoline. Expecting a good number, and you'll see the multiple increase. Still $10 left in this stock.

TOP PICK

The key is that it is a free cash flow generating machine -- over $1 billion per year. He expects them to continue growing by acquisition. Technically, the stock could hit $90. Yield 0.5% (Analysts’ price target is $80.00)

COMMENT

Amazon is threatending to open convenience stores; but no business is immunse to Amazon. It was dumb of him to pass on ATD when it was cheaper. Smart capital allocators who constantly grow shareholder value. He needs to look into ATD closer.

BUY

Has owned this for five years. It's been doing sideways until only recently. It didn't move higher on volume (which he'd like to see). It's a strong company, though. He expects a recession, but convenience stores are resilient.

HOLD

Good time to take profits? You want to let your winners run in this case. Yes, it's at a new 52-week high, but the breakout from the base of 3 years' duration is pretty powerful. Valuation has compressed significantly. Cheaper on P/E than Parkland, and has more levers to pull for geographic expansion. Margins are very strong, which will benefit from falling oil prices in US.

PAST TOP PICK

(A Top Pick Nov 02/17, Up 8%) A rare company that had a positive return in 2018. They continue to acquire and do it well. They've done well in Europe. Speedway is a likely purchase. If so, this will raise earnings 10-15%.

PAST TOP PICK

(A Top Pick Oct 31/18, Up 8%) A defensive name that's rewarded him.

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Alimentation Couche-Tard (B) (ATD.B.TO)