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

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

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HOLD

The company is doing all the right things. They have been strong operators as well. It is a tough position right now due to the sharp increase in wages. There may not be a short term solution to this and they have been slow on their investment plans. They exited on the recent earnings and don't see it improving unless a major acquisition is announced soon.

PAST TOP PICK

(A Top Pick Dec 02/20, Up 5%) Accelerating organic growth initiatives, rather than "if you build it, they will come" strategy. Headwinds over next several quarters are acute labour shortages and wage pressures. These are not permanent; buy on dips.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. They slightly missed on earnings with EPS at $0.65. Revenues were up 33.5% from last year. Same store sales were up 1.4% in the US and 3.9% in Europe. A fine quarter. Unlock Premium - Try 5i Free

PAST TOP PICK

(A Top Pick Sep 16/20, Up 16%) He would buy it again. This was a re-opening trade. He thinks we are still in that position. The gas station business has done well as volumes have come off. They took COVID as an opportunity to build out their in-house brands. These have been rolled out across the world and will contribute meaningfully to the bottom line going forward.

PAST TOP PICK

(A Top Pick Dec 03/20, Up 9%) Continues to own and buy. Secular growth story. Already ahead of the electrification curve, using Norway as a testing ground. Good, strategic acquirers. Underleveraged balance sheet. Big presence in Europe, recent purchase in Hong Kong. Great compounder, and this will continue.

BUY

A great compounder over time with a global presence now. There have been concerns over e-cars, which ATD can adapt, like in Norway where e-cars are prevalent and ATD is adapting. He added shares six months ago when they couldn't buy Carrefour. It has good prospects and is a blue chip stock to hold long term.

HOLD

The stock has not gone anywhere. Gas stations make money on volume and margins. A bit of a rotation for now. Money has gone out of these names to oil and gas stocks. The death of gas stations is still very far. Should adapt well to the electric vehicle change.

BUY

PKI vs ATD'B They've done a good job rolling up fuel distribution. It's compared to ATD'B a lot, which he prefers because they're also in convenience stores as well as selling fuel--diversified. Also, ATD'B managers are phenomenal. PKI is too, but it's a different business. ATD'B allocates capital well in buying back shares and buying companies to create value--they have more levers to pull.

PAST TOP PICK

(A Top Pick Jul 06/20, Up 13%) Still good value at these levels. Really well run. Very high, consistent ROIC. Free cash used to pay down debt or make major acquisitions. Disciplined capital allocators. Questions about how they'll handle the EV trend, but they'll evolve with the times.

TOP PICK

Trading at a reasonable PE and are discplined in M&A. Rumour says they're looking at EG Group's assets, some great and some not. ATD will do well in this recovering economy. (Analysts’ price target is $56.94)

BUY

It's not overvalued but margins could be challenged going forward. Will deliver decent results in the short/medium-term. Some think the valuation is stretched. Their war chest is huge and could fuel more buying in coming years.

TOP PICK

Biggest in NA, big footprint in Europe and starting in Asia. A serial acquirer. Organic growth is positive and will be rerated. A tremendous compounder of capital. (Analysts’ price target is $56.94)

BUY

It's not overvalued and he likes it here. ATD boasts valuation (cash flow, 17x PE, great balance sheet, fine ROE), price momentum with low volatility. However, they are running out of targets to sustain their growth. Overall, likes it.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. They reported a good quarter. Sales were 1.3% better than expectations and EPS was 8% better. Their performance was driven by 50% in fuel sales and a little to merchandise. This points to strong underlying trends.Normalized driving patterns will further improve their position. Unlock Premium - Try 5i Free

SELL ON STRENGTH

Sold it recently. Fantastic Canadian success story. The market cap is big. It became apparent that they have a lot of money and is hard for them to grow the business from here. Parkland has similar elements to ATD but has better valuation.

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