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

DON'T BUY
Just reported better-than-expected results. Would not commit new money at this time.
WAIT
Great company, but widely unknown outside of Québec. Acquisition in the US has given it a much wider profile. Earnings are expected to double this year. Balance sheet is a little bit stretched. Would wait to see how the integration goes.
BUY
Margins have been heard on the retail gasoline side. No seeing the transition happen with their big acquisition. There will be good earnings and cash flow growth. Good management team.
TOP PICK
Investors have been spooked because of the most recent quarterly report where earnings came up a bit short. That was a result of a contraction of gasoline margins in the US. Expects better earnings.
DON'T BUY
Too much of their money is made selling cigarettes which he is against. The US stores that they purchased are in commodities businesses such as cigarettes, candy bars, etc. and these have difficulty raising margins. Stock is a little expensive.
BUY ON WEAKNESS
If it had a nice selloff, it would be a stock they would consider. Good earnings growth, excellent management and has moved into some new markets in the US.
TOP PICK
Just bought the Circle K. convenience store chain which is a good deal. Consistent earnings growth in the 36/40% range.
BUY ON WEAKNESS
Integrating a large acquisition in the US. Buy in the $24 range.
BUY ON WEAKNESS
Likes the company, but would like to see a sell off before buying. Got ahead of itself and would like a 10% + pull back.
TOP PICK
Recent acquisition will increase its exposure to the US market. This will almost double revenues and more then double earnings per share.
TOP PICK
The large acquisition they did of CircleK has lots of opportunities for them to continue to grow and increase margins. Going through a significant program of store upgrades. Valuation looks fairly attractive.
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