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

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

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TOP PICK

Still likes it and has long owned it. ATD is dominant in convenience stores across North America and Europe. They may expand to Asia and Australia. They use procurements scale to price sharply on gas which attracts shoppers into their modern stores, which enjoy high gross margins on cigarettes, coffee and snacks, which boast margins 3-5x higher than gas. ATD is a great acquirer, but are moving more into organic growth which attracts a higher multiple for investors. (Analysts’ price target is $45.85)

DON'T BUY

Growth by acquisition story. Successful in growing presence in US. Expanding outside of NA. Good company, but tobacco products account for a significant portion of their business, and this is on the decline.

WATCH

Doesn't own, but ranks decently in his screening. Recovered from March selloff. Some growth long term, at 20x PE, so he likes it. But for a 5-10 year move, look at some of the communication or tech companies. Likes it in general, but has been meandering sideways for the last year. Look for a breakout above the February highs, before you can say it's in a new trading range.

BUY

This is such a great business. They keep acquiring more gas stations and building out their network. It is using its huge balance sheet to make accretive acquisitions. With more people taking road trips this summer, it could do very well.

DON'T BUY

It's very defensive at 0.8x Beta vs. TSX. He's neutral about ATD, because the stock hasn't moved much.

HOLD

The convenience and gas station operator. Less driving has reduced traffic to them. It is probably at a valuation that is attractive historically. She has chosen to hold other companies in the space. She also prefers to avoid companies that promote the sale of cigarettes.

BUY

A wonderful business that he owns. He would be inclined to buy it here. Q2 earnings will be weaker than Q1 as there is a month of shutdown included. They are an essential business so earnings will hold up well. They have done a good job consolidating their business and that will bode well in the long run.

TOP PICK

One of the world's leading operators of convenience stores in gas stations. Margin in the store is 3-5 times more than for gasoline. They have shifted more to organic growth recently. (Analysts’ price target is $43.92)

PAST TOP PICK

(A Top Pick Feb 11/19, Up 25%) A company that operates convenience stores along with gas stations. He continues to like it. There is a large acquisition that may be coming.

TOP PICK

A successful previous Top Pick. A big company with a 22% ROE and a $52 billion marketcap. Yield 0.55% (Analysts’ price target is $48.54)

BUY

Likes it. Though quite large, still room to grow especially in US and Europe. With greater scale, they can cut costs in the supply chain. Improving their stores with better products, etc. Innovative in many ways, as with electric cars. Can continue to grow by acquisition and integrate business. Trading at 19x earnings. Smart about thinking how the world is changing and how they need to keep up.

BUY ON WEAKNESS

Really well run company. A convenience store owner that expanded globally. It is challenging to predict the growth as it is dependent on M&A. As a long term proposition is good to hold on to. Wait for pull back to add.

BUY

Great execution and story. The chart keeps rising. This is a keeper.

HOLD

He likes it, but it's running into resistance. Don't enter, but take some profits or hold. The stock is stock.

BUY

A great consolidator though it's been under pressure recently given a potential acquisition in Australia (Caltex). Good valuation and dividend grower, great long-term. If ATD does buy Caltex company, it may cause temporary weakness; if they do a financing, then buy more stock. Lots of room to run for ATD.

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