Alimentation Couche-Tard Inc "Multiple Initiatives Are Fueling Strength" (Buy)

研报英文原文证据摘录

Alimentation Couche-Tard Inc "Multiple Initiatives Are Fueling Strength" (Buy)

Global Research

23 June 2026ab

Alimentation Couche-Tard Inc Equities

CanadaMultiple Initiatives Are Fueling Strength

Food Retailers & Wholesalers

12-month rating Buy

ATD’s strong results demonstrate its structural advantages in fuel & progress in

food

12m price target C$104.00

We think ATD's 4Q'26 results highlighted its ability to execute both inside the store and Prior : C$91.00

at the pump, even as consumers navigated a pressured macro backdrop. Its 3.4% U.S.

Price (23 Jun 2026) C$91.87

merchandise comp was its strongest since 3Q'23, with consumer demand remaining

resilient across key categories including nicotine, beverages, and food. Its Europe & RIC: ATD.TO BBG: ATD CN

Other business generated positive merchandise same-store sales growth, and we believe

Trading data and key metrics

Canada likely would have done the same absent nicotine-related headwinds. Further, all

52-wk range C$91.87-67.64

three reporting regions delivered multi-year highs in fuel cents per gallon and cents per

liter. While this degree of fuel profitability is unlikely to be sustainable, we expect ATD to Market cap. C$84.4b/US$59.4b

see at least one more quarter of elevated fuel earnings given that fuel price volatility has Shares o/s 919m (COM)

persisted to date. More importantly, we believe ATD's strategic investments in its fuel Free float 82%

supply chain, distribution network, and asset base position it to generate structurally Avg. daily volume ('000) 1,252

stronger fuel profits across the cycle. Taken together, we believe ATD's consistent Avg. daily value (m) C$100.5

execution across its merchandising and fuel businesses should continue to build investor Common s/h equity (04/27E) US$17.3b