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Alimentation Couche-Tard, founded in 1980, is now the largest company on the basis of revenue of any Canadian based company.


  • Alimentation Couche-Tard released its Q4 and FY2018 results at the close of business July 9th.
  • On March 22nd, I wrote that the pullback in the company’s stock price presented investors with a window in which to acquire shares in the world’s 2nd largest convenience store operator at an attractive valuation.
  • The company is now the largest company on the basis of revenue of any Canadian based company.
  • Being extremely cost conscious and focusing on meeting customer needs presents the company with ample growth opportunities in this highly fragmented industry.

Alimentation Couche-Tard Inc. (TSX: ATD.a and ATD.b) reports its financial results in USD. Its stock, however, is traded on the TSX. Investors willing to purchase US shares over the counter should look at ANCUF. These shares, however, are very thinly traded.

ATD has Class A multiple-voting shares which are primarily held by insiders and which are very thinly traded. This article will deal with the more commonly traded Class B subordinated voting shares.

ATD uses USD as its reporting currency since it provides more relevant information given the predominance of its operations in the United States. This article, therefore, reflects all figures in USD unless otherwise noted.


Readers unfamiliar with Alimentation Couche-Tard Inc. (TSX: ATD.a and ATD.b) might recognize the company’s Circle K, Mac’s, and Ingo brands.

In my March 22, 2018 Alimentation Couche-Tard – Attractive After Recent Pullback article I touched upon the fragmented nature of the convenience store industry and how ATD is rapidly expanding its presence on a global basis.

If you are interested in reading about people who have succeeded in the business world you may enjoy reading How Alain Bouchard built the Couche-Tard & Circle K convenience store empire. As I read the book I couldn’t help but think I may have unknowingly very briefly crossed paths with him when I frequented Perrette stores in the Montreal area when I was in my teens. I wonder if Bouchard ever envisioned heading up a company which is now the largest company on the basis of revenue of any Canadian based company ($51.4B Total Revenue in FY2018)!

In my March 22nd article I indicated that I viewed the pullback in the ATD’s share price as presenting an opportunity to acquire shares in a well run company at a reasonable valuation. On the basis of my analysis I acquired additional non-voting class B shares for the FFJ Portfolio bringing the total number of shares held to 553.

The shares pulled back a bit further subsequent to my article which presented investors with an even better opportunity to acquire reasonably valued shares in this high quality company.

At the close of business on July 9th, ATD released its Q4 and FY2018 results. On July 10th it held its analyst call to review its performance and the stock price popped thus prompting this review to determine whether ATD is still attractively valued for investors willing to initiate / increase their position in the company.

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