Alimentation Couche-Tard (symbol ATD.B on Toronto; www.couche-tard.com) operates 6,314 convenience stores throughout North America. Canadian outlets operate under the Couche-Tard and Mac’s banners, while the U.S. stores mainly use the Circle K brand.
In Europe, Couche-Tard operates 2,233 stores across Scandinavia, Poland, the Baltic States (Estonia, Latvia and Lithuania) and Russia.
In the three months ended February 1, 2015, Couche-Tard’s sales rose just 1.7%, to $2.33 billion from $2.29 billion a year earlier. The higher U.S. dollar cut the revenue contribution of its European operations.
However, per-share earnings jumped 64.5%, to $0.51 from $0.31. Couche-Tard saw higher profit margins on merchandise and fuel, and it continues to save on interest costs as it pays down the debt it took on to acquire Norway’s Statoil Fuel & Retail gas station chain, which it bought for $2.7 billion in June 2012.
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A long record of successfully integrating acquisitions
Couche-Tard’s long-term debt now stands at $1.7 billion, or just 7.2% of its $29.0-billion market cap.
On March 16, 2015, the company completed its $1.7-billion acquisition of The Pantry, which operates 1,500 convenience stores in 13 southern U.S. states. Most of The Pantry’s stores use the Kangaroo Express banner, and more than half of these outlets are within 40 kilometres of a military base.
Founded in 1967, The Pantry mainly grew through acquisitions beginning in the late 1980s. Like Couche-Tard, it focuses on selling higher-margin fresh food. It sells its own private-label bottled water and is the fifth-largest location for Subway restaurants.
Growth by acquisition can be risky, especially with deals as big as The Pantry purchase. But Couche-Tard has a long record of successfully integrating the companies it acquires.
Since we made Alimentation Couche-Tard our #1 Aggressive Stock of the Year in 2012, the shares are up 372.4%—but we think it has further growth ahead.
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