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Couche-Tard (ATDBCN; Baa1, BBB+ S) {ATD CN Equity}

CONSUMER STAPLES
  • Equity analyst takes; {NSN SAP2WPDWLU68 <GO>} & additional takes below;
  • TD Cowen: Sees near-term EBITDA estimates declining, but doesn't see company 5yr targets at risk if consumer weakness does not extend beyond this year.
  • RBC: Sees miss led by gross margin in the US reflecting weak consumer spending and likely shrink related to fresh food sales. sees US fuel margin premium to industry average as low given ATD's superior procurement/pricing capabilities.
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  • Equity analyst takes; {NSN SAP2WPDWLU68 <GO>} & additional takes below;
  • TD Cowen: Sees near-term EBITDA estimates declining, but doesn't see company 5yr targets at risk if consumer weakness does not extend beyond this year.
  • RBC: Sees miss led by gross margin in the US reflecting weak consumer spending and likely shrink related to fresh food sales. sees US fuel margin premium to industry average as low given ATD's superior procurement/pricing capabilities.