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

CONSUMER STAPLES
  • On softness in merchandise/store sales; emphasises consumer spending weakness it sees as transitory & presentation highlights staple nature of its store sales during past downturns ('08).
  • On fuel margins; mgmt notes volatility is normal, does not see any fundamental change in competitive position to change long-term profile.* On M&A; "deal flow has been good...in terms of number of opportunities...pleased we're IG" given ready for opp's; "appetite there and actively looking at some things". It says $10b capacity for all cash acquisitions in investor presentation.
  • Re EV penetration; notes eastern Europe EV penetration negligible - in Western Europe "focused on rolling out charges with best possible experience and winning share".
  • On €170m synergy target from TE acquisition "can front load majority of that into 2-3yr period vs. 5yr" - not significant on balance sheet/for credit.
  • On long-term targets; 5yr target (in 2028) remains EBITDA of $10b (FY23 $5.7b) at 11.7% CAGR (+$1.1b of that from inorganic/M&A).
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