ANCTF - Alimentation Couche-Tard Update: High Growth And Undervalued - 122% Upside

• The convenience industry is very fragmented which presents a great opportunity for large consolidators such as Alimentation Couche-Tard.
• The company continues to post excellent financial results despite the pandemic.
• Alimentation Couche-Tard is a great bet on two fast-growing industries: Cannabis and EVs.
• Alimentation Couche-Tard has started its expansion into Asia and is also pursuing organic growth plans through new store builds and its "Fresh Food, Fast" program.
• The high range of our valuation implies 122% upside, while our low range valuation still implies a respectable 60% upside.

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