ANCTF - Alimentation Couche-Tard: Value Hiding At Your Local Convenience Store

• Couche-Tard is a recession-resistant needs-based retailer with a stellar long-term history of profitable growth - and building shareholder value.
• The company is closely-held but the interests of the co-founding controlling owners are well aligned with stockholders.
• COVID-19 is a short-term drag on revenue, the EV/ICE transition will be challenging, the attraction of the Carrefour deal was not obvious, estate issues loom, and public float is limited.
• However, in an overheated market, Couche-Tard is near 5-year lows in price to earnings, price to free cash flow and EV/EBITDA.

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