Introduction
Alimentation Couche-Tarde (OTCPK:ANCUF) is a Canadian based operator of convenience stores and gas stations around the world. The company has intelligently used debt to make many significant acquisitions, propelling the stock to the rare, yet coveted, 100 bagger status over the last 20 years. Management has done extremely well compounding the company's profits and shareholder returns, especially considering the company operates in a fairly low growth industry.
And yet, the company continues to trade at very reasonable multiples. This has not been a story of multiple expansion, leaving shareholders in a position