1) Introduction
Welcome to the convenience store business! Convenience stores are a boring businesses – but boring in a good way. Have you ever remembered your favorite convenience store going out of business? Probably not!
But what exactly is Alimentation Couche-Tard? In simple English, it’s a massive collection of convenience stores and fuel stations, growing by acquisition:
Source: October 2019 Investor Presentation
You might not have ever heard of the company, but you’ve almost certainly stepped foot inside at least one of their stores in the past.
2) Income Statement
Let’s look at ANCUF’s margins