[Please note that all currency references are to the Canadian dollar except if indicated otherwise.]
Parkland Fuel Corp. (PKIUF) $30.50 (Toronto symbol PKI; Oil and gas refining and marketing; Shares outstanding: 131.73 million; Market cap: $3.9 billion; www.parkland.ca) is a Canadian refiner, marketer and distributor of fuel.
In 2017, the company made two large acquisitions with a combined value of $2.7 billion; this more than doubled the size of the business. The acquisitions also added $1.8 billion of debt and the share count increased by 33.33 million (+34%). In this note, we look