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Equity Bottom-Up

Alimentation Couche-Tard  / Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/alimentation-couche-tard-inc">Alimentation Couche-Tard </a>is a global leader in the convenience and fuel retail industry, demonstrating a consistent track record of growth through a disciplined and effective acquisition strategy. The company's vast network of over 16,700 stores provides significant scale advantages.</li>
 <li>The company is proactively addressing the long-term shift to electric vehicles by investing in charging infrastructure and enhancing its in-store merchandise and fresh food offerings to capture non-fuel-related customer visits.</li>
 <li>Management has outlined a clear forward-looking strategy, "10 for the Win,"targeting US$10 billion in EBITDA by fiscal year 2028, driven by a combination of organic growth, network expansion, and continued M&amp;A, signaling strong confidence in future performance.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Alimentation Couche-Tard is a global leader in the convenience and fuel retail industry, demonstrating a consistent track record of growth through a disciplined and effective acquisition strategy. The company's vast network of over 16,700 stores provides significant scale advantages.
  The company is proactively addressing the long-term shift to electric vehicles by investing in charging infrastructure and enhancing its in-store merchandise and fresh food offerings to capture non-fuel-related customer visits.
  Management has outlined a clear forward-looking strategy, "10 for the Win,"targeting US$10 billion in EBITDA by fiscal year 2028, driven by a combination of organic growth, network expansion, and continued M&amp;A, signaling strong confidence in future performance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Alimentation Couche-Tard  (ATD CN) - Sep 2025

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Equity Capital Markets

Auntea Jenny (Shanghai) Industrial / Equity Capital Markets

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we look through the bubble in Chinese tea company listings, the recent entertainment provided by Japanese M&amp;A situations and the varied ways analysts look at TSMC on Smartkarma</li>
<li>Want to dig deeper? Comment or message with the themes you think should be highlighted next time</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look through the bubble in Chinese tea company listings, the recent entertainment provided by Japanese M&amp;A situations and the varied ways analysts look at TSMC on Smartkarma
Want to dig deeper? Comment or message with the themes you think should be highlighted next time


Curator's Cut: "Bubble" Tea, Japan M&A 🍿& TSMC from Different Lenses

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Event-Driven

<ul>
<li>ACT's bid for Seven &amp; I has been withdrawn and Seven will be better off long-term because of it – although we detail here how competitors are catching up fast.</li>
<li>Once York HD has been split off, the company can at last focus on its crucial local CVS operation: Japan makes up 25% of revenues but almost 50% of profits.</li>
<li>The potential is real and we are bullish on the long-term value but we would have been more bullish if the former CEO Ryuichi Isaka was still on board.</li>
</ul>


ACT's bid for Seven &amp; I has been withdrawn and Seven will be better off long-term because of it – although we detail here how competitors are catching up fast.
Once York HD has been split off, the company can at last focus on its crucial local CVS operation: Japan makes up 25% of revenues but almost 50% of profits.
The potential is real and we are bullish on the long-term value but we would have been more bullish if the former CEO Ryuichi Isaka was still on board.


The Final ACT Comedy of Errors Opens the Way for Real Value to Emerge at Seven & I

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> which proposed a takeover to <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> almost a year ago, has walked. They delivered a <a href="https://corporate.couche-tard.com/2025-07-16-ALIMENTATION-COUCHE-TARD-ANNOUNCES-WITHDRAWAL-OF-PROPOSAL-TO-ACQUIRE-SEVEN-I-HOLDINGS-DUE-TO-LACK-OF-ENGAGEMENT" target="_blank" rel="noopener">letter bomb</a> on the way out.</li>
<li>The letter is titled "ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN &amp; I HOLDINGS DUE TO LACK OF ENGAGEMENT." This is not the first time they have complained.</li>
<li>The letter is not aimed at the 7&amp;i Board or at ATD stakeholders. It is meant to drive a wedge between 7&amp;i active shareholders and its management team. We'll see.</li>
</ul>



Alimentation Couche-Tard (ATD CN) which proposed a takeover to Seven &amp; I Holdings (3382 JP) almost a year ago, has walked. They delivered a letter bomb on the way out.
The letter is titled "ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN &amp; I HOLDINGS DUE TO LACK OF ENGAGEMENT." This is not the first time they have complained.
The letter is not aimed at the 7&amp;i Board or at ATD stakeholders. It is meant to drive a wedge between 7&amp;i active shareholders and its management team. We'll see.


7&I (3382 JP) - Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

<ul>
<li>Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.</li>
<li>Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday's ruling on the merger of grocery giants Kroger and Albertsons.</li>
<li>The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.</li>
</ul>


Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.
Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday's ruling on the merger of grocery giants Kroger and Albertsons.
The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.


7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

Canada

Alimentation Couche-Tard Inc. owns and operates convenience store. The Company offers a wide range of merchandise, including coffee, snacks, beverages, grocery products, beer and wine, and lottery tickets, as well as fuel and other services. Alimentation Couche-Tard serves customers globally.

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Alimentation Couche-Tard (ATD CN)

Primer: Alimentation Couche-Tard (ATD CN) - Sep 2025

Alimentation Couche-Tard is a global leader in the convenience and fuel retail industry, demonstrating a consistent track record of growth...

αSK

Curator's Cut: "Bubble" Tea, Japan M&A 🍿& TSMC from Different Lenses

Introducing the Curator's Cut fortnightly newsletter, featuring interesting themes from the Smartkarma network. Share your thoughts!

Pranav Rao

The Final ACT Comedy of Errors Opens the Way for Real Value to Emerge at Seven & I

ACT's bid for Seven & I withdrawn, company to focus on crucial CVS operation in Japan for long-term growth, potential vast but more bullish if...

Michael Causton

7&I (3382 JP) - Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

ATD has decided to walk from its proposal to buy 7&i. On the way out, it put out a long and somewhat detailed but also somewhat fishy letter. 7&i...

Travis Lundy

7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Alimentation Couche-Tard (ATD CN) - Sep 2025

Alimentation Couche-Tard is a global leader in the convenience and fuel retail industry, demonstrating a consistent track record of growth...

αSK

Curator's Cut: "Bubble" Tea, Japan M&A 🍿& TSMC from Different Lenses

​Introducing the Curator's Cut fortnightly newsletter, featuring interesting themes from the Smartkarma network. Share your thoughts!

Pranav Rao

The Final ACT Comedy of Errors Opens the Way for Real Value to Emerge at Seven & I

​ACT's bid for Seven & I withdrawn, company to focus on crucial CVS operation in Japan for long-term growth, potential vast but more bullish if...

Michael Causton

7&I (3382 JP) - Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

ATD has decided to walk from its proposal to buy 7&i. On the way out, it put out a long and somewhat detailed but also somewhat fishy letter. 7&i...

Travis Lundy

7&I (3382JP) - Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

​Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...

Michael Causton

Introducing the Curator's Cut fortnightly newsletter, featuring interesting themes from the Smartkarma network. Share your thoughts!

ACT's bid for Seven & I withdrawn, company to focus on crucial CVS operation in Japan for long-term growth, potential vast but more bullish if...

Potential MBO of a firm may not be as straightforward as initially thought, with potential hurdles in the form of a blocked ACT purchase and a...