External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Alimentation Couche-Tard  / Equity Bottom-Up

<ul><li>Alimentation Couche-Tard is a global leader in convenience stores and gas stations, with a stable and recession-resistant business model.</li><li>The company has a strong management team focused on consolidating the fragmented c-store industry and generating solid free cash flow.</li><li>ATD stock is trading at a reasonable multiple with potential for mid-teens FCF per share growth, making it an attractive long-term investment opportunity.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Alimentation Couche-Tard is a global leader in convenience stores and gas stations, with a stable and recession-resistant business model.The company has a strong management team focused on consolidating the fragmented c-store industry and generating solid free cash flow.ATD stock is trading at a reasonable multiple with potential for mid-teens FCF per share growth, making it an attractive long-term investment opportunity.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Alimentation Couche-Tard Inc (ATD.) - Sunday, Apr 21, 2024

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>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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The <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> to rid itself of control of the Ito-Yokado, York Benimaru, Akachan Hompo, and Denny's Japan businesses in York Holdings proceeds apace.</li>
<li>The First Round of bids is due tomorrow, apparently, and all manner of bidders have assembled. </li>
<li>This leads to the question of a deal for the rest of 7&amp;i. If a TradingCo is a natural co-investor for the Ito family (or ACT), so is Berkshire Hathaway.</li>
</ul>


The Seven &amp; I Holdings (3382 JP) to rid itself of control of the Ito-Yokado, York Benimaru, Akachan Hompo, and Denny's Japan businesses in York Holdings proceeds apace.
The First Round of bids is due tomorrow, apparently, and all manner of bidders have assembled. 
This leads to the question of a deal for the rest of 7&amp;i. If a TradingCo is a natural co-investor for the Ito family (or ACT), so is Berkshire Hathaway.


7&I (3382 JP) - A York Holdings Deal And Warren Buffett?

<ul>
<li>Yesterday a news article from Bloomberg suggested 7&amp;i was "considering" an MBO. <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> later confirmed they had received a non-binding proposal from ITO Junro/family.</li>
<li>The initial number was ¥9trln. If market cap? High. If EV, too low. That would have implied a price just over the first "grossly inadequate" ACT price.</li>
<li>There is a lot we don't know. This changes the landscape. It probably shifts the range trade, but it will shift more when we get more clarity on ITO-san's price.</li>
</ul>


Yesterday a news article from Bloomberg suggested 7&amp;i was "considering" an MBO. Seven &amp; I Holdings (3382 JP) later confirmed they had received a non-binding proposal from ITO Junro/family.
The initial number was ¥9trln. If market cap? High. If EV, too low. That would have implied a price just over the first "grossly inadequate" ACT price.
There is a lot we don't know. This changes the landscape. It probably shifts the range trade, but it will shift more when we get more clarity on ITO-san's price.


7&I (3382 JP) - An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce

<ul>
<li>Today, part-way through the day, the Nikkei ran an article saying that <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> had made a confidential non-binding proposal to buy <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>. </li>
<li>7&amp;i shares obviously went up (limit up in a hurry, staying there, large size traded limit up at close). </li>
<li>Now things get complicated. 7&amp;i has said they received a non-binding proposal for all the shares. There will be a Special Committee of all Independent Directors. All stakeholders will matter. </li>
</ul>


Today, part-way through the day, the Nikkei ran an article saying that Alimentation Couche-Tard (ATD CN) had made a confidential non-binding proposal to buy Seven &amp; I Holdings (3382 JP). 
7&amp;i shares obviously went up (limit up in a hurry, staying there, large size traded limit up at close). 
Now things get complicated. 7&amp;i has said they received a non-binding proposal for all the shares. There will be a Special Committee of all Independent Directors. All stakeholders will matter. 


MEGA M&A! 7&I (3382 JP) Gets Non-Binding Bid from Alimentation Couche-Tard (ATD CN)

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/B CN)

Alimentation Couche-Tard Inc (ATD.) - Sunday, Apr 21, 2024

Alimentation Couche-Tard is a global leader in convenience stores and gas stations, with a stable and recession-resistant business model.

Value Investors Club

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

7&I (3382 JP) - A York Holdings Deal And Warren Buffett?

7&i is holding a bidding process for York Holdings. This could be priced and dealt in 3mos (with close next FY). That cleans up the process for...

Travis Lundy

7&I (3382 JP) - An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce

An MBO for Seven & i by the ITO family? Maybe. And the number was big (¥3450/sh), unless it was small (¥2,300/sh), and we don't know which. But it...

Travis Lundy

MEGA M&A! 7&I (3382 JP) Gets Non-Binding Bid from Alimentation Couche-Tard (ATD CN)

Canadian CVS owner Alimentation Couche-Tard has lobbed in a bid to buy all the shares of 7&i. This is not as surprising as it looks. It's huge, and...

Travis Lundy

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Alimentation Couche-Tard Inc (ATD.) - Sunday, Apr 21, 2024

Alimentation Couche-Tard is a global leader in convenience stores and gas stations, with a stable and recession-resistant business model.

Value Investors Club

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

7&I (3382 JP) - A York Holdings Deal And Warren Buffett?

7&i is holding a bidding process for York Holdings. This could be priced and dealt in 3mos (with close next FY). That cleans up the process for...

Travis Lundy

7&I (3382 JP) - An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce

An MBO for Seven & i by the ITO family? Maybe. And the number was big (¥3450/sh), unless it was small (¥2,300/sh), and we don't know which. But it...

Travis Lundy

MEGA M&A! 7&I (3382 JP) Gets Non-Binding Bid from Alimentation Couche-Tard (ATD CN)

Canadian CVS owner Alimentation Couche-Tard has lobbed in a bid to buy all the shares of 7&i. This is not as surprising as it looks. It's huge, and...

Travis Lundy

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...