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Alimentation Couche-Tard

DB:CJA
Snowflake Description

Solid track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CJA
DB
CA$44B
Market Cap
  1. Home
  2. DE
  3. Consumer Retailing
Company description

Alimentation Couche-Tard Inc. operates and licenses convenience stores. The last earnings update was 37 days ago. More info.


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CJA Share Price and Events
7 Day Returns
0.6%
DB:CJA
-0.8%
Europe Consumer Retailing
0.8%
DE Market
1 Year Returns
-
DB:CJA
0.7%
Europe Consumer Retailing
-4.5%
DE Market
CJA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Alimentation Couche-Tard (CJA) 0.6% 5.6% 12.3% - 42.1% 161.2%
Europe Consumer Retailing -0.8% -0.2% 0.1% 0.7% -2.7% -9.5%
DE Market 0.8% 6.9% 8.1% -4.5% 10.4% 13.9%
1 Year Return vs Industry and Market
  • No trading data on CJA.
  • No trading data on CJA.
Price Volatility
CJA
Industry
5yr Volatility vs Market

CJA Value

 Is Alimentation Couche-Tard undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Alimentation Couche-Tard to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Alimentation Couche-Tard.

DB:CJA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CJA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.46
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.464 (1 + (1- 26.5%) (23.02%))
0.694
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:CJA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Alimentation Couche-Tard is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:CJA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5%)
2019 1,960.53 Analyst x4 1,867.25
2020 1,828.92 Analyst x4 1,659.01
2021 1,869.80 Analyst x2 1,615.39
2022 1,922.00 Analyst x1 1,581.48
2023 2,055.00 Analyst x1 1,610.45
2024 2,111.20 Est @ 2.73% 1,575.77
2025 2,153.06 Est @ 1.98% 1,530.54
2026 2,184.41 Est @ 1.46% 1,478.95
2027 2,208.17 Est @ 1.09% 1,423.90
2028 2,226.50 Est @ 0.83% 1,367.40
Present value of next 10 years cash flows $15,710.13
DB:CJA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,226.50 × (1 + 0.23%) ÷ (5% – 0.23%)
$46,803.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $46,803.12 ÷ (1 + 5%)10
$28,744.01
DB:CJA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $15,710.13 + $28,744.01
$44,454.13
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $44,454.13 / 564.33
$119.64
DB:CJA Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:ATD.B)
1.349
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $78.77 x 1.349
CA$106.3
Non-primary Listing Adjustment Factor 1 share in DB:CJA represents 0.65842x of TSX:ATD.B
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.65842x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 106.30 x 0.65842
€69.99
Value per share (EUR) From above. €69.99
Current discount Discount to share price of €51.89
= -1 x (€51.89 - €69.99) / €69.99
25.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Alimentation Couche-Tard is available for.
Intrinsic value
26%
Share price is €51.89 vs Future cash flow value of €69.99
Current Discount Checks
For Alimentation Couche-Tard to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Alimentation Couche-Tard's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Alimentation Couche-Tard's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Alimentation Couche-Tard's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Alimentation Couche-Tard's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CJA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-02-03) in USD $3.43
TSX:ATD.B Share Price ** TSX (2019-04-25) in CAD CA$78.81
TSX:ATD.B Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.741 $58.4
Europe Consumer Retailing Industry PE Ratio Median Figure of 32 Publicly-Listed Consumer Retailing Companies 19.44x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 20.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Alimentation Couche-Tard.

DB:CJA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:ATD.B Share Price ÷ EPS (both in USD)

= 58.4 ÷ 3.43

17.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Alimentation Couche-Tard is good value based on earnings compared to the Europe Consumer Retailing industry average.
  • Alimentation Couche-Tard is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Alimentation Couche-Tard's expected growth come at a high price?
Raw Data
DB:CJA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
-2.1%per year
Europe Consumer Retailing Industry PEG Ratio Median Figure of 24 Publicly-Listed Consumer Retailing Companies 1.52x
Germany Market PEG Ratio Median Figure of 268 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

DB:CJA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.03x ÷ -2.1%

-8.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Alimentation Couche-Tard earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Alimentation Couche-Tard's assets?
Raw Data
DB:CJA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-02-03) in USD $15.62
TSX:ATD.B Share Price * TSX (2019-04-25) in CAD CA$78.81
TSX:ATD.B Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.741 $58.4
Europe Consumer Retailing Industry PB Ratio Median Figure of 41 Publicly-Listed Consumer Retailing Companies 1.55x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:CJA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:ATD.B Share Price ÷ Book Value per Share (both in USD)

= 58.4 ÷ 15.62

3.74x

* Primary Listing of Alimentation Couche-Tard.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Alimentation Couche-Tard is overvalued based on assets compared to the Europe Consumer Retailing industry average.
X
Value checks
We assess Alimentation Couche-Tard's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Retailing industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Alimentation Couche-Tard has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CJA Future Performance

 How is Alimentation Couche-Tard expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Alimentation Couche-Tard expected to grow at an attractive rate?
  • Alimentation Couche-Tard's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Alimentation Couche-Tard's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Alimentation Couche-Tard's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CJA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CJA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts -2.1%
DB:CJA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 1.9%
Europe Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 12%
Europe Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CJA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CJA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-04-30 3,332
2022-04-30 3,165
2021-04-30 61,602 3,022 1,834 2
2020-04-30 60,646 2,786 1,837 9
2019-04-30 59,369 2,872 1,876 9
DB:CJA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-02-03 59,619 3,095 1,935
2018-10-14 58,896 2,553 1,805
2018-07-22 56,334 2,356 1,765
2018-04-29 51,394 2,163 1,674
2018-02-04 47,402 2,038 1,557
2017-10-15 43,026 1,996 1,362
2017-07-23 39,331 2,034 1,251
2017-04-30 37,905 1,926 1,209
2017-01-29 35,679 1,874 1,135
2016-10-09 33,594 1,799 1,122
2016-07-17 33,586 1,901 1,216
2016-04-24 34,145 1,888 1,191

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Alimentation Couche-Tard's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Alimentation Couche-Tard's revenue is expected to grow by 1.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CJA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Alimentation Couche-Tard Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CJA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-04-30
2022-04-30
2021-04-30 3.25 3.25 3.25 1.00
2020-04-30 3.26 3.38 3.19 3.00
2019-04-30 3.34 3.42 3.22 3.00
DB:CJA Past Financials Data
Date (Data in USD Millions) EPS *
2019-02-03 3.43
2018-10-14 3.20
2018-07-22 3.12
2018-04-29 2.96
2018-02-04 2.75
2017-10-15 2.40
2017-07-23 2.20
2017-04-30 2.13
2017-01-29 2.00
2016-10-09 1.98
2016-07-17 2.14
2016-04-24 2.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Alimentation Couche-Tard is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Alimentation Couche-Tard's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Alimentation Couche-Tard has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CJA Past Performance

  How has Alimentation Couche-Tard performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Alimentation Couche-Tard's growth in the last year to its industry (Consumer Retailing).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Alimentation Couche-Tard's year on year earnings growth rate has been positive over the past 5 years.
  • Alimentation Couche-Tard's 1-year earnings growth exceeds its 5-year average (24.4% vs 17.3%)
  • Alimentation Couche-Tard's earnings growth has exceeded the Europe Consumer Retailing industry average in the past year (24.4% vs -4.5%).
Earnings and Revenue History
Alimentation Couche-Tard's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Alimentation Couche-Tard Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CJA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-02-03 59,619.10 1,934.80 5,609.70
2018-10-14 58,895.90 1,805.10 5,496.70
2018-07-22 56,333.70 1,764.50 5,396.70
2018-04-29 51,394.40 1,673.60 5,112.70
2018-02-04 47,402.20 1,557.20 4,806.80
2017-10-15 43,026.20 1,361.80 4,467.00
2017-07-23 39,331.10 1,250.80 4,194.80
2017-04-30 37,904.50 1,208.90 4,081.60
2017-01-29 35,679.00 1,135.20 4,015.70
2016-10-09 33,594.30 1,122.20 3,893.30
2016-07-17 33,585.60 1,216.40 3,848.00
2016-04-24 34,144.60 1,191.20 3,812.40
2016-01-31 34,033.00 1,113.20 3,712.30
2015-10-11 33,809.70 1,087.20 3,571.80
2015-07-19 34,319.20 957.70 3,470.50
2015-04-26 34,529.90 929.30 3,379.50
2015-02-01 36,202.20 948.20 3,367.90
2014-10-12 38,187.60 882.20 3,423.20
2014-07-20 38,251.20 825.50 3,429.50
2014-04-27 37,962.10 811.20 3,422.50
2014-02-02 37,780.30 812.80 3,415.60
2013-10-13 38,154.20 773.00 3,462.40
2013-07-21 38,432.00 724.80 3,469.60
2013-04-28 35,543.40 572.80 3,238.30
2013-02-03 32,809.10 544.20 2,958.30
2012-10-14 27,947.80 488.80 2,515.60
2012-07-22 23,814.00 421.00 2,218.70
2012-04-29 22,980.30 457.60 2,157.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Alimentation Couche-Tard has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Alimentation Couche-Tard used its assets more efficiently than the Europe Consumer Retailing industry average last year based on Return on Assets.
  • Alimentation Couche-Tard's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Alimentation Couche-Tard's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Retailing industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Alimentation Couche-Tard has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CJA Health

 How is Alimentation Couche-Tard's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Alimentation Couche-Tard's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Alimentation Couche-Tard's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Alimentation Couche-Tard's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Alimentation Couche-Tard's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Alimentation Couche-Tard Company Filings, last reported 2 months ago.

DB:CJA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-02-03 9,088.70 7,584.30 690.20
2018-10-14 8,569.60 8,098.80 621.10
2018-07-22 8,138.40 8,600.50 739.40
2018-04-29 7,890.40 9,060.40 668.00
2018-02-04 7,752.40 9,487.20 546.00
2017-10-15 6,953.20 7,852.60 994.80
2017-07-23 6,673.80 8,150.40 1,034.00
2017-04-30 6,009.60 3,666.60 645.20
2017-01-29 5,810.30 3,941.20 614.10
2016-10-09 5,586.10 3,853.90 830.60
2016-07-17 5,274.70 3,116.60 620.90
2016-04-24 5,041.10 3,062.10 599.40
2016-01-31 4,733.50 3,108.80 972.10
2015-10-11 4,692.70 2,448.30 473.10
2015-07-19 4,206.00 3,202.70 818.90
2015-04-26 3,903.00 3,229.90 575.80
2015-02-01 3,972.10 1,870.70 478.00
2014-10-12 4,136.60 2,245.80 594.90
2014-07-20 4,121.30 2,520.90 599.20
2014-04-27 3,976.60 2,680.30 511.10
2014-02-02 3,739.60 2,864.00 549.80
2013-10-13 3,677.70 3,192.40 772.80
2013-07-21 3,365.90 3,418.50 621.70
2013-04-28 3,216.70 3,625.50 658.30
2013-02-03 3,218.90 3,661.90 400.60
2012-10-14 2,920.90 3,810.40 560.20
2012-07-22 2,288.50 4,231.60 520.90
2012-04-29 2,174.60 665.20 304.30
  • Alimentation Couche-Tard's level of debt (83.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (76.4% vs 83.4% today).
  • Debt is well covered by operating cash flow (40.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.5x coverage).
X
Financial health checks
We assess Alimentation Couche-Tard's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Alimentation Couche-Tard has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CJA Dividends

 What is Alimentation Couche-Tard's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.63%
Current annual income from Alimentation Couche-Tard dividends. Estimated to be 0.75% next year.
If you bought €2,000 of Alimentation Couche-Tard shares you are expected to receive €13 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Alimentation Couche-Tard's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Alimentation Couche-Tard's dividend is below the markets top 25% of dividend payers in Germany (3.67%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CJA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CJA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-04-30
2022-04-30
2021-04-30 0.49 2.00
2020-04-30 0.44 3.00
2019-04-30 0.39 3.00
DB:CJA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-19 0.371 0.640
2018-11-27 0.293 0.564
2018-09-05 0.301 0.624
2018-07-09 0.301 0.654
2018-03-20 0.270 0.653
2017-11-28 0.275 0.559
2017-09-06 0.279 0.591
2017-07-12 0.282 0.597
2017-03-14 0.262 0.585
2016-11-22 0.265 0.586
2016-08-30 0.228 0.474
2016-07-12 0.234 0.509
2016-03-16 0.202 0.484
2015-11-24 0.185 0.448
2015-09-01 0.164 0.367
2015-07-15 0.166 0.381
2015-03-17 0.139 0.360
2014-11-25 0.141 0.396
2014-09-10 0.157 0.489
2014-09-03 0.163 0.495
2014-07-08 0.146 0.528
2014-03-18 0.119 0.446
2013-11-26 0.119 0.491
2013-08-30 0.111 0.518
2013-07-15 0.095 0.492
2013-03-19 0.095 0.510
2012-11-27 0.097 0.593
2012-09-05 0.099 0.630
2012-07-10 0.098 0.615
2012-03-13 0.096 0.771
2011-11-22 0.095 0.991
2011-08-30 0.078 0.845
2011-07-12 0.084 0.854
2011-03-10 0.067 0.766
2010-11-23 0.065 0.759
2010-08-24 0.050 0.678
2010-07-13 0.050 0.755
2010-03-09 0.049 0.854
2009-11-24 0.043 0.683
2009-08-25 0.042 0.734
2009-07-24 0.042 0.800
2009-07-16 0.042 0.849
2009-07-15 0.042 0.872

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Alimentation Couche-Tard is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • Alimentation Couche-Tard is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Alimentation Couche-Tard's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Alimentation Couche-Tard's dividends as it is not paying a notable one for Germany.
Future Payout to shareholders
  • No need to calculate the sustainability of Alimentation Couche-Tard's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Alimentation Couche-Tard's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Alimentation Couche-Tard afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Alimentation Couche-Tard has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CJA Management

 What is the CEO of Alimentation Couche-Tard's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brian Hannasch
COMPENSATION $8,768,891
TENURE AS CEO 4.6 years
CEO Bio

Mr. Brian P. Hannasch has been the Chief Executive Officer and President of Alimentation Couche-Tard Inc. since September 24, 2014. Mr. Hannasch served as the Chief Operating Officer of Alimentation Couche-Tard Inc. from May 2010 to September 24, 2014. He joined the Alimentation Couche-Tard Inc. in 2001 and during his 17 years with Alimentation Couche-Tard. He served as Senior Vice President of US Operations at Alimentation Couche-Tard Inc. from May 2008 to 2010. He was responsible for the business units of the Midwest US, Arizona, West Coast US and Western Canada. He served as Senior Vice President of Western North America at Alimentation Couche-tard Inc. from December 2004 to 2008 and its Vice President of Integration from 2003 to December 2004. From 2000 to 2001, Mr. Hannasch served as Vice-President of Operations for Bigfoot Food Stores LLC. He served as Vice President of Operations, U.S. Midwest at Alimentation Couche-Tard Inc. from 2001 to 2004, where he was responsible for all aspects of U.S. operations. From 1989 to 2000, he was employed by BP Amoco in various positions of increasing responsibility. He served as Vice-President of Marketing for the U.S. Midwest Business Unit of BP Amoco. He serves as Chairman of the Board for Statoil Fuel & Retail ASA and has been its Director since July 2, 2012. He has been a Director of Alimentation Couche-Tard Inc since 2014. He has been a Member of the board of directors of the Association for Convenience & Fuel Retailing (NACS) since 2016. Mr. Hannasch was named CEO of the year by The Globe and Mail in 2016. Mr. Hannasch holds a B.A. in Finance from Iowa State University and an MBA in Marketing and Finance from the University of Chicago.

CEO Compensation
  • Brian's compensation has been consistent with company performance over the past year.
  • Brian's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Alimentation Couche-Tard management team in years:

3.3
Average Tenure
69
Average Age
  • The tenure for the Alimentation Couche-Tard management team is about average.
Management Team

Alain Bouchard

TITLE
Co-Founder & Executive Chairman
COMPENSATION
$5M
AGE
69

Brian Hannasch

TITLE
President
COMPENSATION
$9M
TENURE
4.6 yrs

Jacques D'Amours

TITLE
Co-Founder & Corporate Director
COMPENSATION
$102K
TENURE
39.3 yrs

Richard Fortin

TITLE
Co-Founder & Corporate Director
COMPENSATION
$184K
AGE
69

Réal Plourde

TITLE
Co-Founder & Corporate Director
COMPENSATION
$179K

Claude Tessier

TITLE
Chief Financial Officer
COMPENSATION
$2M
AGE
54
TENURE
3.3 yrs

Deb Lefevre

TITLE
Chief Information Officer
COMPENSATION
$2M
TENURE
2 yrs

Kevin Lewis

TITLE
Chief Marketing Officer
COMPENSATION
$2M
TENURE
1.8 yrs

Jean Ayas

TITLE
Manager of Investor Relations

François Ramsay

TITLE
VP, General Counsel & Secretary
Board of Directors Tenure

Average tenure and age of the Alimentation Couche-Tard board of directors in years:

6.3
Average Tenure
69
Average Age
  • The tenure for the Alimentation Couche-Tard board of directors is about average.
Board of Directors

Alain Bouchard

TITLE
Co-Founder & Executive Chairman
COMPENSATION
$5M
AGE
69
TENURE
4.6 yrs

Brian Hannasch

TITLE
President
COMPENSATION
$9M
TENURE
5.3 yrs

Jacques D'Amours

TITLE
Co-Founder & Corporate Director
COMPENSATION
$102K
TENURE
31.3 yrs

Richard Fortin

TITLE
Co-Founder & Corporate Director
COMPENSATION
$184K
AGE
69
TENURE
31.3 yrs

Réal Plourde

TITLE
Co-Founder & Corporate Director
COMPENSATION
$179K
TENURE
31.3 yrs

Mélanie Kau

TITLE
Lead Director
COMPENSATION
$171K
TENURE
1.6 yrs

Eric Boyko

TITLE
Director
COMPENSATION
$58K
AGE
48
TENURE
1.6 yrs

Jean Élie

TITLE
Independent Corporate Director
COMPENSATION
$149K
AGE
74
TENURE
20.3 yrs

Nathalie Bourque

TITLE
Independent Corporate Director
COMPENSATION
$117K
TENURE
7.1 yrs

Dan Rabinowicz

TITLE
Independent Corporate Director
COMPENSATION
$113K
TENURE
5.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
27. Dec 18 Buy Eric Boyko Individual 27. Dec 18 27. Dec 18 2,000 €42.43 €84,856
13. Dec 18 Buy Suzanne Poirier Individual 13. Dec 18 13. Dec 18 1,500 €44.96 €67,440
02. Nov 18 Sell Jean Élie Individual 02. Nov 18 02. Nov 18 -2,250 €42.22 €-94,985
18. Oct 18 Buy Ina Strand Individual 17. Oct 18 17. Oct 18 1,200 €41.32 €49,580
27. Sep 18 Sell Richard Fortin Individual 26. Sep 18 27. Sep 18 -151,000 €43.25 €-6,509,035
19. Sep 18 Sell Richard Fortin Individual 18. Sep 18 18. Sep 18 -25,000 €43.72 €-1,093,053
20. Sep 18 Sell Richard Fortin Individual 19. Sep 18 19. Sep 18 -24,000 €43.88 €-1,053,093
18. Sep 18 Sell Richard Fortin Individual 17. Sep 18 17. Sep 18 -15,000 €43.41 €-651,154
08. Aug 18 Sell Réal Plourde Individual 08. Aug 18 08. Aug 18 -35,900 €39.78 €-1,428,064
07. Aug 18 Sell Réal Plourde Individual 07. Aug 18 07. Aug 18 -49,100 €39.90 €-1,959,112
06. Aug 18 Sell Réal Plourde Individual 03. Aug 18 03. Aug 18 -11,000 €39.91 €-438,958
31. Jul 18 Sell Réal Plourde Individual 30. Jul 18 30. Jul 18 -1,000 €39.45 €-39,451
30. Jul 18 Sell Fondation Ariane Riou et Réal Plourde, Endowment Arm Company 27. Jul 18 27. Jul 18 -10,000 €39.49 €-394,906
30. Jul 18 Sell Réal Plourde Individual 27. Jul 18 27. Jul 18 -53,000 €39.57 €-2,097,183
16. Jul 18 Buy Claude Tessier Individual 13. Jul 18 13. Jul 18 2,800 €40.32 €112,908
12. Jul 18 Buy Eric Boyko Individual 12. Jul 18 12. Jul 18 2,000 €39.60 €79,198
X
Management checks
We assess Alimentation Couche-Tard's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Alimentation Couche-Tard has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CJA News

Simply Wall St News

CJA Company Info

Description

Alimentation Couche-Tard Inc. operates and licenses convenience stores. Its convenience stores sell tobacco products, grocery items, beverages, and fresh food offerings; road transportation fuel; and stationary energy, marine fuel, aviation fuel, and chemicals. The company operates its convenience store and road transportation fuel retailing chain under various banners, including Circle K, Couche-Tard, Holiday, Ingo, Mac’s, Re.Store, and Topaz. It is also involved in the sale of lottery tickets, calling cards, gift cards, postage stamps, and bus tickets; issuance of money orders; and provision of automatic teller machines, cashing checks, and car wash services. As at April 30, 2018, it operated and licensed 12,740 convenience stores, which include 9,718 company-operated stores in North America, Ireland, Scandinavia, Poland, the Baltics, and Russia, as well as 2,000 stores, which are operated under the Circle K banner in China, Costa Rica, Egypt, Guam, Honduras, Hong Kong, Indonesia, Macau, Malaysia, Mexico, the Philippines, Saudi Arabia, the United Arab Emirates, and Vietnam. The company was formerly known as Actidev Inc. and changed its name to Alimentation Couche-Tard Inc. in December 1994. Alimentation Couche-Tard Inc. was founded in 1980 and is headquartered in Laval, Canada.

Details
Name: Alimentation Couche-Tard Inc.
CJA
Exchange: DB
Founded: 1980
CA$29,574,623,496
564,334,053
Website: http://corpo.couche-tard.com
Address: Alimentation Couche-Tard Inc.
4204 Industriel Boulevard,
Laval,
Quebec, H7L 0E3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX ATD.B Class B Subordinate Voting Shares The Toronto Stock Exchange CA CAD 22. Jun 1995
OTCPK ANCU.F Class B Subordinate Voting Shares Pink Sheets LLC US USD 22. Jun 1995
DB CJA Class B Subordinate Voting Shares Deutsche Boerse AG DE EUR 22. Jun 1995
TSX ATD.A Class A Multiple Voting Shares The Toronto Stock Exchange CA CAD 06. Nov 1990
OTCPK ANCT.F Class A Multiple Voting Shares Pink Sheets LLC US USD 06. Nov 1990
Number of employees
Current staff
Staff numbers
130,000
Alimentation Couche-Tard employees.
Industry
Food Retail
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 21:50
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/25
Last earnings filing: 2019/03/19
Last earnings reported: 2019/02/03
Last annual earnings reported: 2018/04/29


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.