Inside the Market’s roundup of some of today’s key analyst actions
Alimentation Couche-Tard Inc.) appears to have “better control” on its gasoline margins than in the past, according to Stifel analyst Martin Landry, who thinks they may be “sustainable long-term.”
“Couche-Tard increased its Q1FY24 EPS year-over-year despite a difficult comparable period resulting in a strong EPS growth of 21 per cent over two years, a good performance despite the economic slowdown. The main surprise during Q1FY24 was the strongest-ever gasoline margins in the U.S.. Strong gasoline margins may be more sustainable than previously thought as management appears to have a much better handle on margins than in the past given the low variation seen in the last six quarters.
However, he emphasized its U.S. gas margins stood out in quarterly report, noting: “Couche-Tard appears to have more control than historically on its U.S. gasoline margins with a variation of only US$0.05 per gallon between the highest levels and lowest levels of the last 6 quarters. Five years ago, the variation was US$0.10 per gallon or near 40 per cent vs. 15 per cent currently. This lower volatility could suggest that high gasoline margins in the U.S.
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