Canadian Tire Posts Earnings That Leave Us Confident in Our Long-Term Outlook; Shares Slightly Rich
We plan to lift our CAD 123 per share valuation for no-moat Canadian Tire by less than 5% after it posted third-quarter earnings, with the time value of money and lower capital spending offsetting slightly soft 2016 results. Year to date, the retailer has seen 1.6% revenue growth and an 8.0% operating margin, trailing our 3.4% and 8.7% targets, respectively. While we plan to trim our 2016 outlook, we anticipate the firm will make up some ground in the seasonally strong fourth quarter as its Albe...Canadian Tire Corporation comprises three main business operations, which provides a range of retail goods and services. Co.'s three main business operations are: Retail, which is conducted through a number of banners, including Canadian Tire, Canadian Tire Gas (Petroleum), Mark's, PartSource, and various FGL Sports banners; CT REIT, which is a real estate investment trust engaged in owning, developing and leasing commercial properties; as well as Financial Services, which markets a range of Canadian Tire-branded credit cards, insurance and warranty products and processes credit card transactions with respect to purchases made in Canadian Tire associate stores and Petroleum outlets.
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