Canadian Tire’s strong results validate its customer experience investments, but competition looms.
We expect a mid-single-digit percentage uptick for our CAD 143 per share valuation for no-moat Canadian Tire after it reported strong 2017 revenue, though our long-term outlook (calling for roughly 3% average sales growth and 13% adjusted EBITDA margins over the next decade) is intact. In 2017, the firm posted 6% top-line growth against our 5% target, with its adjusted EBITDA margin of 12.6% near our 12.7% estimate. The shares are trading above our valuation, and we would suggest investors await...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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