Despite an iconic brand, we believe competitive pressure will restrict returns at Canadian Tire.
Our CAD 143 per share valuation for no-moat Canadian Tire should not change significantly after it reported third-quarter earnings that leave it on track to meet our full-year expectations. Thus far in 2017, the firm posted 5% top-line growth against a 12.0% adjusted EBITDA margin, near our 5% and 12.7% estimates for the year. The shares are trading slightly above our valuation, and we would suggest investors await a more attractive entry point.In addition to announcing results, management rais...
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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