Despite an Iconic Brand, Canadian Tire Faces Stiff Competition as the Nature of Retail Changes
After it posted solid third-quarter results, we plan a mid- to high-single-digit percentage uptick for our CAD 144 per share valuation for no-moat Canadian Tire. However, we do not see a material change in its long-term standing, leaving our 10-year view (low- to mid-single-digit revenue growth, 12% adjusted EBITDA margin on average for the next decade) in place. We see the shares as somewhat rich, considering Canadian Tire's exposure to intense competition in an industry with negligible switchi...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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