Sluggish second quarter reinforces our view that competition limits Canadian Tire's prospects.
Soft second-quarter results should lead to a low- to mid-single-digit percentage cut to our CAD 154 per share valuation for no-moat Canadian Tire, but the results do not much alter our long-term view (low-single-digit revenue growth, 13% adjusted EBITDA margin on average for the next decade). Our reaction is more muted than the shares' high-single-digit percentage swoon after the news largely because we had been relatively pessimistic about near-term earnings. Still, we believe the shares are ex...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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