Retail Performance Drives a Strong End to 2017 for Canadian Tire, but Shares Look Rich
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...
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