Investor Presentaiton
20
Investment Highlights
•
Disciplined
Management Culture
Management team with strong track
record and founders have 23% equity
ownership
Management and Board need to hold
a multiple of their salary in Shares
Decentralized operating model
•
•
Broad Geographic Footprint
with Leading Market Positions
Leading C-store operator in North
America, Scandinavia and Baltics
Powerful banners (Couche-Tard, Circle
K, Mac's, Ingo, and Statoil) continue to
drive traffic and sales
• World class Canadian retailer with most
geographically diversified footprint
Superior
Product Offerings
Increasing focus on private label, fresh
food products and famous for concepts
Industry leading merchandise gross
margin
•
Powerful
Financial Results
Strong and consistent financial performance
throughout all economic cycles
Prolific history of positive same store sales
comps and 25% ROE
Significant FCF generation (2008-2014)
CAGR of over 60%)
Couche-Tard
S&P: BBB (Stable)
Moody's: Baa2 (Stable)
Attractive
Synergy Potential
Proven ability to extract significant
synergies from acquisitions
•
Transferring best practices across
entire platform
MD
Attractive
Sector Dynamics
•
Steady industry performance throughout
downturns with strong projected growth
•
C-store sector well positioned to gain
share from traditional food retail
Industry-leading returns in recession
Track Record of Highly Disciplined
Growth and Debt Reduction
Proven ability to integrate acquisitions (~1,600 stores from 47
acquisitions since Circle K in 2003, excluding SFR and The
Pantry)
Well positioned to lead further consolidation in fragmented
industry
•
Committed to remain investment grade post acquisition
April 2015
Couche-Tard is a disciplined c-store operator and integrator
Company Privileged and Confidential
Investors Presentation
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