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ATD.TO (ATD) Fair Value & Analysis

Consumer Cyclical · CA · Market cap C$83.6B (≈ $60.4B) · ISIN CA01626P1484

What is ATD.TO really worth?

AT ATD.TO ATD · TO
PriceC$81.91
Fair ValueC$104.32
Upside+27.4%
Quality63/100

A solid business, trading 21% below our fair value of C$104.32.

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Strengths

Healthy Growth (revenue 5y +10.8 %/yr)
Moderate debt · generates free cash flow

Risks

!Thin margins · 4.1% net margin
!Mixed vs. peers (6/15)
!Moderate moat 59/100
!Weak on dividend: 20 out of 100

For context

·1.00% dividend yield
Evidence: High Range C$61.16 – C$130.40

Fair value as of: Aug 20, 2026

From 26 valuation models · updated 16 days ago

Fair value updated Aug 20, 2026, revised from C$75.00 to C$104.32 (+39.1%) since Aug 13, 2026. Share price −12.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (C$61.16 to C$130.40) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

C$93.54 C$41.53 Fair Value C$104.32 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range C$41.53 – C$93.54 · fair‑value band C$61.16 – C$130.40 · the C$81.91 price screens below the C$104.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

ATD.TO (ATD) currently trades at C$81.91, while our model-based Fair Value estimate is C$104.32, implying the stock looks roughly 21.5% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of C$83.01 per share, and 7 of the 26 models we run sit above the C$81.91 price. Bear case: the Asset-Based group reads lowest at C$11.80, and 19 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, ATD.TO generated revenue of C$73.3B at a net margin of 3.7%. Revenue declined 22.1% year over year. It earns a return on equity of 18.2%. Net debt stands at C$13.3B. Fundamentals as of Aug 20, 2026

Our scenario range runs from C$61.16 (bear case) to C$130.40 (bull case); at C$81.91, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −26% fair-value upside, at 27%, ATD screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 4 months have passed since. In that time the company retained roughly C$1.39 per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF C$40.70 C$83.01 C$158.63 76
Growth DCF C$40.09 C$78.22 C$144.11 75
EPV C$29.71 C$35.98 C$41.48 74
All 26 models by family
DCF Models
FCF DCF C$40.70 C$83.01 C$158.63 76
Owner Earnings C$42.83 C$86.98 C$165.91 72
5Y Revenue Exit C$38.26 C$75.43 C$126.67 70
5Y EBITDA Exit C$50.66 C$101.51 C$166.57 73
5Y P/E Exit C$43.35 C$86.14 C$135.94 69
10Y Revenue Exit C$37.10 C$73.06 C$129.79 64
10Y EBITDA Exit C$46.98 C$92.39 C$163.85 65
10Y P/E Exit C$42.09 C$81.00 C$137.71 61
Earnings-Based
Graham-Dodd C$23.28 C$115.54 C$159.38 64
Lynch FV C$31.18 C$44.54 C$57.90 61
PEG = 1.0 C$31.18 C$44.54 C$57.90 57
EPV C$29.71 C$35.98 C$41.48 74
Dividend Discount
Gordon GGM C$5.53 C$11.50 C$18.25 66
DDM Multi-Stage C$5.53 C$9.70 C$12.07 66
Multiples
P/E Multiple C$56.48 C$75.31 C$94.14 63
P/S Multiple C$43.65 C$58.19 C$72.74 58
P/B Multiple C$43.65 C$58.19 C$72.74 55
EV/EBIT C$59.18 C$81.56 C$103.94 66
EV/EBITDA C$60.00 C$82.65 C$105.30 67
EV/Revenue C$37.30 C$56.69 C$76.09 53
Asset-Based
NCAV (Graham) C$8.81 C$11.80 C$17.62 54
Growth DCF
Growth DCF C$40.09 C$78.22 C$144.11 75
Rev-Margin DCF C$38.26 C$74.27 C$121.82 70
Economic Profit
Residual Income C$22.78 C$31.05 C$138.79 64
ROIC Compounder C$34.69 C$51.05 C$73.60 70
Growth Earnings
Growth-Adj P/E C$49.02 C$70.03 C$91.04 67

Widest divergence: DCF Models (C$83.01) versus Dividend Discount (C$9.70). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 20.4
P/S ratio 0.84 P/E × margin
EPS (TTM) C$4.01 price ÷ EPS = P/E 20.4
Dividend yield 1.0% payout 20.4%
Net margin 4.1% FY2026
Return on equity 18.2% TTM
More key figures
Profitability
Return on assets (EBIT) 11.5% avg 5y
Operating margin 9.3% TTM
Growth
Revenue (TTM) C$76.5B TTM
Revenue growth (YoY) −22.1% 3y avg +2.1%
EPS growth (YoY) +21.1%
Balance sheet & cash flow
Free cash flow C$3.4B FY2026
Net debt C$13.3B FY2026 · ≈ 4.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 60 · Market factors (momentum, volatility) 58

Profitability 62
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Alimentation Couche-Tard Inc. operates and licenses convenience stores in North America, Europe, and Asia. It offers cigarette products and other nicotine products, beverages, beer, wine, fresh food offerings comprising quick service restaurants, candy and snacks, grocery items, and car wash and other services; road transportation fuels and operates …

Full company description

Alimentation Couche-Tard Inc. operates and licenses convenience stores in North America, Europe, and Asia. It offers cigarette products and other nicotine products, beverages, beer, wine, fresh food offerings comprising quick service restaurants, candy and snacks, grocery items, and car wash and other services; road transportation fuels and operates electric vehicles charging stations; sells energy for stationary engines and aviation fuels; sells lottery tickets, and calling and gift cards; and automatic teller machines. The company operates its convenience stores chain under various banners, including Circle K, Couche-Tard, Holiday, and Ingo. In addition, it operates and licenses stores operated under the Circle K banner in Egypt, Guam, Guatemala, Honduras, Indonesia, Macau, Mexico, New Zealand, Saudi Arabia, South Africa, Tanzania, the United Arab Emirates, and Vietnam. The company was formerly known as Actidev Inc. and changed its name to Alimentation Couche-Tard Inc. in December 1994. Alimentation Couche-Tard Inc. was founded in 1980 and is headquartered in Laval, Canada.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

ATD.TO reported revenue of $76.5B in FY2026 versus $62.8B in FY2022, a compound +5.1%/yr. Reported net income was $3.1B in FY2026, compounding +4.0%/yr from FY2022.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
C$76.5B
Latest YoY
+5.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.8%
Avg. revenue growth/yr (29Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+7.6% (6.6 + 1.0)
Revenue +5.1%/yr
FY22 $62.8B
FY23 $71.9B
FY24 $69.3B
FY25 $72.9B
FY26 $76.5B
Net income +4.0%/yr
FY22 $2.7B
FY23 $3.1B
FY24 $2.7B
FY25 $2.6B
FY26 $3.1B
Character of growth · EPS growth decomposed (2015-2026) +13.1 % p.a.
Revenue per share +10.5 %

of which total revenue +8.3 % · buybacks/dilution +2.0 %

EBIT margin +2.7 %
Tax rate +0.4 %
Residual (interest, one-offs) −0.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "ATD.TO Fair Value". https://www.fairvalue-calculator.com/stock/ATD

Peer Group

Specialty Retail · 219 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Above median
Fair Value upside +27% · Above median
Return on equity (TTM) 20% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 9% · Top 25%
Revenue growth −22% · Bottom 25%
Dividend yield (TTM) 1.0% · Bottom 25%
Debt / equity 0.64× · Higher than 75% of peers

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 20.4× · Pricier than median
P/B 3.73× · Pricier than 75% of peers
P/S (TTM) 0.79× · Pricier than median
P/FCF 17.9× · Pricier than 75% of peers
EV/EBITDA 10.8× · Pricier than median
PEG 1.52× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE70 · sector 30
FUTURE0 · sector 25
PAST80 · sector 27
HEALTH68 · sector 96
DIVIDEND20 · sector 56

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Casey's General Stores, Inc CASY $755.47 $398.90 −47%
Williams-Sonoma, Inc WSM $235.09 $162.63 −31%
Ulta Beauty, Inc ULTA $537.10 $475.40 −11%
DICK'S Sporting Goods, Inc DKS $202.66 $181.10 −11%
Best Buy Co BBY $82.44 $108.04 +31%
China Tourism Group 601888 ¥54.97 ¥40.40 −27%
Tractor Supply Company TSCO $34.72 $35.52 +2%
Five Below, Inc FIVE $259.41 $117.29 −55%
Murphy USA Inc MUSA $574.12 $423.35 −26%
Taiwan Mobile Co 3045 116.00 TWD 80.98 TWD −30%

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Frequently asked questions

Is ATD.TO (ATD) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of C$104.32 versus a price of C$81.91, about +27% upside (undervalued).
What is the fair value of ATD?
Our model-based fair value for ATD.TO is C$104.32 (as of Aug 20, 2026), built from audited fundamentals. The current price: C$81.91.
What is the quality score of ATD?
ATD.TO has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of ATD.TO (ATD)?
ATD.TO reported trailing-twelve-month revenue of about C$73.3B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of ATD?
The net profit margin of ATD.TO is about 3.7%, meaning it keeps roughly 3.7% of revenue as net income. Based on the latest reported figures.
Does ATD.TO pay a dividend?
ATD.TO currently shows a dividend yield of about 1.00% relative to its recent price (as of Aug 20, 2026).
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