Couche-Tard

Few retail players in North America match the executional depth of Couche-Tard. From Laval, the group manages a workforce of approximately 149k and generates close to $72B in revenue, while steadily widening the gap with regional peers.

Recent strategic moves point to a deliberate pivot toward higher-margin segments, where pricing power and brand equity matter more than pure volume.

“Couche-Tard is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.