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B+

Review of Parkland Corporation

JUL 16, 2024 - PKI has roughly 4,000 retail and commercial locations, and as part of a renewed corporate strategy, PKI is seeking to divest $500 million in non-core assets by the end of 2025. It has recently announced plans to divest its Canadian commercial
propane business, and we feel that a recentering and focus on its core business will be a net positive for the company. Its recent results were mixed, and we feel that we will need to see more evidence of margin improvement in future quarters, but we do like that the company is actively seeking ways to improve its margin profile. Due to its cheap valuation, we are maintaining our rating at ‘B+’.

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Q: Would appreciate your opinion on the following
Given the trade tensions between Canada and the USA what is the chance that Ottawa might not allow the takeover. And should Ottawa deny the takeover, what happens? I assume PKI shares could fall substantially.
Secondly, the current value of shares and cash, which most likely all PKI shareholders will get, is currently not $44 , but closer to $41.50 a share. Do you concur? And if so would you anticipate any top up to bring the offer closer to the $44 level.?
Based on your analysis, what is the best strategy: should Parkland shareholders continue to hold the shares or sell the shares and move on?
Thanks for your insight.


Read Answer Asked by John on June 09, 2025
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