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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: Good morning,

On May 5th the company announced that it has agreed to a takeover by Sunoco. The terms of the deal is cash and .295 shares of the new entity Suncorp.

My questions are two fold.

1. Is this new company, the old company renamed, or is this a spin off of the old company?

2. Assuming the deal goes through on June 24, how does the $44.00 price for each Parkland share work out, if the value of Suncorp is lower than the price of SUN at the time of the agreement?

3. That being said, do you expect the share price to rise to the value of the offer made, as the date of the vote nears?

4. Would you sell PKI if it gets to $44 or keep the shares of the new company?
Read Answer Asked by Kelly on May 20, 2025
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