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Review of Parkland Corporation

APR 18, 2023 - PKI has demonstrated its ability to acquire new retail sites, expand its convenience store locations, and increase its unique supply advantage. PKI has begun to expand into the renewable energy markets and its royalty fees from food retailer franchisees is independent from a long-term outlook on fuel demand. Its geographic diversification helps to strengthen its business model, and its revenue growth via acquisition has been a key driver in improving its fundamentals. We are upgrading our rating by one notch to a 'B+'.

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Q: I see Parkland's share price since 2003 was rising steadily and quite well until February 2020 when Covid hit but after the initial Covid crash and rebound has been slowly drifting lower, now down about 35% from it's $48 high to the present $31 range and will have to rise over 50% to regain it's all time high. Why is is drifting lower now...what happened?.

It will take 12 years' worth of dividends to get back to the previous high unless the company can grow and prosper and profits rise considerably. I have studied your recent report [thank you] on the company and it looks good and the B+ rating in encouraging but you don't really identify much strong growth as such. Selling the refinery could be a negative as it seems to be steadily profitable.

Comparing the 20 year price and dividend growth histories of companies like FTS, EMA, RY, and T for example it is hard to see PKI as being a superior investment.

So does the current price and anticipated growth merit investing in PKI at this time for a 10 year hold? Do you have that much confidence in management?

Thank you......... Paul W. K.

Read Answer Asked by Paul on April 25, 2023
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