te revenue from transportation fuel and convenience stores. which grow organically year after year. ATD operates under brands Circle Kin US (No.2), Couche-Tard in Canada (No.1) and Statoil in Scandinavian Europe (No.1). Investment Thesis A. Resilient retail cash cow • The convenience store ("c-store") b

ts) as online ad market expanded (trading +3%) SXC to buy Catalyst in deal for -$4.4B implied $81.02/shr = 28% premium based on April 17th close) Couche-Tard (ATD/B CN) offers to buy Statoil Fuel & Retail for $2.8 billion (deal closes in June) Pfizer close to selling infant-nutrition unit to Nestle for a