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An inflection point in the UK market?

The UK market is a large exposure for Applegreen (28% of gross profit) and a potentially larger opportunity, with almost 5x the number of forecourts in its domestic market. While we...

February 6 2018 | Allan Smylie CFA , Eoghan Reid | Company Report | 14 pages

Lessons from Quebec

Alimentation Couche-Tard Inc. (Couche-Tard), the world’s largest convenience forecourt retailer, held its first Capital Markets Day (CMD) this week. We think the event lends material...

January 26 2018 | Allan Smylie CFA , Eoghan Reid | Company Report | 13 pages

Conviction calls for 2018: earnings growth, financial strength and returns continue to dominate

The Davy Research Conviction List represents the best conviction ideas from the 120 stocks in our coverage universe. Our ideas are based on deep fundamental knowledge of these...

January 2 2018 | Barry Dixon | Sector Report | 18 pages

At your convenience!

Applegreen’s convenience retail proposition is a unique differentiator versus peers. It has facilitated rapid site growth in a consolidating forecourt market, delivering 15% EBIT CAGR in...

October 19 2017 | Eoghan Reid , Allan Smylie CFA | Company Report | 54 pages

Pump up the volume! An analysis of DCC Energy’s Retail & Fuel Card business

The Retail & Fuel Card business is one of DCC Energy’s three key growth drivers. It has already made substantial progress against a strategy first outlined in 2013 and is now, we...

January 31 2017 | Allan Smylie CFA , Ross Harvey | Company Report | 28 pages

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