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Parkland Fuel Corp. Q3-2019 Earnings & Price Target Update

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Parkland Fuel Corporation(PKI-TSX) has grown from a western Canadian fuel distributor to become Canada's largest independent distributor with an expanding presence in the US and the Caribbean. Products include fuel and lubricants, and a Canadian nationwide network of sales channels for retail, commercial, wholesale and home heating fuel customers. Parkland provides motorists, businesses, consumers and wholesale customers with gasoline, diesel, propane, lubricants, heating oil and other products through a network of locations across North America.

Volumes have grown from 4.16 B litres in 2011 to 17B litres for 2018 from both organic growth and acquisitions to a forecast of 22B litres for 2019. On Jun-28-2017, Parkland acquired the majority of the Canadian business and assets of CST Brands, Inc. (Ultramar) for $965M; in Oct-2017, Parkland acquire Chevron Canada R & M ULC for $1.5B; in Aug-2018, Parkland acquired Rhinehart Oil Co., Inc. and on Oct-9-2018 Parkland acquired 75% of Sol Investments Limited for $1.4B. SOL Investments is the largest marketer and supplier of petroleum products in the Caribbean. Parkland also completed 4 acquisitions in the US during the past 12 months the largest of which was Rhinehart During Q4-2017 they acquired a 55,000 boe per day gasoline refinery located in Burnaby.

Revenues are earned from a chain of 1,860 retail service stations and convenience stores in Canada, sales to commercial customers and wholesalers in Canada and the US from a refining facility located in Burnaby, BC. Canadian retail fuel and convenience outlets contribute 20% of earnings, Canadian commercial sales at 6%, USA commercial – 4%, Refining & Supply – 50% and International operations- 18%.

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