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Canadian Tire Corp Ltd Class A CTC.A

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Morningstar’s Analysis

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Canadian Tire's Q3 Results Indicate Progress on Costs, Loyalty, but Shares Trade Fairly

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

Our CAD 190 per share valuation of no-moat Canadian Tire should not change materially after it announced third-quarter earnings, with consolidated comparable sales up 3% amid easing pandemic-related restrictions. Our long-term forecast calls for low-single-digit revenue growth and low-teens adjusted EBITDA margins. We suggest investors await a more attractive entry point.

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Company Profile

Business Description

Canadian Tire sells home goods, sporting equipment, apparel, footwear, automotive parts and accessories, and vehicle fuel through a roughly 1,740-store network of company, dealer, and franchisee-operated locations across Canada. Aside from the namesake banner, stores operate primarily under the Mark’s, SportChek, Party City, Atmosphere, and PartSource monikers. The company acquired Helly Hansen, a Norwegian sportswear and workwear brand, in 2018. The firm also operates and holds majority ownership of a financing arm (Canadian Tire Financial Services; 20% owned by Scotiabank) and a REIT (CT REIT; Canadian Tire owns about 70%).

2180 Yonge Street, P.O. Box 770
Toronto, ON, M4P 2V8, Canada
T +1 416 480-8725
Sector Consumer Cyclical
Industry Specialty Retail
Most Recent Earnings Sep 30, 2021
Fiscal Year End Jan 1, 2022
Stock Type
Employees 31,786