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National Bank Financial (NBF) hosted its 13th Annual Quebec Conference on June 1, with 23 participating companies and 170+ institutional investors including the following key takeaways:

Alimentation Couche-Tard: Fireside chat with Claude Tessier, executive vice president, chief financial officer

Overall, management's comments are positive; with management seeing many avenues for future growth. ATD also expressed enthusiasm regarding acquisitions, including its recent deal with TotalEnergies. The company identified $127 million in synergies largely from merchandising over a three-year period; which could go higher as ATD completes its review. In addition to acquisitions, management sees opportunity remains in fuel optimization, loyalty/data analytics, improved procurement and improved merchandising, amongst other drivers.

Metro Inc: Fireside chat with Francois Thibault, executive vice president, chief financial officer & treasurer

Management reinforced key investment themes, including dedication to a financial framework (8-10% EPS growth) supported by strong management depth, customer focus, operational excellence and financial discipline. The company said MOI, its new loyalty program in Quebec, provides better opportunity for personalized promotions, and more opportunity to earn/spend points (though specific quantification of benefits is difficult). No comments were provided on an enhanced loyalty program in Ontario; however, NBF believes Metro will eventually harmonize loyalty programs.

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