Kenny Yang
Value, deep value, contrarian

Tim Hortons: Buy Its Shares To Win

Executive summary:

  • After declining 10.5% year-to date, Tim Hortons' shares present a compelling buying opportunity due to a new 5-year strategic plan by the CEO.
  • Growing dividends and higher share buybacks are compelling for long-term shareholders.
  • Price target of $70.98 (denominated in CAD for TSX-listed shares) or $63.95 (denominated in USD for NYSE-listed shares).


Tim Hortons (THI) just started its annual "Roll up The Rim To Win" marketing campaign in Canada and US last week. While millions of Tim Hortons' customers are buying, its shareholders are selling at the same time. The shares slid 10.5% year-to-date, underperforming both the S&P 500 and the TSX Composite Index. Nonetheless, Tim Hortons' shares present an excellent buying opportunity after its underperformance in...

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