Been watching this oneBeen watching for a while but still have not taken a position. My concern is the exposure to Mr. Lube.
Lube represents almost 45% of revenues and this quarter they added more locations. Normally that is a good thing but it exposes them to many risks.
The transition to EV's is happening faster than most expected. Most auto manufacturers in Ontario are retooling their plants for EV and the effect on Mr. Lube is unknown. Same retooling is going on in the US. Even a 10% negative impact on Mr. Lube business would put pressure on the dividend.
The market would be a lot more comfortable with DIV if they could add additional partners. Air Miles is likely seeing an upswing now but more diversification is needed. The old adage of too many eggs in one basket is weighing on this stock.