Section1: Company Overview

Superior Plus Corp. (TSX: SPB) is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance. This Report covers the Investment Highlights, Key Financial Metrics, Risks, and Recommendation on the stock.

1.1 The Key Investment Highlights, and Risks

Section2:  Financial Highlights

 2.1 Key Financial Highlights

Section 3:  Stock Recommendation Summary

3.1 Valuation Methodology

3.2 Price Performance and Stock Recommendation

The stock has witnessed an upside of ~11.76% in 1 month and an upside of ~3.32% over the last 3 months. The stock has a 52-week high and 52-week low of CAD 10.355 and CAD 5.15, respectively and is currently trading below the average of 52-week high-low average, showing weakness in upside momentum, hence, providing an opportunity to exit the stock.

3.3 One-Year Technical Price Chart

One-Year Technical Price Chart (as of February 28, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, and currency as of February 28, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

 Note 4: Dividend Yield may vary as per the stock price movement.

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’