The Globe and Mail reports in its Saturday edition that Bay Street generally believes that Parkland stock is cheap. The Globe's David Berman writes that shares of the gas-station chain have surged 36 per cent over the past year compared with the 5-per-cent gain for the S&P/TSX Composite Index. This recent performance is not mollifying its biggest shareholders, including Simpson Oil -- which wants Parkland to conduct a strategic review of its operations -- and Engine Capital LP. So far, Parkland has rejected these overtures. The stock's valuation is at a steep discount to Parkland's peers. According to Bloomberg figures, the shares trade at just 14 times this year's estimated earnings. Alimentation Couche-Tard, a Canadian rival with a global network of convenience stores and gas stations, trades at a more robust valuation of 19 times estimated earnings. Scotiabank analyst Ben Isaacson thinks Parkland's shares should be worth $60, well above their current $43.25. Kevin Chiang, an analyst at CIBC Capital Markets, has an interesting theory about why the discount exists: Parkland is classified as an energy stock in the S&P/TSX Composite Index, but generates most of its revenue through its retail operations.