Model Update
AZO's Q4 comp proved modestly disappointing, considering the current industry momentum, with company-specific challenges weighing on sales in the middle of the quarter. We estimate that online promotional shifts and out-of-stock issues impacted comps by 60-80bps. We believe the broader backdrop remains robust however, with stronger trends as AZO exited the quarter, but view ORLY/AAP as better positioned to capitalise on these trends. We remain Neutral on AZO.AutoZone is a retailer and a distributor of automotive replacement parts and accessories. The company operates stores in the United States, including Puerto Rico and Saint Thomas, Mexico, and Brazil. Each store carries a product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. In addition, the company has a commercial sales program that provides commercial credit and delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. The company also sells the ALLDATA brand automotive diagnostic and repair software.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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