4Q Results Leave AutoZone Poised to Meet Our Long-Term Targets; Shares Fairly Valued
We do not foresee a large change to our $800 fair value estimate for narrow-moat AutoZone after the firm reported fourth-quarter results. Although full-year domestic same-store sales lagged due to weather effects, rising 2.4% versus our 4% full-year expectation, gross and operating margins met our 52.7% and 19.4% forecasts, respectively. The results lead us to believe the firm is on track to meet our long-term targets (5% top-line growth and 21% operating margin on average through 2025).Despite...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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