AutoZone’s Divestiture Plans for AutoAnything, IMC Do Not Alter Long-Term Prospects; Shares Cheap
We do not expect to make a large change to our $770 fair value estimate for narrow-moat AutoZone after it reported on-track second-quarter earnings and plans to divest AutoAnything and IMC (with an associated $193 million impairment). The divestitures should not materially alter our long-term outlook, calling for mid-single-digit sales growth against high-teen adjusted operating margins over the next decade. We believe our take is more measured than prevailing sentiment because of overreaction t...
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