We Think CarMax Will Remain Competitive Against New Entrants Thanks to Digital Investment and Brand
CarMax closed fiscal 2019 with a solid fourth quarter. We calculate diluted EPS after adjusting for one-time charges in the prior-year quarter grew 47% to $1.13, which beat consensus of $1.06. That earnings beat and modestly positive comparable-store unit growth of 2.8% likely explains the stock rising over 10% the morning of March 29. Revenue rising 5.7% to $4.32 billion missed consensus of $4.43 billion, but that variance is insignificant to us. We are maintaining our fair value estimate but w...CarMax is a holding company. Through its subsidiaries, the company is engaged as a retailer of used vehicles. The company operates in two segments: CarMax Sales Operations, which sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers; and CarMax Auto Finance, which consists of finance operation that provides vehicle financing to customer buying retail vehicles from the company The company's products and services include retail merchandising, wholesale auctions, extended protection plans, reconditioning and service, and customer credit.
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.
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