Genuine Parts Should Benefit From Strong Market Conditions in the Automotive Part Retail Sector
While a slow first quarter for its European automotive unit and currency headwinds should lead us to temper our 2019 expectations, we anticipate an offsetting time value of money-related adjustment will keep our valuation for narrow-moat Genuine Parts near its current $103 per share mark. As the soft results in Europe appear to be attributable mostly to transitory (weather-related) factors, our long-term targets for the firm, calling for 4% organic annual revenue growth and 7% adjusted operating...Genuine Parts is engaged in the distribution of automotive replacement parts, industrial parts, and business products. The company's reportable business segments are: Automotive, which distributes automotive parts and accessory items and provides inventory, cataloging, marketing, training and other programs to the automotive aftermarket; Industrial, which distributes industrial replacement parts and related supplies such as bearings, mechanical and electrical power transmission products, industrial automation, and hose, among others; and Business Products, which is engaged in the wholesale distribution of a line of office and other business-related products through a customer base of resellers.
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