Guidance Underwhelms, but We Remain Optimistic About Advance’s Long-Term Prospects; Shares Cheap
Although management’s 2018 guidance lags our targets, we remain favorably disposed toward narrow-moat Advance’s long-term turnaround, and as our view of the endgame (mid-single-digit top-line growth, adjusted operating margins approaching 12% over the next 10 years) remains the same, our $155 per share valuation should hold fairly steady.The company’s 2017 results ($9.4 billion in revenue, 7% adjusted operating margin) met our expectations, though its call for $9.1 billion to $9.4 billion in re...
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