LKQ Fills In Europe Strategy Gap With Stahlgruber Acquisition; Raising FVE to $41 From $34
We are raising our fair value estimate for narrow-moat-rated LKQ to $41 from $34 after the company announced a definitive agreement to acquire Germany-based wholesale distributor Stahlgruber GmbH. Management said that the acquisition price represented an enterprise value of EUR 1.5 billion, a 1 times revenue multiple, and a 10 times EV/EBITDA multiple (including net present value of tax and cost synergies). Stahlgruber represents LKQ’s entry into the German automotive aftermarket and adds a stat...LKQ is a holding company. Through its subsidiaries, the company provides alternative vehicle collision replacement products and alternative vehicle mechanical replacement products. The company is also a provider of alternative vehicle replacement and maintenance products in the United Kingdom, Germany, the Benelux region (Belgium, Netherlands, and Luxembourg), Italy, Czech Republic, Poland, Slovakia, Austria, and other European countries. In addition to its wholesale operations, the company operates self service retail facilities across the United States that sell recycled automotive products from end-of-life-vehicles. The company is also a distributor of specialty vehicle aftermarket equipment and accessories.
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