O’Reilly’s Investor Day Leaves Us More Confident in Our Favorable View of the Sector; Shares Cheap
While we are not changing our $242 per share valuation, we came away from narrow-moat O’Reilly’s analyst day with a greater appreciation for the strength of its dual-market model and more confident in our positive view of the firm’s ability to leverage its inventory and distribution infrastructure as it scales. We believe recent agita about Amazon’s increased attention on the sector and what we consider to be a cyclical slowdown (driven by unfavorable weather and slower growth in the number of m...O'Reilly Automotive is a retailer of automotive aftermarket parts, tools, supplies, equipment and accessories, selling its products to both do-it-yourself and service provider customers. The company's stores carry a product line, including: new and remanufactured automotive hard parts and maintenance items, such as alternators, batteries, brake system components, belts, chassis parts, driveline parts, engine parts, fuel pumps, hoses, starters, temperature control, water pumps, antifreeze, appearance products, engine additives, filters, fluids, lighting, oil and wiper blades; and accessories, such as floor mats, seat covers and truck accessories.
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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