Patient investors should be rewarded as near-term woes obscure O’Reilly’s long-term strengths.
O’Reilly’s first-half results fell well short of our expectations, and, as a result of an industry slowdown that is more persistent than we initially thought, we plan a mid- to high-single-digit percentage cut for our valuations for narrow-moat O’Reilly (currently $264 per share), AutoZone ($790 per share), and Advance Auto Parts ($180 per share) and a low- to mid-single-digit dip for narrow-moat Genuine Parts ($96 per share). However, we contend that the industry’s recent stumble is cyclical ra...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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