LKQ Corp : Buy recommendation maintained only on LKQ 2028 following the upgrade to BB+
We are updating our recommendations following the full-year earnings release, S&P’s upgrade to BB+ and the performance achieved since our coverage initiation in July 2020. - >Stronger-than-forecast Q4 results and net leverage at its lowest level since 2015 owing to exceptionally high free cash flow - Despite no genuine business catalysts compared with Q3 (revenues down -3.7% organically in Q4 vs. -4.3% in Q3), Q4 2020 EBITDA grew by 16.9% to $ 366m, giving a margin o...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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