AutoZone Offers 11% Annual Growth At A Fair Price [Seeking Alpha]
IHS Markit Ltd. Common Shares (INFO)
Last ihs markit ltd. common shares earnings: 3/24 06:00 am
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Company Research
Source: Seeking Alpha
SummaryAutoZone employs a simple, proven, and replicable business model. Excellent capital allocation and a high ROIC suggest intrinsic.AutoZone benefits from long-term tailwinds: increasing miles driven and increasing vehicle age.Excellent capital allocation and a high ROIC suggest intrinsic value can compound at 11% annually.AutoZone (AZOAutoZone is an above-average business for a number of reasons:Despite these advantages, AutoZone is 20% off its February highs. It currently trades for 15x trailing earnings, which is not a demanding valuation. Though earnings will absolutely dip in 2020, the current crisis has not impaired AutoZone’s earnings power.TailwindsAutoZone is levered to two key variables: vehicle miles driven and average vehicle age. Both offer tailwinds. The chart below from the St. Louis Fed shows how average annual vehicle miles driven have increased steadily over time.Source: Federal Reserve Bank of St. LouiseVehicle maintenance is largely a function of miles driven,
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