We undertook the unenviable task of reading the proxy for every company under coverage (and one we don’t cover: TSLA).
Search Coverage List, Models & Reports
Search Results1-10 out of 13
Using Return on Invested Capital as a lens, we take a look at which companies and sub-industries capture the highest returns within the automotive value chain. We calculate ROIC across 27 companies within industries including dealers, OEMs, parts suppliers, aftermarket retailers, and service providers.
Copart reported FQ3 2018 results on 5/23 after the close (5/24/2018). Total revenue of $478m beat Cons. $438m and our $455m, as unit volume and ASPs both came in very strong with double digit growth. EPS of $0.52 also beat Cons. of $0.49 but missed our $0.55 (on tax). Operating margins were 100bps below Cons. estimates. Hurricane Harvey inventory produced a net $3.9m pre-tax loss in Q3. Shares were down 0.5% vs. a flattish S&P 500.
Copart reported Q2 results this morning (02/26/18). Global unit volumes grew ~16% just short of our 18%. Total revenue of $459.1MM beat consensus of $428.3MM and our $449.8MM. GMs came in a bit lower than expected at 41.7% vs. consensus 42.4% and our 44.3%. EPS of $0.47 beat consensus of $0.38 and our $0.45. Shares were up ~1% on the day.
Most of you cover 50 – 200 stocks and therefore don’t have the liberty of being as into the weeds on every name – that’s our job. To help you do yours, we have created a comprehensive, but chart-heavy, guide to our coverage that is meant to have shelf life and that can be referred back to when you are ready to dig more into our coverage.
The tax overhaul is adding a lot of complexity to fundamentals as investors and companies we speak with struggle to digest consensus expectations and current valuation metrics. We sifted through both Factset and Bloomberg estimates to calculate a bottoms-up consensus of ONLY analysts that have revised estimates on tax reform.
In our first tax reform note we studied numerous angles on tax reform. As a continuation, we are studying additional angles and also adjusting numbers and price targets (Exhibit 1). While we remain concerned of the long-term risk/reward of tax reform, near-term we expect consensus EPS revisions to occur as the rewards are easier to forecast than the risks.
After years of inflating asset prices via credit let’s unwind QE, raise interest rates, meddle in regional wars, reduce homeownership incentives, rush a radical tax overhaul including reducing corporate taxes, rebalance personal taxes, and expanding the fiscal deficit, all during a period of trough unemployment. Let’s just throw all of the economic models out, nothing can go wrong here, I’m psyched let’s go shoot some birds
CEO changes are often viewed as an investment catalyst for strategic change or as a risk to the status quo. We went back and tracked 85 CEO changes across Consumer Retail and Automotive companies looking to better understand stock performance before, after, and during these CEO changes. We show our full database in Exhibit 9,10 & 11.
Copart reported Q1 results yesterday (11/21/17) after market close. Global unit volumes grew 10% beating our 9% driven mostly by North American organic growth in both insurance and non-insurance vehicles. Total Revenue of $419.2MM beat consensus of $382.1MM and our $385.8MM. Gross margins came in better than expected at 38.9% vs. consensus 37.7% and our 39.1%. EPS of $0.33 beat consensus of $0.27 and our $0.28. Shares were up 12% on the day.
- 1 of 2
- next →