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AUTHOR
DATE
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13
member
10/19/23 2:58PM
Really interesting here?
I'm relatively new to this one, but this seems fully bombed out? Does anyone like it enough to refresh the bull case?
Ballpark, historical UFCF margin has been 4-6.5% excluding nwc moves. Well, well below AZO... login to read the rest
guidance down a lot vs 2022, but you have to remember they are now report earnings on a GAAP basis; taking out those 2022 addbacks, their 2023 guidance actually implies a lot of growth on
Gary, you still follow this? Pretty serious relative underperformance to AZO/ORLY, looks like 11-12x PE on 2023 guidance (which is way below 2022), low leverage. Yes, it's been the underperforming little brother for what, 15
AAP began to adjust for LIFO in 1Q21 to match peers AZO/ORLY, I highly doubt they foresaw the current inflationary environment we are in today. Back then LIFO was a tailwind, so excluding it was a headwind to Adj... login to read the rest
AAP (conveniently) began to exclude LIFO impacts from its non-GAAP GMs in 1Q21, and this is providing almost a ~250bp margin cushion. Ultimately FIFO GMs and LIFO GMs should converge; what gives you confidence AAP won't see... login to read the rest
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