AutoZone: Meaningful Tailwinds, Yet Remain Neutral Largely On Valuation

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About: AutoZone, Inc. (AZO)
by: Alexander Veytsman
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Alexander Veytsman
Long/short equity, hedge fund manager
Summary

There was a lot to like in the quarter, though some catch-up effect was present.

Commercial traction remains solid, growing in double digits.

Hoping to justify multiple expansion in the coming months, particularly as margin management and the online presence improve.

About the Company

AutoZone, Inc. is a retailer and distributor of car replacement parts and accessories, operating through the Auto Parts Locations segment. Among its core segments are ALLDATA, which sells diagnostic and repair information