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AutoZone Inc AZO

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Morningstar’s Analysis

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AutoZone Continues Its Strong Performance, Highlighted by Its Professional Segment; Shares Rich

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

Our $1,440 per share valuation of narrow-moat AutoZone will likely rise by a mid-single-digit percentage, reflecting the time value of money and a strong start to fiscal 2022 (14% first-quarter domestic same-store sales growth). While our near-term targets should rise, we still expect mid-single-digit top-line growth and roughly 20% operating margins long term.

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Company Profile

Business Description

AutoZone is the premier seller of aftermarket automotive parts, tools, and accessories to do-it-yourself customers in the United States. The company derives an increasing proportion of its sales from domestic commercial customers, although its presence in its home market is still dominated by its do-it-yourself operation, which accounts for nearly 75% of sales in country. AutoZone also has a growing presence in Mexico and Brazil. AutoZone had 6,767 stores in the U.S. (6,051), Mexico (664), and Brazil (52) as of the end of fiscal 2021.

123 South Front Street
Memphis, TN, 38103
T +1 901 495-6500
Sector Consumer Cyclical
Industry Specialty Retail
Most Recent Earnings Nov 30, 2021
Fiscal Year End Aug 28, 2021
Stock Type Cyclical
Employees 100,000