Shares of the narrow-moat company soared after the company posted good results, but we think they're still undervalued.
Jif, K-Cups, and pet food are the menu for a narrow moat.
The purchase of Alliance Automotive will make the narrow-moat firm a more valuable partner to global part vendors that should increasingly depend on the firm for aftermarket sales.
The narrow-moat company faces a competitive onslaught in difficult categories, but it retains clout that constitutes a sustainable advantage.
A new distribution model expands sales channels while freeing up resources for investment.
The firm's fiscal 2018 guidance exceeds our expectations, and we plan to raise our fair value estimate.
We think the slump in auto-parts retail is cyclical in nature rather than structural.
We're trimming our fair value estimate amid the industry's recent stumble, but we don’t think the sector is in secular decline.