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AutoZone Inc AZO

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Economic Moat




Pandemic Challenges Near-Term, but Scaled Auto-Part Retailers' Advantages Remain; Advance Attractive

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

Although the aftermarket automotive-part sellers will not escape the near-term impact of the pandemic, we believe their long-term competitive advantages will reassert themselves more quickly than most retailers'. To capitalize on the sector’s inherent strengths, we suggest investors look to Advance Auto Parts, which--unlike fellow narrow-moat retailers AutoZone, Genuine Parts, and O’Reilly--trades more than 15% below our $171 per share valuation.

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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, just over 20% in fiscal 2019, and has a growing presence in Mexico and Brazil. AutoZone had 6,411 stores in the U.S. (5,772), Mexico (604), and Brazil (35) as of the end of fiscal 2019.

123 South Front Street
Memphis, TN, 38103
T +1 901 495-6500
Sector Consumer Cyclical
Industry Specialty Retail
Most Recent Earnings May 31, 2020
Fiscal Year End Aug 31, 2020
Stock Type Cyclical
Employees 96,000