In short: #QualityTuesday stock pitch. "Auto Partner is a Polish distributor of car parts. They make money by selling spare parts, tools, and accessories to garages and repair shops. The company benefits from steady demand, since people need to keep their cars running no matter the economy. Auto Partner can be seen as 'the Polish Autozone'." Verdict and numbers: "The company is cheap and has a strong track record in creating shareholder value" — Net Debt/EBITDA 1.6x, net income margin 4.8%, ROIC 17.5%, forward P/E 9.7x, and a 23.1% CAGR since the 2016 IPO.
Auto Partner buys car parts in bulk and delivers them to the independent garages and repair shops that fix Poland's cars. It does not make anything and it does not sell to drivers — it sits in the middle, holding the inventory and getting the right part to the right mechanic quickly. The reference point offered is AutoZone in the United States.
The appeal of that position is that demand is repairs, not purchases. When money is tight people postpone buying a new car, which means the existing one gets older and needs more work — so a recession can be neutral or even helpful. The business itself keeps very little of each sale (a 4.8% net profit margin), but it turns its inventory over fast enough to earn 17.5% on the capital employed, and debt is modest at 1.6 times profits before depreciation.
The reason it is pitched now is price. The shares change hands at under 10 times next year's expected earnings, for a company that has compounded at 23.1% a year since listing in 2016 — a combination the rest of this month's issues spend a lot of words trying to find in larger names.
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