Opinions

Jason Del Vicario Copart Inc. CPRT-Q BUY ON WEAKNESS Nov 17, 2023

Founder led/owned which is positive. Smart real estate acquisitions. Stable returns on capital. High margins. Current share price a little high. Would buy if price fell to 20x earnings (50% reduction in current share price).

Jason Del Vicario

Unlock Rating

$50.250

Stock price when the opinion was issued

Automotive

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TOP PICK

It is the largest salvage auction company in the US. They sell for insurance companies and take no risk. Traffic continuing being down is not great but they will come out of it well. (Analysts’ price target is $83.67)

BUY

The world's recovering, and industrials are booming. His preferred way to play the space is through CPRT, online salvage auction for cars. Sees only tailwinds, no headwinds, going forward. For Canadian investors, RBA looks interesting for the long term.

PAST TOP PICK

(A Top Pick May 04/20, Up 41%) Dominant player. Volume generates fees. Strong tailwinds, as increasingly the slightest tap on a car can result in a total loss and it goes to a Copart lot.

TOP PICK

Largest international network of buyers for junk cars. EVs are impossible to fix, so they go straight to the junkyard. Company expects tremendous volume growth. No dividend. (Analysts’ price target is $171.35)

PAST TOP PICK

(A Top Pick May 04/20, Up 39%) Online auto auction company. Takes cars that have been in accidents that insurance companies consider total losses. They are towed to their yards and either sold to those who can fix them or sent overseas.

HOLD

Cloud over the future of autonomous vehicles is great for CPRT, as humans get into a lot more accidents than driverless vehicles.

PAST TOP PICK

(A Top Pick Jan 04/22, Down 15%) Takes a fee every time a car is totalled and sold on its site. Capital light, global. Used car prices are now coming down. Insurance companies are going to start increasing volume through its junkyards. He expects a record 2023. One of the best performers, should continue.

TOP PICK

More car accidents are being written off as total losses. CRT enjoys a duopoly. A growing market as cars grow more complex with EVs and sensors. Great for them. Trades at a reasonable PE.

(Analysts’ price target is $48.71)

TOP PICK

Auctions cars. More cars are being written off, often due to unfixable technological complexity. Perfect balance sheet. Getting into other verticals such as international markets and heavy equipment. Has grown by double digits for a long time, well run. Winners keep on winning. No dividend.

(Analysts’ price target is $63.67)

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Jason Del Vicario Copart Inc. CPRT-Q BUY ON WEAKNESS Nov 17, 2023

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