Stock price when the opinion was issued
Darling amongst investors. Fleet management business very fragmented - expecting further consolidation. Large opportunity for organic growth as well. Balance sheet continues to clean up - expecting free cash flow to increase. Core holding that will continue to own. As business continues to perform - expecting share buybacks.
The stock is up 27% in the past year though down a bit since the US election. It reports earnings Feb 26, before the next tariff 'deadline'. So earnings may be the more important factor if buying in the next month. We think $26 would be attractive, barring any other news.
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Good business, but his Canadian portfolio has 15 businesses, so this one just hasn't made the cut on quality and growth. Quite leveraged, earning a narrow spread. Management change. So big, that next step in growth would have to be outside NA to move the needle.