Copart Inc
CPRT: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$18.00 | Hrjtc | Vdqknqzq |
Copart Earnings: Rising Scrappage Rates Should Keep Boosting Unit Volumes Every Quarter
Copart’s fiscal 2024 second quarter was solid, in our view, and showed no weak areas. Diluted EPS rising 10% year over year to $0.33 missed the $0.35 LSEG consensus, sending the stock down over 4% in Feb. 22 after-hours trading. We think consensus was just too aggressive rather than Copart failing to execute, and we raise our fair value estimate to $47 from $45 on the time value of money and a slightly lower fiscal 2024 share count on how it’s tracking so far in fiscal 2024.