External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points<ul><li>COPART Inc (CPRT) is a leading stock in the salvage industry, dominating as the clear number one player in a duopoly.</li><li>CPRT has recently gained a significant market share advantage over its main competitor, Insurance Auto Auctions (IAA), with USAA switching its salvage business entirely to CPRT.</li><li>IAA has struggled due to a lack of investment, poor service levels, and a loss of focus under its former parent company, KAR, leading to CPRT's continued success and market dominance.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key pointsCOPART Inc (CPRT) is a leading stock in the salvage industry, dominating as the clear number one player in a duopoly.CPRT has recently gained a significant market share advantage over its main competitor, Insurance Auto Auctions (IAA), with USAA switching its salvage business entirely to CPRT.IAA has struggled due to a lack of investment, poor service levels, and a loss of focus under its former parent company, KAR, leading to CPRT's continued success and market dominance.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>This is our first report on Copart Inc, a well-known online auctions and vehicle remarketing services provider.</li><li>With global revenue increasing by nearly 13%, including a favorable currency impact, the company demonstrated its ability to drive solid financial results.</li><li>With solid profits and cost efficiency, Copart is set to weather market changes and maintain global service excellence.</li></ul>

This is our first report on Copart Inc, a well-known online auctions and vehicle remarketing services provider.With global revenue increasing by nearly 13%, including a favorable currency impact, the company demonstrated its ability to drive solid financial results.With solid profits and cost efficiency, Copart is set to weather market changes and maintain global service excellence.

Copart Inc.: Initiation of Coverage - Business Strategy

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Event-Driven

Central Pacific Financial Corp / Event-Driven

<ul><li>We have a neutral view on CPF's deal to acquire Tesco.</li><li>We assume the acquisition to have a net impact on our 2021E core profit forecast for CPF of +2.2% in case of a direct holding of 20% and -1.7% when including indirect holding through CPALL.</li><li>In the medium to long term, the acquisition may lead to significant upside on the back of synergy benefits.</li></ul>

We have a neutral view on CPF's deal to acquire Tesco.We assume the acquisition to have a net impact on our 2021E core profit forecast for CPF of +2.2% in case of a direct holding of 20% and -1.7% when including indirect holding through CPALL.In the medium to long term, the acquisition may lead to significant upside on the back of synergy benefits.

Neutral View on Tesco Deal, Positive in Medium Term

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/propertyguru-ltd" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGU AH)</a> is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru set an indicative IPO price range of A$3.70-4.50 per CDI with the final price set to be announced on 24 October.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/propertyguru-ipo-initiation-rose-tinted-glasses-required" target="_blank" rel="noopener">our initiation note</a>, we stated that while PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks. From a valuation perspective, we believe that the proposed IPO price range is unattractive.</div>

PropertyGuru (PGU AH) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru set an indicative IPO price range of A$3.70-4.50 per CDI with the final price set to be announced on 24 October.In our initiation note, we stated that while PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks. From a valuation perspective, we believe that the proposed IPO price range is unattractive.

PropertyGuru IPO Valuation: Guru at Frothy Valuations

United States

Copart, Inc. provides vehicle suppliers, primarily insurance companies, with a variety of services to process and sell salvage vehicles through auctions. Salvaged vehicles are primarily sold to licensed dismantlers, rebuilders, and used vehicle dealers.

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Copart Inc (CPRT US)

Copart Inc (CPRT) - Monday, Nov 20, 2023

COPART Inc (CPRT) is a leading stock in the salvage industry, outperforming its main competitor and gaining market share due to its strong...

Value Investors Club (VIC)

Copart Inc.: Initiation of Coverage - Business Strategy

This is our first report on Copart Inc, a well-known online auctions and vehicle remarketing services provider. With global revenue increasing by...

Baptista Research

Neutral View on Tesco Deal, Positive in Medium Term

We have a neutral view on CPF's deal to acquire Tesco. We assume the acquisition to have a net impact on our 2021E core profit forecast for CPF of...

Krungthai XSpring

PropertyGuru IPO Valuation: Guru at Frothy Valuations

PropertyGuru (PGU AH) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam,...

Arun George

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