CPRT – Market expectations are for Uniform ROA to improve, and management is confident about market share, partnership opportunities, and profitability

March 9, 2022

  • Copart, Inc. (CPRT) currently trades above corporate and historical averages relative to Uniform earnings, with a 26.1x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to improve to 32% in 2026, accompanied by 7% Uniform asset growth going forward.

  • Meanwhile, analysts expect Uniform ROA to remain stable at 28% levels through 2023, accompanied by 7% Uniform asset growth.

  • If sustained going forward, these levels would imply a stock price closer to $108, representing approximately 9% equity downside for the firm.

  • However, the firm’s most recent earnings call suggests management is confident about market share, partnership opportunities, and profitability.

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