Added to YB: 2026-07-31
Pitch date: 2026-07-29
CPRT [bullish]
Copart, Inc.
-2.26%
current return
Author Info
DB_Silver_Fox is a CFO and value investor interested in: European & US hidden champions, simple and effective business models, and US Banks. Sign up for the newsletter.
Company Info
Copart, Inc. provides online auctions and vehicle remarketing services in the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain.
Market Cap
$28.5B
Pitch Price
$30.25
Price Target
N/A
Dividend
N/A
EV/EBITDA
12.24
P/E
19.14
EV/Sales
5.27
Sector
Commercial Services and Supplies
Category
value
The Moat Is Wide. It Has Stopped Widening. - $CPRT
CPRT (added to position): Salvage auction duopolist, 85% consignment fees, ~35% ROIC on operating assets, no debt, $4.2B cash, irreplaceable land network carried at historic cost. Moat wide but no longer widening — RB Global/IAA gaining US share, units -4.2%. Founder Adair returns as CEO, succession unresolved; DOJ money-laundering probe unquantified. Total loss frequency 23.6% is structural tailwind. IV scenarios $23.57-$40.29 vs $29.36 price; underwriting ~10% compounding, low permanent loss risk. Building toward 4-5% at <$30.
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