GPC - AutoZone - Leading The Auto Parts Pack

• Like many other specialty retailers, AutoZone's business has performed extremely well during the COVID-19 pandemic.
• The auto parts sector is highly fragmented and although the sector is approaching maturity, the major players such as AutoZone will continue to achieve higher growth rates.
• AutoZone's strong market position generates outstanding returns on invested capital and this should continue into the medium term.
• Although currently approach fair value, there have been recent opportunities to buy this stock cheaply in a market where value is difficult to find.

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