WEX - Fleetcor Technologies: 5 Reasons Why I Am Bullish

2024-01-30 00:23:55 ET

Summary

• FLEETCOR Technologies has significantly outperformed the S&P 500 since becoming a public company in 2010.
• The stock's strong performance has been driven by a nearly 15% CAGR in EPS over the past 10 years.
• FLT is a high-quality business with strong customer retention and high profit margins.
• FLT currently trades at a substantial discount to the broader market but is expected to grow earnings at a faster pace than the broader market.
• I view FLT as highly attractive at current levels and am initiating coverage with a strong buy.

FLEETCOR Technologies ( FLT ) has delivered strong results for shareholders since becoming a public company in December 2010. Since its IPO, FLT has delivered a total return of 979%. Comparably, the S&P 500 has delivered a total return of 404% during the same time period.

FLT's strong performance for shareholders has been driven by strong performance in its underlying business as EPS has grown at a nearly 15% CAGR over the past 10 years....

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