Copart Inc.


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Copart, Inc.: Is The Growth In Non-insurance Business A Key Growth Catalyst? 


Copart, Inc., reported Q3 fiscal 2024 results showing a promising trend in the total loss frequency rate, driven by a decrease in used vehicle prices and an increase in repair costs. This rate reverted to pre-pandemic levels during Q3 as used vehicle prices fell by 14% YoY, while repair costs remained high due to labor challenges and the complexity of vehicle repairs. The company’s Insurance business has grown its volume by 6.8% YoY, as the frequency and magnitude of storm-related activity have increased. However, the company does maintain a level of caution when discussing normalized growth trends due to the unpredictability of storm activity. Their proactive approach to preparedness, investing in ground teams, logistics technology, and fleets of vehicles, has allowed them to efficiently respond to weather events and cater to their customer’s needs.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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