| Yesterday | ||||
Valvoline announced that… Valvoline announced that it plans to acquire 27 quick-lube locations that will expand its service center network across the U.S. The company has signed a definitive agreement with Car Wash Partners to purchase 27 Mister Oil Change Express locations in seven states which will be rebranded as Valvoline Instant Oil Change, or VIOC, centers. Of the 27 locations, 15 will be company-owned and operated and 12 will be VIOC franchise-owned and operated. The purchase will not include any car wash-related assets or operations. This acquisition is expected to close before the end of the calendar year. Financial terms of the acquisition were not disclosed. | ||||
| Over a week ago | ||||
The board of directors… The board of directors authorized Valvoline to repurchase up to $100M of its common stock. The term of the new share repurchase authorization extends through Sept. 30, 2021. | ||||
The quarterly dividend… The quarterly dividend will be payable on Dec. 15, 2020, to shareholders of record as of the close of business on Nov. 30, 2020. | ||||
In a regulatory filing,… In a regulatory filing, Monro (MNRO) reported that on November 4, the wholly-owned subsidiaries of the company, Monro Service Corporation and MNRO Service Holdings, entered into a supply agreement with Valvoline (VVV). Under this agreement, Valvoline will continue as the exclusive supplier of the motor oils, greases, lubricants and other related products the company uses at its retail locations. The terms of the company's prior supply agreement with Valvoline continued until superseded upon the effectiveness of this agreement as of October 1, 2020. The agreement will be in effect until September 30, 2023. | ||||
| Over a month ago | ||||
Valvoline said,… Valvoline said, "Looking forward to fiscal 2021, we expect to generate low double-digit growth in adjusted EBITDA. Our confidence in this continued growth is driven by our diversified business model that is expected to generate approximately half of its adjusted EBITDA from our quick lubes segment." | ||||
Reports Q4 revenue $652M,… Reports Q4 revenue $652M, consensus $617.47M. | |
Valvoline announced that… Valvoline announced that it plans to acquire 33 quick-lube service centers in Idaho, Missouri and Kansas in two separate acquisitions. The company has signed a definitive agreement with L & F Enterprises to purchase 12 quick-lube service centers in the Boise, Idaho area. The Einstein's Oilery service centers will be rebranded as Valvoline Instant Oil Change, or VIOC, after closing of the transaction. The company has also signed a definitive agreement with its franchisee Westco Lube to acquire 21 existing VIOC service centers in the greater Kansas City area and in Topeka and Wichita, Kansas. Both acquisitions are expected to close in early Q1 FY21. Financial terms for the acquisitions were not disclosed. | |
Valvoline plans to… Valvoline plans to acquire 14 quick-lube locations that will expand its company-owned service center network in Texas. The company has signed a definitive agreement with Kent Lubrication Center purchase its existing quick-lube centers which will be rebranded as Valvoline Instant Oil ChangeSM service centers. This acquisition is expected to close in the company's first quarter of fiscal 2021. Financial terms of the acquisition were not disclosed. "A core element of Valvoline's business strategy is to continue to grow and strengthen our industry-leading quick-lube network through organic store expansion and high-quality acquisitions in both core and new markets." said Tony Puckett, senior vice president and president, Valvoline Quick Lubes. "With Avis Lube's focus on customer service and employee professional training, their culture is an excellent fit for the Valvoline brand. These 14 service centers in the Midland/Odessa area will enable us to expand deeper into Texas beyond our current base of company and franchise service centers in the Houston, Dallas, San Antonio and Austin markets." |
| Over a quarter ago | ||||
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Disney (DIS) upgraded to Outperform from Neutral at Credit Suisse and to Buy from Neutral at Guggenheim. 2. Palo Alto Networks (PANW) upgraded to Buy from Neutral at BTIG with analyst Gray Powell saying his most recent channel checks continue to be positive. 3. Valvoline (VVV) upgraded to Overweight from Neutral at JPMorgan with analyst Jeffrey Zekauskas saying after a longer period of slower expansion, Valvoline is reaching an "inflection point in its growth rate." 4. Novavax (NVAX) upgraded to Overweight from Neutral at JPMorgan with analyst Eric Joseph saying he is "pleasantly impressed" by last night's initial immunogenicity/safety profile for NVX-CoV2373 in the Phase 1 COVID-19 vaccine results. 5. Otter Tail (OTTR) upgraded to Buy from Neutral at Sidoti with analyst Brian Russo saying he has raised his estimates on the plastics and utility outlook, adding that he views the stock's valuation as "attractive." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
JPMorgan analyst Jeffrey… JPMorgan analyst Jeffrey Zekauskas upgraded Valvoline to Overweight from Neutral with a price target of $26, up from $20. After a longer period of slower expansion, Valvoline is reaching an "inflection point in its growth rate," Zekauskas tells investors in a research note. The analyst expects the company to increase its EBITDA growth at a compounded rate of about 9% over the next two years and to compound earnings at about an 11% pace. | ||||