October 2021
Intermediate to advanced
528 pages
10h 11m
English
book
Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
by David R. Giroux
Content preview from Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
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CHAPTER 10
AutoZone: The Power of Intelligent Share Repurchase
AutoZone serves as a prime example of how a sound strategy and an intelligent stock repurchase plan created enormous value for long-term shareholders.
If one examines AutoZone’s sales from 1999–2018 (Figure 10.1), it would be fair to say that they looked fine but not spectacular at a 5.4% compound annual growth rate (CAGR). Similarly, the company grew its store base by a modest 4.3% CAGR over this time period.
FIGURE 10.1
AutoZone: Modest Sales Growth over Much of the Last Two Decades1
Then how in the world did AutoZone (AZO) produce a 2,445% return relative to 198% for the S&P 500 ...
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