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ESND - Essendant Inc News Story

$12.8 0.0  0.0%

Last Trade - 30/01/19

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £3.82bn
Position in Universe th / 6395

BUZZ-Genuine Parts: BAML cuts rating, sees better ways to play auto sector

Tue 30th October, 2018 5:37pm
** Genuine Parts  GPC.N  down 2 pct after BofA Merrill cuts
to "underperform" from "neutral"
    ** BAML says while GPC's auto parts unit will likely see
accelerated growth, even that will not be enough to offset the
expected weakness in other two units
    ** Says after Essendant  ESND.O  pulled out of a deal, GPC
stuck with office products unit, "an unloved asset" that lowers
its overall margin and growth profiles  urn:newsml:reuters.com:*:nNRA6xps9n
    ** BAML expects office products unit to post negative comp
sales for foreseeable future and says 2018 is the peak for comp
sales growth in GPC's industrial products unit
    ** Says until GPC lays out a new business strategy,
investors will lean toward GPC's pure-play auto parts retail
peers: Advance Auto  AAP.N , AutoZone  AZO.N , O'Reilly  ORLY.O 

 (Reporting by Savio D'Souza)
 ((RM:savio.dsouza.thomsonreuters.com@reuters.net))
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