Redcards Long Thesis On CarMax, Inc (KMX) – ValueWalk Premium
CarMax

Redcards Long Thesis On CarMax, Inc (KMX)

Long Thesis On CarMax, Inc (KMX) by Redcards


Capital Structure Considerations

  • $300m of long-term debt at 1.6% interest (expiring 11/17) and 0.2x net debt/EBITDA ratio.

Investment Thesis

  • Sentiment on the subprime auto ABS market is too bearish. The Street ignores the outperformance of CarMax’s auto loans benefiting from an increasing origination rate driven by consensus expectations of modest . . .

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