North America’s best-performing car parts distributor may not be done climbing after more than doubling in the past year, Bloomberg Business reports. Uni-Select Inc. remains the cheapest stock on a price-earnings basis among 11 peers in a Bloomberg Intelligence index, according to Bloomberg Business. That suggests the shares of the Canadian company may have room to rise even more.
“Investors are showing support for Uni-Select’s decision to sell its U.S. auto-parts distribution unit to an Icahn Enterprises LP unit for about $340 million and use the proceeds to pay down debt. They’re also betting that new Chief Executive Officer Henry Buckley will deliver higher earnings by snapping up smaller companies,” the report says.
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