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AUTOZONE, INC.

(AZO)
  Report
Delayed Nyse  -  03:45 2022-09-27 pm EDT
2103.74 USD   +0.48%
10:39aEvercore ISI Adjusts AutoZone Price Target to $2,170 From $2,180, Maintains In Line Rating
MT
08:11aArgus Adjusts Price Target on AutoZone to $2,330 From $2,210, Reiterates Buy Rating
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09/22Wolfe Research Raises AutoZone's Price Target to $2,350 From $2,150, Maintains Outperform Rating
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AUTOZONE INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

08/01/2022 | 05:03pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

The information provided in Item 2.03 of this report is incorporated by reference into this Item 1.01.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under

            an Off-Balance Sheet Arrangement of a Registrant.



On August 1, 2022, AutoZone, Inc. (the "Company") completed the sale of $750 million aggregate principal amount of its 4.750% Senior Notes due 2032 (the "Notes"). The Notes bear interest at a fixed rate equal to 4.750% per year, payable semi-annually.

The Notes were issued pursuant to an Indenture dated as of August 8, 2003 (the "Indenture"), between the Company and Regions Bank, as successor trustee, and were offered and sold pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission (the "Commission") on July 19, 2022, on Form S-3 (File No. 333-266209), as supplemented by a prospectus supplement dated July 19, 2022, filed with the Commission on July 20, 2022. Pursuant to the Indenture, the Company executed an Officers' Certificate dated August 1, 2022 setting forth the terms of the Notes (the "Officers' Certificate").

The Company will pay interest on the Notes on February 1 and August 1 of each year, beginning on February 1, 2023. The Notes will mature on August 1, 2032. The Notes are senior unsecured debt obligations of the Company and rank equally with the Company's other senior unsecured liabilities and senior to any future subordinated indebtedness of the Company. The Notes are subject to customary covenants restricting the Company's ability, subject to certain exceptions, to incur debt secured by liens, to enter into sale and leaseback transactions or to merge or consolidate with another entity or sell substantially all of its assets to another person. The Indenture provides for customary events of default and further provides that the trustee or the holders of 25% in aggregate principal amount of the outstanding Notes may declare such Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period.

The Company may redeem the Notes at the Company's option, at any time in whole or from time to time in part, on not less than 10 nor more than 60 days' notice, at the redemption prices described in the Officers' Certificate. If a change of control triggering event, as defined in the Officers' Certificate, occurs, unless the Company has exercised its option to redeem the Notes, holders of the Notes may require the Company to repurchase the Notes at the prices described in the Officers' Certificate.

The above description of the Officers' Certificate and the Notes is qualified in its entirety by reference to the Officers' Certificate pursuant to the Indenture setting forth the terms of the Notes, and the form of the Notes, copies of which are attached hereto as Exhibits 4.1 and 4.2, respectively.

Item 9.01. Financial Statements and Exhibits.





(d) Exhibits.



Exhibit
  No.                                    Description
  4.1        Officers' Certificate for the Notes, pursuant to Section 3.2 of the
           Indenture, dated August 1, 2022, setting forth the terms of the Notes
  4.2        Form of 4.750% Note due 2032
  5.1        Opinion of Bass, Berry & Sims PLC
  5.2        Opinion of Brownstein Hyatt Farber Schreck, LLP
  23.1       Consent of Bass, Berry & Sims PLC (included in Exhibit 5.1)
  23.2       Consent of Brownstein Hyatt Farber Schreck, LLP (included in Exhibit
           5.2)
104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document)

© Edgar Online, source Glimpses

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Analyst Recommendations on AUTOZONE, INC.
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Financials (USD)
Sales 2022 16 063 M - -
Net income 2022 2 392 M - -
Net Debt 2022 5 714 M - -
P/E ratio 2022 18,2x
Yield 2022 -
Capitalization 40 044 M 40 044 M -
EV / Sales 2022 2,85x
EV / Sales 2023 2,71x
Nbr of Employees 85 050
Free-Float 94,1%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 2 093,68 $
Average target price 2 310,45 $
Spread / Average Target 10,4%
EPS Revisions
Managers and Directors
William C. Rhodes Vice President—Finance & SVP-Finance
Jamere Jackson CFO, Executive VP-Finance & Store Development
Thomas B. Newbern EVP-International & Information Technology
Alex Oliphant Research Director
K. Michelle Borninkhof Chief Information Officer & Senior Vice President
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