Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to €11.20, the stock trades at a forward P/E ratio of 95x. Average forward P/E is 10x in the Specialty Retail industry in Germany. Total loss to shareholders of 59% over the past three years. Reported Earnings • Jul 30
First quarter 2027 earnings released: US$0.071 loss per share (vs US$0.28 loss in 1Q 2026) First quarter 2027 results: US$0.071 loss per share (improved from US$0.28 loss in 1Q 2026). Revenue: US$287.1m (down 4.6% from 1Q 2026). Net loss: US$2.15m (loss narrowed 74% from 1Q 2026). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Jul 29
New major risk - Revenue and earnings growth Earnings have declined by 47% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 40x earnings per share. Cash payout ratio: 90% Earnings have declined by 47% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Jul 15
Monro, Inc. to Report Q1, 2027 Results on Jul 29, 2026 Monro, Inc. announced that they will report Q1, 2027 results on Jul 29, 2026 New Risk • Jul 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 40x earnings per share. Cash payout ratio: 90% Dividend yield: 6.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 40x earnings per share. Cash payout ratio: 90% Minor Risk Large one-off items impacting financial results. Announcement • Jul 04
Monro, Inc., Annual General Meeting, Aug 11, 2026 Monro, Inc., Annual General Meeting, Aug 11, 2026. Declared Dividend • Jun 01
Fourth quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 2nd June 2026 Payment date: 16th June 2026 Dividend yield will be 7.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 40x earnings). However, it is covered by cash flows (87% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 4,431% to bring the payout ratio under control. EPS is expected to grow by 351% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • May 29
Monro, Inc. Declares Cash Dividend for the First Quarter of Fiscal Year 2027, Payable on June 16, 2026 Monro, Inc. announced that its Board of Directors has approved a cash dividend for the first quarter of fiscal year 2027 of $0.28per share. The cash dividend is payable on June 16, 2026 on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable to shareholders of record on June 2, 2026. Reported Earnings • May 27
Full year 2026 earnings released: EPS: US$0.072 (vs US$0.22 loss in FY 2025) Full year 2026 results: EPS: US$0.072 (up from US$0.22 loss in FY 2025). Revenue: US$1.16b (down 3.2% from FY 2025). Net income: US$2.17m (up US$8.70m from FY 2025). Profit margin: 0.2% (up from net loss in FY 2025). The move to profitability was driven by lower expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Announcement • May 13
Monro, Inc. to Report Q4, 2026 Results on May 27, 2026 Monro, Inc. announced that they will report Q4, 2026 results Pre-Market on May 27, 2026 Announcement • Jan 14
Monro, Inc. to Report Q3, 2026 Results on Jan 28, 2026 Monro, Inc. announced that they will report Q3, 2026 results on Jan 28, 2026 Announcement • Dec 05
Monro, Inc. Appoints Peter Fitzsimmons as Board of Directors and Executive Committee, December 3, 2025 Monro, Inc. announced that it has entered into a formal employment agreement directly with Peter Fitzsimmons to continue as the Company’s full-time President and Chief Executive Officer, effective immediately. Fitzsimmons will also join the Company’s Board of Directors and Executive Committee, effective immediately. Fitzsimmons previously served as the President and Chief Executive Officer of the Company pursuant to an engagement letter between the Company and AP Services, LLC, an affiliate of AlixPartners, LLP. In connection with this announcement, Fitzsimmons has resigned from AlixPartners, LLP and its affiliate AP Services, LLC, effective December 2, 2025. Announcement • Nov 19
Monro, Inc. Declares Quarterly Cash Dividend, Payable on December 16, 2025 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on December 16, 2025 to shareholders at the close of business on December 2, 2025. Announcement • Oct 30
Monro, Inc. Reaffirms Earnings Guidance for the Full Year of Fiscal 2026 Monro, Inc. reaffirmed earnings guidance for the full year of fiscal 2026. For the year, the company continue to expect to deliver year-over-year comparable store sales growth in fiscal 2026, primarily driven by improvement plan as well as any tariff-related price adjustments to customers. Announcement • Oct 15
Monro, Inc. to Report Q2, 2026 Results on Oct 29, 2025 Monro, Inc. announced that they will report Q2, 2026 results Pre-Market on Oct 29, 2025 Announcement • Aug 14
Monro, Inc. Declares Quarterly Cash Dividend, Payable on September 9, 2025 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on September 9, 2025 to shareholders at the close of business on August 26, 2025. Announcement • Jul 16
Monro, Inc. to Report Q1, 2026 Results on Jul 30, 2025 Monro, Inc. announced that they will report Q1, 2026 results on Jul 30, 2025 Announcement • Jul 06
Monro, Inc., Annual General Meeting, Aug 12, 2025 Monro, Inc., Annual General Meeting, Aug 12, 2025. Announcement • Jun 10
Monro, Inc. Announces Appointment of Kathryn Chang as Senior Vice President of Merchandising, Effective June 9, 2025 Monro, Inc. announced that it has appointed Kathryn Chang as Senior Vice President of Merchandising, effective June 9, 2025. Chang will lead the Company’s Merchandising Team and oversee the development and execution of the overall merchandising strategy as well as long-term assortment planning, pricing, and promotional strategies to drive revenue and profitability. Chang will report to Peter Fitzsimmons, President and Chief Executive Officer. Chang has significant experience in both merchandising and the automotive aftermarket industry. From 2020 to 2024, she worked at American Tire Distributors (ATD), serving as Senior Vice President of Merchandising and Strategy, and, before that, as Senior Vice President of Enterprise Strategy. Prior to ATD, Chang worked at LPL Financial and Lowe’s Companies Inc., serving in vice president and director roles. Announcement • May 28
Monro, Inc. Approves Cash Dividend for the First Quarter of Fiscal Year 2026, Payable on June 17, 2025 Monro, Inc. announced that its Board of Directors has approved a cash dividend for the first quarter of fiscal year 2026 of $0.28 per share. The cash dividend is payable on June 17, 2025 on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Stock are entitled. The dividend is payable to shareholders of record on June 3, 2025. Announcement • May 14
Monro, Inc. to Report Q4, 2025 Results on May 28, 2025 Monro, Inc. announced that they will report Q4, 2025 results on May 28, 2025 Announcement • Apr 03
Monro, Inc. Announces Resignation of Michael T. Broderick from Board of Directors, Effective March 31, 2025 Monro, Inc. announced the resignation of Michael T. Broderick from Board of Directors, Effective March 31, 2025. Announcement • Feb 14
Monro, Inc. Declares Quarterly Cash Dividend, Payable on March 11, 2025 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on March 11, 2025 to shareholders at the close of business on February 25, 2025. Announcement • Feb 11
Monro, Inc. Announces Promotion of Nick Hawryschuk to Senior Vice President - Operations Monro, Inc. announced that Nick Hawryschuk, age 42, has been promoted to Senior Vice President – Operations from his role as Vice President - Finance and Operations. His promotion is effective immediately. Hawryschuk will lead all aspects of the Company’s retail and commercial operations in his new role. He will be responsible for developing and executing Monro’s strategy and implementation plan to further strategic goals. Hawryschuk will report to Mike Broderick, President and Chief Executive Officer. Hawryschuk joined Monro as Vice President - Finance in 2020 and was promoted to Vice President - Finance and Operations Support in 2022. His role was expanded when he was appointed Vice President - Finance and Operations in 2024, overseeing the Finance and Loss Prevention organizations and leading the Company’s Operations Support Team. He also extended his scope to lead and grow Monro’s Fleet and Strategic Accounts business and the Company’s Global Call Center. Prior to Monro, Hawryschuk held progressive roles of responsibility at Xylem Inc., a global water technology manufacturer, from Controller of Global Finance Shared Services to Senior Director of Global Business Service Finance. While there, he spearheaded a global finance transformation. Before Xylem, he held various executive leadership roles in Finance and Operations at Carestream Health, Inc., gaining valuable experience assessing business needs and implementing strategies and processes to lead high-performing teams. Announcement • Jan 15
Monro, Inc. to Report Q3, 2025 Results on Jan 29, 2025 Monro, Inc. announced that they will report Q3, 2025 results on Jan 29, 2025 Announcement • Nov 22
Monro, Inc. Declares Quarterly Cash Dividend, Payable on December 17, 2024 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on December 17, 2024 to shareholders at the close of business on December 3, 2024. Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: US$0.18 (vs US$0.40 in 2Q 2024) Second quarter 2025 results: EPS: US$0.18 (down from US$0.40 in 2Q 2024). Revenue: US$301.4m (down 6.4% from 2Q 2024). Net income: US$5.31m (down 58% from 2Q 2024). Profit margin: 1.8% (down from 3.9% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 22% per year. Announcement • Oct 16
Monro, Inc. to Report Q2, 2025 Results on Oct 30, 2024 Monro, Inc. announced that they will report Q2, 2025 results at 9:30 AM, US Eastern Standard Time on Oct 30, 2024 Declared Dividend • Aug 19
First quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 27th August 2024 Payment date: 10th September 2024 Dividend yield will be 4.4%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is covered by cash flows (64% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. EPS is expected to grow by 8.0% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Aug 14
Monro, Inc. Declares Quarterly Cash Dividend, Payable September 10, 2024 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on September 10, 2024, to shareholders at the close of business on August 27, 2024. Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: US$0.19 (vs US$0.28 in 1Q 2024) First quarter 2025 results: EPS: US$0.19 (down from US$0.28 in 1Q 2024). Revenue: US$293.2m (down 10% from 1Q 2024). Net income: US$5.86m (down 33% from 1Q 2024). Profit margin: 2.0% (down from 2.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 5.9% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. New Risk • Jul 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (95% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €22.40, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 7x in the Specialty Retail industry in Germany. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €36.65 per share. Announcement • Jul 17
Monro, Inc. to Report Q1, 2025 Results on Jul 31, 2024 Monro, Inc. announced that they will report Q1, 2025 results on Jul 31, 2024 Announcement • Jul 04
Monro, Inc., Annual General Meeting, Aug 13, 2024 Monro, Inc., Annual General Meeting, Aug 13, 2024. Declared Dividend • May 27
Fourth quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 4th June 2024 Payment date: 18th June 2024 Dividend yield will be 5.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is well covered by cash flows (23% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 5.6% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 26
Full year 2024 earnings released: EPS: US$1.18 (vs US$1.20 in FY 2023) Full year 2024 results: EPS: US$1.18 (down from US$1.20 in FY 2023). Revenue: US$1.28b (down 3.7% from FY 2023). Net income: US$37.6m (down 2.5% from FY 2023). Profit margin: 2.9% (in line with FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 5.4% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €20.80, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 3x in the Specialty Retail industry in Germany. Total loss to shareholders of 56% over the past three years. Announcement • May 24
Monro, Inc. Approves Cash Dividend for the First Quarter of Fiscal Year 2025, Payable on June 18, 2024 Monro, Inc. announced that its Board of Directors has approved a cash dividend for the first quarter of fiscal year 2025 of $0.28 per share. The cash dividend is payable on June 18, 2024 on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Stock are entitled. The dividend is payable to shareholders of record on June 4, 2024. Announcement • May 11
Monro, Inc. to Report Q4, 2024 Results on May 23, 2024 Monro, Inc. announced that they will report Q4, 2024 results on May 23, 2024 New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (105% payout ratio). Announcement • Mar 01
Monro, Inc. Announces Leaving of Matt Henson as Chief Human Resources Officer, Effective as of March 30, 2024 Monro, Inc. announced leaving of Matt Henson as Chief Human Resources Officer, Effective as of March 30, 2024. Upcoming Dividend • Feb 29
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 22 March 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (5.2%). In line with average of industry peers (3.2%). Announcement • Feb 15
Monro, Inc. Appoints Thomas B. Okray to Board of Directors Monro, Inc. announced that Thomas B. Okray has been appointed to the company’s Board of Directors, effective immediately. Mr. Okray will serve on the Executive Committee. Mr. Okray is a seasoned executive with significant financial and operational expertise in the auto industry and broader industrials segment, including a 26-year tenure at General Motors and subsequent senior finance roles at Amazon.com, Inc., Advance Auto Parts, Inc. and W.W. Grainger, Inc. He most recently served as Chief Financial Officer of Eaton Corporation, a global intelligent power management company. With Mr. Okray’s appointment, Monro's Board is now composed of nine directors, eight of whom are independent. Tom Okray is an accomplished finance and operations executive who most recently served as EVP and Chief Financial Officer of Eaton Corporation, a global intelligent power management company, from January 2021 to February 2024. Prior to joining Eaton, he served as SVP and Chief Financial Officer of W.W. Grainger, Inc., a role he assumed in April 2018, and earlier served as EVP and Chief Financial Officer of Advance Auto Parts, Inc. beginning in October 2016. Prior to Advance Auto Parts, Mr. Okray was Vice President of Finance for Amazon.com [1], Inc.’s Global Customer Fulfillment organization. From 1989 to 2015, Mr. Okray held a variety of senior finance roles at General Motors and at the time of his departure served as Chief Financial Officer, Global Product Development Operations, Purchasing and Supply Chain, with a team of 45,000 employees across nine major development centers. During his tenure at General Motors, he worked 15 years internationally with senior leadership roles in Europe and Asia. Mr. Okray also serves as a member of Flowserve Corporation’s Board of Directors, chairing the Audit Committee. He received an MBA from the University of Chicago, a Bachelor of Science in Chemical Engineering from Michigan State University and participated in a Transformational Leadership Program at the Stanford Graduate School of Business. Declared Dividend • Feb 12
Third quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 7th March 2024 Payment date: 22nd March 2024 Dividend yield will be 3.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is well covered by cash flows (23% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. EPS is expected to grow by 31% over the next year, which is sufficient to bring the dividend into a sustainable range. Recent Insider Transactions • Feb 09
President recently bought €150k worth of stock On the 2nd of February, Michael Broderick bought around 5k shares on-market at roughly €29.93 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of €470k worth in shares. Announcement • Feb 08
Monro, Inc. Declares Quarterly Cash Dividend, Payable on March 22, 2024 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on March 22, 2024 to shareholders at the close of business on March 8, 2024. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Hope Woodhouse was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 25
Third quarter 2024 earnings released: EPS: US$0.38 (vs US$0.41 in 3Q 2023) Third quarter 2024 results: EPS: US$0.38 (down from US$0.41 in 3Q 2023). Revenue: US$317.7m (down 5.2% from 3Q 2023). Net income: US$12.2m (down 5.7% from 3Q 2023). Profit margin: 3.8% (down from 3.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Jan 11
Monro, Inc. to Report Q3, 2024 Results on Jan 24, 2024 Monro, Inc. announced that they will report Q3, 2024 results on Jan 24, 2024 Buying Opportunity • Dec 28
Now 21% undervalued Over the last 90 days, the stock is up 4.6%. The fair value is estimated to be €34.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 7.0%. Revenue is forecast to grow by 2.5% in a year. Earnings is forecast to grow by 52% in the next year. Announcement • Nov 29
Monro, Inc. Declares Quarterly Cash Dividend, Payable on December 19, 2023 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on December 19, 2023 to shareholders at the close of business on December 8, 2023. Reported Earnings • Oct 26
Second quarter 2024 earnings released: EPS: US$0.40 (vs US$0.40 in 2Q 2023) Second quarter 2024 results: EPS: US$0.40 (down from US$0.40 in 2Q 2023). Revenue: US$322.1m (down 2.3% from 2Q 2023). Net income: US$12.9m (flat on 2Q 2023). Profit margin: 4.0% (up from 3.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (102% payout ratio). Profit margins are more than 30% lower than last year (2.7% net profit margin). Announcement • Oct 12
Monro, Inc. to Report Q2, 2024 Results on Oct 25, 2023 Monro, Inc. announced that they will report Q2, 2024 results on Oct 25, 2023 Buying Opportunity • Sep 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €36.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 3.3% in a year. Earnings is forecast to grow by 39% in the next year. Recent Insider Transactions • Aug 03
President recently bought €320k worth of stock On the 2nd of August, Michael Broderick bought around 10k shares on-market at roughly €32.03 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: US$0.28 (vs US$0.37 in 1Q 2023) First quarter 2024 results: EPS: US$0.28 (down from US$0.37 in 1Q 2023). Revenue: US$327.0m (down 6.5% from 1Q 2023). Net income: US$8.83m (down 28% from 1Q 2023). Profit margin: 2.7% (down from 3.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jul 13
Monro, Inc. to Report Q1, 2024 Results on Jul 26, 2023 Monro, Inc. announced that they will report Q1, 2024 results on Jul 26, 2023 Reported Earnings • May 19
Full year 2023 earnings released: EPS: US$1.20 (vs US$1.82 in FY 2022) Full year 2023 results: EPS: US$1.20 (down from US$1.82 in FY 2022). Revenue: US$1.33b (down 2.5% from FY 2022). Net income: US$39.0m (down 36% from FY 2022). Profit margin: 2.9% (down from 4.5% in FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • May 05
Monro, Inc. to Report Q4, 2023 Results on May 18, 2023 Monro, Inc. announced that they will report Q4, 2023 results at 9:30 AM, US Eastern Standard Time on May 18, 2023 Upcoming Dividend • Feb 28
Upcoming dividend of US$0.28 per share at 2.2% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 22 March 2023. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.0%). Reported Earnings • Jan 26
Third quarter 2023 earnings released: EPS: US$0.41 (vs US$0.48 in 3Q 2022) Third quarter 2023 results: EPS: US$0.41 (down from US$0.48 in 3Q 2022). Revenue: US$335.2m (down 1.9% from 3Q 2022). Net income: US$13.0m (down 19% from 3Q 2022). Profit margin: 3.9% (down from 4.7% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jan 26
Monro, Inc. (NasdaqGS:MNRO) entered into a definitive asset purchase agreement to acquire Four Stores in Iowa and One Store in Illinois. Monro, Inc. (NasdaqGS:MNRO) entered into a definitive asset purchase agreement to acquire Four Stores in Iowa and One Store in Illinois on January 25, 2023. The transaction is expected to close in the fourth quarter of fiscal 2023. Announcement • Jan 12
Monro, Inc. to Report Q3, 2023 Results on Jan 25, 2023 Monro, Inc. announced that they will report Q3, 2023 results at 9:30 AM, US Eastern Standard Time on Jan 25, 2023 Announcement • Nov 23
Monro, Inc. Declares Quarterly Cash Dividend, Payable on December 20, 2022 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on December 20, 2022 to shareholders at the close of business on December 6, 2022. Announcement • Oct 13
Monro, Inc. to Report Q2, 2023 Results on Oct 26, 2022 Monro, Inc. announced that they will report Q2, 2023 results on Oct 26, 2022 Announcement • Oct 06
Monro, Inc. Reports Majority of Tire Choice Locations in Florida Are Now Open Monro, Inc. announced that six of its Tire Choice Auto Service Center locations in Florida are closed in the wake of Hurricane Ian. The remaining 102 stores are fully operational and available to help residents that have been impacted by the hurricane. Tire Choice is one of the largest names in Monro’s family of brands. The six locations closed at this time include: Four stores - two in Cape Coral and one each in Port Charlotte and Venice – that are temporarily closed due to power outages. They will re-open as soon as power is restored, and the buildings are declared safe. Officials anticipate the stores will resume business by Friday. Two locations – one on Cleveland Avenue in Fort Myers and one on Central Avenue in Naples - sustained significant damage from the storm’s high winds and flooding. They will be closed until further notice. Monro also reports that all 160 Tire Choice Auto Service Centers and Mr. Tire Auto Service Centers in Georgia, North and South Carolina, and Virginia are open and operational after Post-Tropical Storm Ian continued its slow path north over the weekend. Those states experienced high winds and flooding. Announcement • Aug 20
Monro, Inc. Declares Quarterly Cash Dividend, Payable on September 6, 2022 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on September 6, 2022 to shareholders at the close of business on August 23, 2022. Announcement • Aug 04
Robert J. Rajkowski Leave Monro, Inc. as Chief Operating Officer Monro, Inc. leadership organization and reporting structure prompted by the completion of the Company’s sale of its wholesale and tire distribution assets to American Tire Distributors, Inc. in June 2022, the Company announced the elimination of the role of Chief Operating Officer. As a result of this position elimination, Robert J. Rajkowski will leave the Company as of July 31, 2022. Following his departure, Mr. Rajkowski will receive certain payments to which he is entitled pursuant to the Letter Agreement he entered into with the Company, dated September 30, 2019. Reported Earnings • Jul 28
First quarter 2023 earnings released: EPS: US$0.37 (vs US$0.47 in 1Q 2022) First quarter 2023 results: EPS: US$0.37 (down from US$0.47 in 1Q 2022). Revenue: US$349.5m (up 2.3% from 1Q 2022). Net income: US$12.5m (down 20% from 1Q 2022). Profit margin: 3.6% (down from 4.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.5%, compared to a 8.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 16% per year. Announcement • Jul 16
Ides Capital Management LP Files an Exempt Solicitation Statement to Shareholders of Monro Inc On July 15, 2022, Ides Capital Management LP has filed an exempt solicitation statement and urged the shareholders of Monro Inc to vote against the Company nominated candidates to the board, at the 2022 annual meeting of shareholders. Announcement • Jul 14
Monro, Inc. to Report Q1, 2023 Results on Jul 27, 2022 Monro, Inc. announced that they will report Q1, 2023 results on Jul 27, 2022 Announcement • Jul 08
Monro, Inc., Annual General Meeting, Aug 16, 2022 Monro, Inc., Annual General Meeting, Aug 16, 2022, at 10:00 US Eastern Standard Time. Agenda: To consider Electing five directors to Class 1 of the Board of Directors to serve a two-year term and until their successors are duly elected and qualified at the 2024 annual meeting of shareholders; to approve, on a non-binding, advisory basis, the compensation paid to the Company's named executive officers; to ratify the re-appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Company for the fiscal year ending March 25 2023; and to consider any other business as may properly be brought before the meeting or any adjournment or postponement thereof. Buying Opportunity • Jun 18
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be €48.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 4.4% in 2 years. Earnings is forecast to grow by 12% in the next 2 years. Announcement • Jun 18
American Tire Distributors, Inc. acquired Assets under Tires Now Operations and Certain Assets under Internal Tire Distribution of Monro, Inc. American Tire Distributors, Inc. entered into an agreement to acquire Assets under Tires Now Operations and Certain Assets under Internal Tire Distribution from Monro, Inc. (NasdaqGS:MNRO) and Monro Service Corporation for approximately $110 million on May 19, 2022. Under the terms of the transaction, ATD will pay Monro $105 million in cash for the assets under the Tires Now operations and for certain assets under Monro’s internal tire distribution operations, subject to customary escrow arrangements. The agreement provides that $65 million will be paid at closing and the remaining $40 million will be paid quarterly based on Monro’s tire purchases from or through ATD in connection with a distribution agreement also being entered into by ATD and Monro. The transaction is expected to close by the end of the second quarter of calendar 2022, subject to clearance under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. Christian Chad Warpula P.C. of Troutman Pepper is serving as legal counsel to ATD. Alexander R. McClean of Harter Secrest & Emery LLP is serving as transaction counsel to Monro, with Steven R. Shoemate of Gibson, Dunn & Crutcher LLP serving as HSR counsel. The transaction is expected to close in the first quarter of fiscal 2023.
American Tire Distributors, Inc. acquired Assets under Tires Now Operations and Certain Assets under Internal Tire Distribution of Monro, Inc. on June 17, 2022. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 20% share price gain to €44.00, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 11x in the Specialty Retail industry in Europe. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €48.39 per share. Upcoming Dividend • May 27
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 20 June 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.0%). Reported Earnings • May 21
Full year 2022 earnings released: EPS: US$1.81 (vs US$1.02 in FY 2021) Full year 2022 results: EPS: US$1.81 (up from US$1.02 in FY 2021). Revenue: US$1.36b (up 21% from FY 2021). Net income: US$61.6m (up 82% from FY 2021). Profit margin: 4.5% (up from 3.0% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.1%, compared to a 9.8% growth forecast for the retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 21% per year. Announcement • May 06
Monro, Inc. to Report Q4, 2022 Results on May 19, 2022 Monro, Inc. announced that they will report Q4, 2022 results on May 19, 2022 Upcoming Dividend • Mar 01
Upcoming dividend of US$0.26 per share Eligible shareholders must have bought the stock before 08 March 2022. Payment date: 23 March 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.4%). In line with average of industry peers (2.4%). Announcement • Feb 12
Monro, Inc. Declares Quarterly Cash Dividend, Payable on March 23, 2022 Monro, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.26 per share on the Company's outstanding shares of common stock, including the shares of common stock to which the holders of the Company's Class C Convertible Preferred Stock are entitled. The dividend is payable on March 23, 2022 to shareholders of record at the close of business on March 9, 2022. Recent Insider Transactions • Feb 04
President recently bought €109k worth of stock On the 28th of January, Michael Broderick bought around 3k shares on-market at roughly €43.77 per share. In the last 3 months, they made an even bigger purchase worth €269k. Michael has been a buyer over the last 12 months, purchasing a net total of €1.1m worth in shares. Reported Earnings • Jan 28
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: US$0.48 (up from US$0.20 in 3Q 2021). Revenue: US$341.8m (up 20% from 3Q 2021). Net income: US$16.3m (up 148% from 3Q 2021). Profit margin: 4.8% (up from 2.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 5.1%, compared to a 17% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Nov 29
President recently bought €269k worth of stock On the 24th of November, Michael Broderick bought around 5k shares on-market at roughly €53.79 per share. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. Recent Insider Transactions • Nov 29
President recently bought €269k worth of stock On the 24th of November, Michael Broderick bought around 5k shares on-market at roughly €53.79 per share. This was the largest purchase by an insider in the last 3 months. Michael has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. Recent Insider Transactions • Nov 05
Independent Director recently sold €148k worth of stock On the 1st of November, John Auerbach sold around 3k shares on-market at roughly €53.90 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.6m more than they bought in the last 12 months. Reported Earnings • Oct 28
Second quarter 2022 earnings released: EPS US$0.62 (vs US$0.38 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$347.7m (up 21% from 2Q 2021). Net income: US$21.0m (up 65% from 2Q 2021). Profit margin: 6.0% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Aug 05
President recently bought €250k worth of stock On the 30th of July, Michael Broderick bought around 5k shares on-market at roughly €50.06 per share. In the last 3 months, they made an even bigger purchase worth €511k. Michael has been a buyer over the last 12 months, purchasing a net total of €761k worth in shares. Reported Earnings • Jul 29
First quarter 2022 earnings released: EPS US$0.46 (vs US$0.086 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: US$341.8m (up 38% from 1Q 2021). Net income: US$15.7m (up 445% from 1Q 2021). Profit margin: 4.6% (up from 1.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.