Our Buyback Premium Portfolio is beating the S&P 500 by more than 207% since its inception in 2000; the portfolio is up 382.66% since inception vs. a gain of 175.03% in the S&P 500 over the same time frame, notes David Fried, buyback specialist and editor of The Buyback Letter.
We last bought FleetCor Tech (FLT) in 2019, and it has floated to the top of our filters again. The company is part of the financial transaction service providers industry (FinTech).
Based in based in Atlanta, FleetCor is a leading global business payments company that automates, secures, digitizes and manages payment transactions on behalf of businesses in more than 100 countries in North and Latin America, Europe and Asia Pacific. It is based in Atlanta, GA.
It’s been in the news lately, having signed agreements with Exxon Mobil Corp. (XOM) for the Fuelman and Comdata brand of cards to be accepted at Exxon and Mobil stations. These payment cards are used by fleet owners and to manage and control fuel expenses.
The firm has acquired Plugsurfing, a leading European electric vehicle software and network provider for charge point operators and fleets and also acquired Accrualify, Inc., an accounts payable automation software company whose technology helps companies automate each step of the P2P process, from purchase request to payment.
In addition, the company has invested in Zap-Map, the UK’s leading electric vehicle search and pay mapping service that helps drivers locate, plan and pay for EV charging.
FLT had good Q2 results — both earnings and revenues surpassed estimates. It raised 2022 guidance; adjusted EPS are now anticipated between $15.85-$16.05, comparing well with the prior range of $15.45-$15.75.
Revenues are now anticipated between $3.38 billion-$3.42 billion, comparing favorably with the prior range of $3.335-$3.385. In the last 12 months, management has reduced shares outstanding by 9.19%.
