<h3>公司：LKQ Corp. (LKQ)</h3>
<p><strong>业务：</strong> LKQ 从事替换零件、组件和系统的分销，这些产品用于车辆的维修和保养以及特种车辆的售后市场产品和配件。该公司通过四个部门运营：北美批发、欧洲、特种和自助服务。它提供保险杠覆盖件、汽车车身面板和灯具，以及用于车辆翻新的油漆和相关消耗品；机械汽车零件和配件；包括机械和碰撞零件（如发动机、变速器、车门组件、行李箱盖、翼子板和引擎盖等钣金产品）在内的废料产品；以及灯具和保险杠组件。该公司还向金属回收商提供废金属和其他材料；某些回收零件中含有的贵金属，如催化转换器；以及刹车片、刹车盘和传感器、离合器、转向和悬挂产品、过滤器、油和汽车液体，以及电气产品。它为碰撞和机械修理店、新旧汽车经销商以及零售客户提供服务。LKQ 成立于 1998 年，总部位于田纳西州安提阿。</p>
<p><strong>市值：</strong> 76.6 亿美元（每股 30.15 美元）</p>
<h3>活动投资者：Ananym Capital Management</h3>
<p><strong>持股比例：</strong> 0.39%</p>
<p><strong>平均成本：</strong> 不适用</p>
<p><strong>活动投资者评论：</strong> Ananym Capital Management 是一家总部位于纽约的激进投资公司，于 2024 年 9 月 3 日成立，由 Charlie Penner（前 JANA Partners 合伙人及 Engine No. 1 股东激进主义负责人）和 Alex Silver（前 P2 Capital Partners 合伙人及投资委员会成员）管理。Ananym 寻找高质量但被低估的公司，无论行业如何。他们希望与投资组合公司友好合作，但在最后手段下愿意发起代理权斗争。根据他们最近的 13F 文件，他们管理着 2.6 亿美元的资金，涵盖 10 个头寸。</p>
<h3>发生了什么</h3>
<p>在 10 月 21 日，Ananym Capital 呼吁 LKQ 剥离其欧洲业务，并重新聚焦于北美业务。</p>
<h3>幕后</h3>
<p>LKQ 是一家领先的售后汽车零件分销商。其核心的北美部门（占收入的 40% 和息税折旧摊销前利润的 55%）主要供应售后碰撞零件，如镜子和保险杠。</p>
<p>欧洲部门（占收入的 47% / 息税折旧摊销前利润的 38%）主要供应机械和悬挂产品，但还包含各种其他替换和维护产品。尽管欧洲业务的收入略大，但北美业务的利润率显著更高，市场份额也远超同行。</p>
<p>最后，特种部门（占收入的 13% / 息税折旧摊销前利润的 7%）为房车市场提供售后零件。该公司最初只是一个美国的售后零件业务，从 2011 年开始积极在欧洲进行收购，从专注于回收零件整合转向建立和整合欧洲市场。</p>
<p>此外，这两个业务并不像听起来那么相似，在北美主要是售后碰撞零件，如镜子和保险杠，而在欧洲主要是机械悬挂和引擎舱内的零件。</p>
<p>LKQ 对股东激进主义并不陌生。在 2019 年 9 月，当时股价为每股 27 美元时，ValueAct Capital 与公司接触，并为其一位合伙人争取到了一个董事会席位。通过这次活动，ValueAct 能够引入一波新的运营纪律，LKQ 暂停了大型收购，转而专注于增加公司的自由现金流和以有吸引力的折扣进行回购。</p>
<p>这次活动的结果不言而喻，LKQ 的股价在 ValueAct 的活动期间上涨至 60 美元以上，使他们的投资回报率达到 86.39%，而 Russell 2000 的回报率为 16.15%。然而，在 ValueAct 退出后，LKQ 恢复了旧有的做法，重新将重点转向并购，至 2025 年 2 月时股价已下跌超过 25%，当时有两位新的激进投资者进入该股。</p>
<p>在一次缺乏灵感的活动和和解中，这些激进投资者迅速为独立董事争取到了两个董事会席位，而在此后的八个月里，股价下跌了 20%，而 Russell 2000 在同一时期上涨了超过 7%。</p>
<p>现在，股价仅略高于 2019 年 ValueAct 介入时的水平，一位第三位激进投资者进入，接手 ValueAct 离开时的工作，呼吁 LKQ 剥离其欧洲业务，并重新聚焦于北美业务。</p>
<p>LKQ 一直是一家受益于简化而受到复杂性伤害的公司，而 Ananym 的计划似乎与这种方法一致：（i）停止重大并购，（ii）剥离欧洲业务和其他非核心资产，以及（iii）利用收益进行回购并重新投资于核心北美部门的有机增长。</p>
<p>在运营上，Ananym 的计划有几个好处。虽然美国作为一个单一市场，法规一致，但欧洲则是由各个国家组成，每个国家都有自己的监管框架，使整合变得更加复杂。这带来了显著的执行风险，公司的 ERP 系统仍需在 18 个不同国家中整合超过 20 个。</p>
<p>剥离欧洲业务不仅会使公司拥有更高利润率的业务和更大的相对市场份额，还将使管理层能够将所有时间和资源投入到北美。否则，他们将继续在芝加哥和纳什维尔的总部，花费不成比例的时间整合所有不同欧洲国家的收购。</p>
<p>从估值的角度来看，这里的机会也很明显。工业分销同行通常以中十几倍或更高的 EBITDA 倍数交易，而 LKQ 目前的前瞻 EBITDA 倍数为 7.3 倍。这不仅是对市场的折扣，也是对其历史水平的折扣，因为即使在其混乱的综合体形式下，LKQ 的 10 年历史平均 EBITDA 倍数仍为 10 倍。</p>
<p>欧洲业务可能以 8 到 9 倍的倍数出售，但即使以公司当前的倍数出售，也有助于释放北美业务的价值，后者可能重新评估至其历史倍数 10 倍 EBITDA。</p>
<p>这样的出售所得可以使 LKQ 回购多达 40% 的流通股，这与北美业务的重新评估结合起来，可能轻松转化为公司当前股价的 60% 以上的上涨空间。</p>
<p>虽然与 O'Reilly、AutoZone 和 Genuine Parts 等类似模式的战略投资者可能会对欧洲业务感兴趣，但战略投资者通常更喜欢干净的业务，而这远非如此。</p>
<p>另一方面，私募股权公司则喜欢这些类型的项目，利用其运营和重组的专业知识，以及不受公众关注的灵活性，逐步释放这些复杂资产的价值，这对于上市公司来说更为困难。</p>
<p>在其短暂的历史中，Ananym 已经建立了与管理层友好合作以为股东创造价值的声誉，而这种情况似乎也不例外。该基金对 LKQ 首席执行官 Justin Jude 给予了高度评价，他于 2024 年 7 月被任命，根植于北美业务。在他短暂的领导下，公司已经采取了正确的步骤——宣布计划回购 14% 的流通股，并剥离非核心资产，例如其自助拆解业务，该业务于 8 月出售给了私募股权公司。它还表示其专业业务正在市场上出售，预计将在短期内完成。然而，Jude 似乎对欧洲业务的依赖程度高于其他业务。说服他剥离欧洲业务可能需要更多时间。</p>
<p>如果我们从 LKQ 之前的激进投资者活动中学到了一点，这家公司需要一个财务精明的股东代表，而不是一个独立的行业高管。他们不需要有人来帮助他们进行运营，他们需要有人来帮助他们进行财务建模、评估和潜在执行战略选项，并与董事会合作，以找到对股东最有利的方案。</p>
<p>鉴于 Ananym 作为友好激进投资者的声誉以及与 Jude 迄今为止的建设性关系，我们认为这是一个完美的机会，可以在董事会中放置 Ananym 的代表，例如 Alex Silver，他拥有丰富的财务和私募股权经验，并带来一支准备建模可用机会的分析师团队。</p>
<p><em>Ken Squire 是 13D Monitor 的创始人和总裁，该机构提供有关股东激进主义的研究服务，同时也是 13D Activist Fund 的创始人和投资组合经理，该共同基金投资于激进投资组合。</em></p>

<p>Ananym Capital Management 敦促 LKQ Corp.剥离其欧洲业务，以专注于更高利润率的北美业务。这一举措与 LKQ 简化业务的历史相一致。Ananym 的计划包括停止重大并购，剥离非核心资产，并将收益用于回购和在北美的有机增长。LKQ 的欧洲业务在收入上更大，但利润率低于其北美业务</p>

<h3>Company: LKQ Corp. (LKQ)</h3>
<div class="lb-trans"><h3>公司：LKQ Corp. (LKQ)</h3>
</div><p><strong>Business:</strong> LKQ engages in the distribution of replacement parts, components, and systems used in the repair and maintenance of vehicles and specialty vehicle aftermarket products and accessories. The company operates through four segments: wholesale-North America, Europe, specialty, and self service. It offers bumper covers, automotive body panels, and lights, as well as paint and paint-related consumables for refinishing vehicles; mechanical automotive parts and accessories; salvage products, including mechanical and collision parts comprising engines; transmissions; door assemblies; sheet metal products, such as trunk lids, fenders, and hoods; and lights and bumper assemblies. The company also provides scrap metal and other materials to metals recyclers; precious metals contained in certain of our recycled parts, such as catalytic converters; and brake pads, discs and sensors, clutches, steering and suspension products, filters, and oil and automotive fluids, as well as electrical products. It serves collision and mechanical repair shops, and new and used car dealerships, as well as retail customers. LKQ was incorporated in 1998 and is headquartered in Antioch, Tennessee.</p>
<div class="lb-trans"><p><strong>业务：</strong> LKQ 从事替换零件、组件和系统的分销，这些产品用于车辆的维修和保养以及特种车辆的售后市场产品和配件。该公司通过四个部门运营：北美批发、欧洲、特种和自助服务。它提供保险杠覆盖件、汽车车身面板和灯具，以及用于车辆翻新的油漆和相关消耗品；机械汽车零件和配件；包括机械和碰撞零件（如发动机、变速器、车门组件、行李箱盖、翼子板和引擎盖等钣金产品）在内的废料产品；以及灯具和保险杠组件。该公司还向金属回收商提供废金属和其他材料；某些回收零件中含有的贵金属，如催化转换器；以及刹车片、刹车盘和传感器、离合器、转向和悬挂产品、过滤器、油和汽车液体，以及电气产品。它为碰撞和机械修理店、新旧汽车经销商以及零售客户提供服务。LKQ 成立于 1998 年，总部位于田纳西州安提阿。</p>
</div><p><strong>Stock Market Value</strong>: $7.66 billion ($30.15 per share)</p>
<div class="lb-trans"><p><strong>市值：</strong> 76.6 亿美元（每股 30.15 美元）</p>
</div><h3>Activist: Ananym Capital Management</h3>
<div class="lb-trans"><h3>活动投资者：Ananym Capital Management</h3>
</div><p><strong>Ownership:</strong> 0.39%</p>
<div class="lb-trans"><p><strong>持股比例：</strong> 0.39%</p>
</div><p><strong>Average Cost:</strong> n/a</p>
<div class="lb-trans"><p><strong>平均成本：</strong> 不适用</p>
</div><p><strong>Activist Commentary:</strong> Ananym Capital Management is a New York-based activist investment firm which launched on Sept. 3, 2024, and is run by Charlie Penner (a former partner at JANA Partners and head of shareholder activism at Engine No. 1) and Alex Silver (a former partner and investment committee member at P2 Capital Partners). Ananym looks for high quality but undervalued companies, regardless of industry. They would prefer to work amicably with their portfolio companies but are willing to launch a proxy fight as a last resort. According to their most recent 13F filing, they manage $260 million across 10 positions.</p>
<div class="lb-trans"><p><strong>活动投资者评论：</strong> Ananym Capital Management 是一家总部位于纽约的激进投资公司，于 2024 年 9 月 3 日成立，由 Charlie Penner（前 JANA Partners 合伙人及 Engine No. 1 股东激进主义负责人）和 Alex Silver（前 P2 Capital Partners 合伙人及投资委员会成员）管理。Ananym 寻找高质量但被低估的公司，无论行业如何。他们希望与投资组合公司友好合作，但在最后手段下愿意发起代理权斗争。根据他们最近的 13F 文件，他们管理着 2.6 亿美元的资金，涵盖 10 个头寸。</p>
</div><h3>What's happening</h3>
<div class="lb-trans"><h3>发生了什么</h3>
</div><p>On Oct. 21, Ananym Capital called on LKQ to divest its European operations and refocus on its North American business.</p>
<div class="lb-trans"><p>在 10 月 21 日，Ananym Capital 呼吁 LKQ 剥离其欧洲业务，并重新聚焦于北美业务。</p>
</div><h3>Behind the scenes</h3>
<div class="lb-trans"><h3>幕后</h3>
</div><p>LKQ is a leading distributor of aftermarket vehicle parts. Its core North America segment (40% of revenue and 55% of earnings before interest, taxes, depreciation and amortization) primarily supplies aftermarket collision parts, such as mirrors and bumpers.</p>
<div class="lb-trans"><p>LKQ 是一家领先的售后汽车零件分销商。其核心的北美部门（占收入的 40% 和息税折旧摊销前利润的 55%）主要供应售后碰撞零件，如镜子和保险杠。</p>
</div><p>The Europe segment (47% of revenue/38% of EBITDA) primarily supplies mechanical and suspension products but contains a wide variety of other replacement and maintenance products. Although the European business is slightly larger by revenue, the North American business has significantly higher margins and a much larger market share compared with its peers.</p>
<div class="lb-trans"><p>欧洲部门（占收入的 47% / 息税折旧摊销前利润的 38%）主要供应机械和悬挂产品，但还包含各种其他替换和维护产品。尽管欧洲业务的收入略大，但北美业务的利润率显著更高，市场份额也远超同行。</p>
</div><p>Lastly, the specialty segment (13% of revenue/7% of EBITDA) provides aftermarket parts for the RV market. Originally just a U.S. aftermarket parts business, the company began aggressively pursuing acquisitions in Europe starting in 2011, shifting from a focus on recycled parts consolidation to building and integrating a European footprint.</p>
<div class="lb-trans"><p>最后，特种部门（占收入的 13% / 息税折旧摊销前利润的 7%）为房车市场提供售后零件。该公司最初只是一个美国的售后零件业务，从 2011 年开始积极在欧洲进行收购，从专注于回收零件整合转向建立和整合欧洲市场。</p>
</div><p>Moreover, these two businesses are not nearly as similar as they sound, in North America they do primarily aftermarket collision parts like mirrors and bumpers and in Europe, it's primarily mechanical suspension and things under the hood.</p>
<div class="lb-trans"><p>此外，这两个业务并不像听起来那么相似，在北美主要是售后碰撞零件，如镜子和保险杠，而在欧洲主要是机械悬挂和引擎舱内的零件。</p>
</div><p>LKQ is no stranger to shareholder activism. In September 2019, when the stock was trading at $27 per share, ValueAct Capital engaged the company and settled for a board seat for one of its partners. Through this campaign, ValueAct was able to usher in a new wave of operational discipline, where instead of focusing on European M&amp;A, LKQ paused large acquisitions and shifted its focus to growing the company's free cash flow and executing buybacks at an attractive discount.</p>
<div class="lb-trans"><p>LKQ 对股东激进主义并不陌生。在 2019 年 9 月，当时股价为每股 27 美元时，ValueAct Capital 与公司接触，并为其一位合伙人争取到了一个董事会席位。通过这次活动，ValueAct 能够引入一波新的运营纪律，LKQ 暂停了大型收购，转而专注于增加公司的自由现金流和以有吸引力的折扣进行回购。</p>
</div><p>The results of this campaign speak for themselves, as LKQ's share price rose to over $60 during ValueAct's campaign, giving them an 86.39% return on their investment versus 16.15% for the Russell 2000. However, following ValueAct's exit, LKQ returned to its old ways, shifting their focus back to M&amp;A, and the stock had subsequently declined more than 25% by February 2025, when two new activists entered the stock.</p>
<div class="lb-trans"><p>这次活动的结果不言而喻，LKQ 的股价在 ValueAct 的活动期间上涨至 60 美元以上，使他们的投资回报率达到 86.39%，而 Russell 2000 的回报率为 16.15%。然而，在 ValueAct 退出后，LKQ 恢复了旧有的做法，重新将重点转向并购，至 2025 年 2 月时股价已下跌超过 25%，当时有两位新的激进投资者进入该股。</p>
</div><p>In an uninspired campaign and settlement, those activists quickly settled for two board seats for independent directors and the stock has declined by 20% in the eight months since while the Russell 2000 has been up more than 7% during the same time.</p>
<div class="lb-trans"><p>在一次缺乏灵感的活动和和解中，这些激进投资者迅速为独立董事争取到了两个董事会席位，而在此后的八个月里，股价下跌了 20%，而 Russell 2000 在同一时期上涨了超过 7%。</p>
</div><p>Now with the stock just slightly higher than it was in 2019 when ValueAct engaged, a third activist has entered to take over where ValueAct had left off, calling on LKQ to divest its European operations and refocus on its North American business.</p>
<div class="lb-trans"><p>现在，股价仅略高于 2019 年 ValueAct 介入时的水平，一位第三位激进投资者进入，接手 ValueAct 离开时的工作，呼吁 LKQ 剥离其欧洲业务，并重新聚焦于北美业务。</p>
</div><p>LKQ has always been a company that has benefited from simplification and harmed by complexity – and Ananym's plan seems to align with this approach: (i) halt major M&amp;A, (i) divest the European business and other non-core assets, and (iii) use the proceeds to fund buybacks and reinvest in organic growth in the core NA segment.</p>
<div class="lb-trans"><p>LKQ 一直是一家受益于简化而受到复杂性伤害的公司，而 Ananym 的计划似乎与这种方法一致：（i）停止重大并购，（ii）剥离欧洲业务和其他非核心资产，以及（iii）利用收益进行回购并重新投资于核心北美部门的有机增长。</p>
</div><p>Operationally, there are several benefits to Ananym's plan. While the U.S. functions as a single market with consistent regulations, Europe is a series of nation states each with their own regulatory framework, making integration far more complex. This creates meaningful execution risks, exemplified by the company still needing to integrate more than 20 ERP systems in 18 different countries.</p>
<div class="lb-trans"><p>在运营上，Ananym 的计划有几个好处。虽然美国作为一个单一市场，法规一致，但欧洲则是由各个国家组成，每个国家都有自己的监管框架，使整合变得更加复杂。这带来了显著的执行风险，公司的 ERP 系统仍需在 18 个不同国家中整合超过 20 个。</p>
</div><p>Not only would divesting Europe leave the company with a higher margin business with a much larger relative market share, but it would also allow management to devote all their time and resources to North America. The alternative is to continue to focus a disproportionate amount of time on integrating all the European acquisitions across the different European countries all from their headquarters in Chicago and Nashville.</p>
<div class="lb-trans"><p>剥离欧洲业务不仅会使公司拥有更高利润率的业务和更大的相对市场份额，还将使管理层能够将所有时间和资源投入到北美。否则，他们将继续在芝加哥和纳什维尔的总部，花费不成比例的时间整合所有不同欧洲国家的收购。</p>
</div><p>The opportunity here is also clear from a valuation perspective. Industrial distribution peers typically trade at mid-teens or higher EBITDA multiples, while LKQ currently trades at 7.3x forward EBITDA. Not only is this a discount to the market, but to its historical levels, as even in its messy conglomerate form, LKQ has still traded on a 10-year historical average of 10x EBITDA.</p>
<div class="lb-trans"><p>从估值的角度来看，这里的机会也很明显。工业分销同行通常以中十几倍或更高的 EBITDA 倍数交易，而 LKQ 目前的前瞻 EBITDA 倍数为 7.3 倍。这不仅是对市场的折扣，也是对其历史水平的折扣，因为即使在其混乱的综合体形式下，LKQ 的 10 年历史平均 EBITDA 倍数仍为 10 倍。</p>
</div><p>The European business could potentially be sold at an 8 to 9x multiple, but a sale even at the company's current multiple would be beneficial to unlocking value in the North American business, which could re-rate to its historical multiple of 10x EBITDA.</p>
<div class="lb-trans"><p>欧洲业务可能以 8 到 9 倍的倍数出售，但即使以公司当前的倍数出售，也有助于释放北美业务的价值，后者可能重新评估至其历史倍数 10 倍 EBITDA。</p>
</div><p>The proceeds from such a sale could enable LKQ to repurchase up to 40% of its outstanding shares, which, when combined with the re-rating of NA, could easily translate to more than 60% upside from the company's current share price.</p>
<div class="lb-trans"><p>这样的出售所得可以使 LKQ 回购多达 40% 的流通股，这与北美业务的重新评估结合起来，可能轻松转化为公司当前股价的 60% 以上的上涨空间。</p>
</div><p>While strategics with similar models, such as O'Reilly,AutoZone, and Genuine Parts, may find the European business appealing, strategics generally prefer clean businesses and this is far from that.</p>
<div class="lb-trans"><p>虽然与 O'Reilly、AutoZone 和 Genuine Parts 等类似模式的战略投资者可能会对欧洲业务感兴趣，但战略投资者通常更喜欢干净的业务，而这远非如此。</p>
</div><p>Private equity, on the other hand, feasts on these types of projects, using their operational and restructuring expertise and flexibility of being out of the public eye to unlock these complex assets overtime in a way that is more difficult for public companies to address.</p>
<div class="lb-trans"><p>另一方面，私募股权公司则喜欢这些类型的项目，利用其运营和重组的专业知识，以及不受公众关注的灵活性，逐步释放这些复杂资产的价值，这对于上市公司来说更为困难。</p>
</div><p>In its short history, Ananym has established a reputation for striving to work amicably with management to create value for shareholders, and this situation appears to be no different. The fund has been largely complimentary of LKQ CEO Justin Jude who was named to the position in July 2024 and has his roots in the North American business. Under his short leadership, the company has already taken steps in the right direction — announcing plans to repurchase 14% of outstanding shares and divesting non-core assets such as its self-service salvage business that was sold in August to private equity. It has also signaled that its specialty business is on the market and it's expected to be sold in the near term. However, Jude seems to be a little more attached to the European business than these other businesses. Persuading him to divest Europe may take a little more time.</p>
<div class="lb-trans"><p>在其短暂的历史中，Ananym 已经建立了与管理层友好合作以为股东创造价值的声誉，而这种情况似乎也不例外。该基金对 LKQ 首席执行官 Justin Jude 给予了高度评价，他于 2024 年 7 月被任命，根植于北美业务。在他短暂的领导下，公司已经采取了正确的步骤——宣布计划回购 14% 的流通股，并剥离非核心资产，例如其自助拆解业务，该业务于 8 月出售给了私募股权公司。它还表示其专业业务正在市场上出售，预计将在短期内完成。然而，Jude 似乎对欧洲业务的依赖程度高于其他业务。说服他剥离欧洲业务可能需要更多时间。</p>
</div><p>If we learned anything from the previous activist campaigns at LKQ, this company needs a financially astute shareholder representative, not an independent industry executive. They do not need someone to help them with operations, they need someone to help them financially model, evaluate and potentially execute strategic options and work with the board to arrive at what is best for shareholders.</p>
<div class="lb-trans"><p>如果我们从 LKQ 之前的激进投资者活动中学到了一点，这家公司需要一个财务精明的股东代表，而不是一个独立的行业高管。他们不需要有人来帮助他们进行运营，他们需要有人来帮助他们进行财务建模、评估和潜在执行战略选项，并与董事会合作，以找到对股东最有利的方案。</p>
</div><p>Given Ananym's reputation as an amicable activist and their constructive relationship with Jude thus far, we think this is a perfect opportunity to put an Ananym representative on the board like Alex Silver who has extensive financial and private equity experience and brings a team of analysts ready to model available opportunities.</p>
<div class="lb-trans"><p>鉴于 Ananym 作为友好激进投资者的声誉以及与 Jude 迄今为止的建设性关系，我们认为这是一个完美的机会，可以在董事会中放置 Ananym 的代表，例如 Alex Silver，他拥有丰富的财务和私募股权经验，并带来一支准备建模可用机会的分析师团队。</p>
</div><p><em>Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments.</em></p>
<div class="lb-trans"><p><em>Ken Squire 是 13D Monitor 的创始人和总裁，该机构提供有关股东激进主义的研究服务，同时也是 13D Activist Fund 的创始人和投资组合经理，该共同基金投资于激进投资组合。</em></p>
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激进投资者 Ananym Capital 敦促 LKQ 出售其欧洲汽车零部件业务