Q: Which would be your preference for long-term growth?
5i Research Answer:
While we like both names and feel that each is appropriate for a given economic backdrop and outlook, ATD is just over twice the size of DOL, and overall ATD has shown better growth rates, price appreciation, and free cash flows. ATD pays a slightly better yield than DOL at 0.8% vs. 0.3% and we like ATD's valuation better. We feel that given its larger size, better growth rates, and ability to benefit from a strengthening economy, we would prefer ATD at these levels.