Cautious Outlook on Valvoline: Hold Rating Amid Market Uncertainties and Performance ConcernsWe are more/less in-line with the Street’s SSS for F2Q and the full year, but slightly below on EBITDA and EPS based on the track record of poor flow-through. In our view, investor expectations are relatively low for this print. High- frequency data has shown choppy store traffic since the last earnings print, but auto parts retail/services is a defensive area of consumer spending that should be resilient if the spending deteriorates. VVV stock has not acted as defensively as auto parts retail peers. We believe there are a couple items that need clarity – transaction outlook in the 2H if the macro weakens, pricing outlook amidst tariffs, the competitive environment if consumer spending weakens, any changes to unit growth plans, cost inflation noting higher labor costs mentioned by GPC/ORLY, and any update on a new CFO announcement. Maintain Neutral.