24/11/2023 09:07

Bapcor Ltd (BAP) $5.44

Auto parts business BAP slipped another -1.3% on Thursday, leaving it hovering around its 2-year low – we're glad we trimmed our position at much higher levels in August. The stock has struggled since disappointing the market in October by flagging a softer 1Q at the AGM. Costs have been the issue, as they have been across many companies and industries through 2023.

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18/10/2023 09:12

Bapcor (BAP) $5.91

The auto parts business struggled yesterday after flagging a softer 1Q at the AGM. They are getting hit on revenue and costs, crimping earnings at the start of the year. Growth in Trade and Wholesale remains positive but slower than 2H23, while Retail has gone backwards, however, the company said revenue growth was still in the low single digits, largely in line with FY consensus expectations of 5% growth.

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22/08/2023 09:49

Emerging Companies Portfolio – Amendments

We are reducing BAP & AD8, selling CAJ, buying SFR & CAT and adding to CNI in the Emerging Companies Portfolio.

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16/08/2023 09:17

Bapcor (BAP) $6.77

The automotive parts company is out with FY23 results this morning which look broadly in line with consensus. Revenue of $2b was as expected, Net Profit After Tax (NPAT) $125.3m vs $127.8m is ~2% short while the final dividend is slightly better at 11.5c vs 11c expected. The second half was highlighted by higher cash conversion rates as the company looked to reduce inventory levels.

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14/06/2023 09:25

Bapcor (BAP) $5.95

The auto parts company closed below $6/share for the first time in nearly 12 months following Citi downgrading the stock to a hold from a buy on two main concerns. The first is a slowdown in retail spending impacting near-term earnings. Citi references Super Retail’s recent trading update as a sign consumers have pulled back discretionary spending, however, the update in May showed that their Auto brand was growing at 5% on a LFL basis. Hence, while retail concerns are valid, it appears any spend on aftermarket auto products seems to remain resilient, which holds true historically as well.

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04/05/2023 17:04

Bapcor (BAP) $6.54

BAP +0.62%: it was the vehicle parts business’ turn to front the market at the Macquarie Conference today with the presentation largely a ‘staying the course’ affair. The company reiterated the FY guidance from earlier in the year, looking for a slight improvement in the 2H.

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16/02/2023 16:59

Bapcor (BAP) $6.53

BAP +5.15%: the auto parts company reported a solid set of numbers for their 1H today, surprising the market which was fairly downbeat on expectations ahead of the release.

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09/12/2022 09:39

4 Bapcor Ltd (BAP) $6.70

BAP is the largest auto parts business in Australia and NZ, we can see increasing demand here as people delay new vehicle purchases through tough economic times which means they will be spending more on maintaining their existing cars which should provide a tailwind for BAP’s earnings.

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22/11/2022 17:08

Bapcor (BAP) $6.81

BAP -0.58%: the aftermarket auto parts business hosted an investor day today, with shares falling on weaker commentary. While they have seen strong revenue growth so far this year, margins have been squeezed by higher costs from labour, supply chain and general inflation. They do expect to pass these costs on to customers and margins will revert, however, there...

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31/08/2022 09:32

Emerging Companies Portfolio

The portfolio was up +1.80% in the week, strongly outperforming the S&P/ASX Small Ords index which fell.  Cash in the portfolio is sitting at around 9%. Strength in  Paladin (PDN) +20% and Lovisa Holdings (LOV) +18% drove the performance, more than offsetting weakness in Aussie Broadband (ABB) -15% and EML payments (EML) -9%. The portfolio was also supported by dividends from Bapcor (BAP) and Pinnacle Investment (PNI).

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