Bapcor (BAP) $3.66

BAP -28.38%: Whacked today on materially lower than expected preliminary results:

• Prelim revenue $1.94 billion – missing expectations of $2.02 billion.
• Prelim Proforma underlying NPAT of ~$81.5m relative to consensus of $95.7m (Bapcor is due to report final FY25 results on Aug. 28)
• Also, a  review of balance sheet identified $43.3m-$45.3m in unaudited post-tax significant items in 2H25
• Three directors resigned, Mark Bernhard, Brad Soller and James Todd

A poor update for BAP which has highlighted soft trading performance across all segments, board resignations and a review of their balance sheet. Hard to find anything good here. We had owned BAP previously, having cut the position for a loss ~$4.70.