Bapcor Ltd

BAP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.90	Cgbhct	Cssgxhcw

Bapcor: Earnings Weakness Exacerbated by Management Turmoil

Angus Hewitt

May 2, 2024

We lower our fair value estimate for shares in Bapcor by 9% to AUD 7.30 per share. The retail business is taking longer to recover than expected, margins in wholesale are under pressure, and the “Better than Before” program has made things worse than before. Senior management instability has also brought unnecessary turmoil to a business already struggling to win over investors.

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