Bapcor’s Weaker Same-Store-Sales are Temporary, Long-Term Outlook Remains Positive
Narrow-moat Bapcor reported an interim fiscal 2019 pro forma NPAT of AUD 43 million, a 7% increase on the previous corresponding period. Disappointingly, management guided to pro forma NPAT growth of 9% for the full year, shy of our prior 12% forecast, and at the bottom end of the previous 9% to 14% guided range. While the result and outlook were softer than we had expected, we believe the issues weighing on earnings are temporary in nature, and do not change our positive view on Bapcor. We’ve l...Bapcor is engaged in the sale and distribution of motor vehicle aftermarket parts and accessories, automotive equipment and services, and motor vehicle servicing. Co. has three operating segments. The Trade segment is a distributor of automotive aftermarket parts and consumables to trade workshops for the service and repair of vehicles, automotive workshop equipment such as vehicle hoists and scanning equipment, and automotive accessories and maintenance products to do-it-yourself vehicle owners. The Retail segment consists of business units that are retail customer focused. The Specialist Wholesale segment consists of the operations that focus on automotive aftermarket wholesale.
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