Bapcor’s Integration Of Hellaby On Track; Shares Fairly Valued
The share price of no-moat-rated Bapcor has fallen 11% in 2017 as the market has expressed concerns over the recent softness in retail sales. The share price weakness means we now believe the shares are only slightly overvalued, trading around 5% above our AUD 5.00 fair value estimate. We believe investors are correctly assessing the earnings leverage from Hellaby and organic growth from further store rollouts, which we expect to underpin 19% CAGR in EPS between fiscal 2017 and 2021. Our no-moat...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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