Bapcor Starts Fiscal 2018 on a Positive Note with Solid Performance Across the Board
We maintain our AUD 7.00 per share fair value estimate for narrow-moat Bapcor. We project a midteen EPS CAGR during the next five years, and believe the stock is undervalued. Our optimism is hinged on the ongoing network expansion in both trade and retail, the resilience of auto parts demand, margin expansion through growing private label penetration. The company started fiscal 2018 on a positive note, reporting underlying NPAT of AUD 40 million, a 45% increase on the previous corresponding peri...
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