Bapcor Ltd

BAP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.20	Xgmpqq	Drntsgkgl

Bapcor: The Discretionary Slowdown Weighs on Retail, but Maintenance Remains Resilient

Angus Hewitt

Jan 30, 2024

We make no changes to our AUD 8 fair value estimate for shares in narrow-moat Bapcor. First-half fiscal 2024 underlying EBITDA is slated to be about AUD 143 million, or about 2% below the previous corresponding period. Cost of living pressures drag on retail segment demand and, hence, the segment’s profitability. We lower our fiscal 2024 EBITDA forecast by 1% to AUD 301 million, or 10% above fiscal 2023.

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