Consensus community valuation
Average Intrinsic Value
Undervalued by
Contributing Members
Sort by:
Create your free Strawman account to view member valuations
#Expansion in Asia22/3/21
Added 2 months ago

Bapcor Announces Expansion In Asia Through Agreement to Acquire 25% Of The Issued Equity Of Tye Soon Limited

Bapcor Ltd is pleased to announce that it has signed agreements to acquire 25% of the issued equity of Tye Soon Limited, a company listed on the Singapore Securities Exchange.

Tye Soon was established in 1933 and is the most prominent independent automotive parts distributor in South East and North East Asia, distributing a wide range of genuine parts and aftermarket parts. The group’s main markets are served by its operations in Singapore, Malaysia, Thailand, Hong Kong, South Korea and Australia. Partnering with its principal suppliers from Europe, Japan and Korea, the group has one of the largest portfolios of top-tier global brands of automotive parts.

Tye Soon’s annual revenue is c. SGD 200 million across;

  •  Malaysia $43m 15 locations
  •  South Korea $43m 20 Locations
  •  Australia $42m 20 locations
  •  Singapore $19m 2 location
  •  Thailand $13m 1 location ? Other countries $40m

View Attachment

Read More
#CEO & MD Tenure Extended
Added 3 months ago

Bapcor CEO & MD Tenure Extended The Board of Bapcor Limited is pleased to announce that Darryl Abotomey, Chief Executive Officer and Managing Director has agreed to extend his tenure to 31 October 2023.

Darryl has been CEO and Managing Director of Bapcor since September 2011.

Bapcor’s Chair, Margie Haseltine said “We are delighted that Darryl is extending his leadership of Bapcor through to October 2023. Under Darryl’s guidance Bapcor has been one of the top performing ASX listed companies since it listed in April 2014, going from strength to strength, year after year. Bapcor has a clear 5-year strategic plan including specific targets, with many of the projects underway and which will be brought to fruition during Darryl’s remaining tenure.”



Read More
#FY20 Results
Added 3 months ago

BAP released their results this AM and they look very strong, continuing the momentum they've built, paricularly through the period of Covid.  This is a very well run company, expanding internationally as well as domestically and growing in every facit of the business, including its dividend. This is a very good and relatively safe company to have in your portfolio.  I am a current shareholder.

Read More
#Trading update
Added 5 months ago

Bapcor has provided another trading update, revealing a 26% jump in group revenue for the 5 months to the end of November.

For the firsty half the business expects at least 25% top line growth but a 50% jump in NPAT due to operating leverage resulting from lower costs and the contribution from Truckline.

Bapcor noted that broker consensus forecasts for FY21 NPAT of between $110-115m "did not appear unreasonable".

That translates to ~33c EPS for the full year, and puits shares on a forward PE of 22 (using last close of $7.31). Investors can probably expect a 2.5% ff yield.

For a business that I expect can deliever upper single digit growth in the coming years, that seems undemanding. Especially in this low rate environment.

ASX anouncement here

Read More
#Q1 Trading Update
Added 7 months ago

Bapcor has released a trading update for the first quarter of FY21, which (remarkeably) have shown a 27% lift in revenue despite Government imposed restrictions in Auckland and Victoria.

Indeed, it was the retail segment that saw the biggest lift, with revenue up 47% thanks to an especially strong result for company owned Autobarn stores.

Bapcor is very well placed for a strong 1st half, but didn't give any full year guidance given the uncertainties that remain.

You can read the ASX announcement here


Read More
#FY20 Results
Added 9 months ago

Bapcor (ASX:BAP) had a decent result all things considered.

  • Revenue up 12.8%, or 7% excluding acquisitions
  • NPAT down 5.5% to $89.1m, or 30 cents per share, proforma. (added provisions, promotions and new store costs appear to account for drop in net margin)
  • Final dividend mainatin, with FY payments up 2.9% to 17.5c per share
  • Burson trade same store sales up 6%, with record sales for 70% of network
  • NZ the hardest hit due to lockdowns, sales down 5.2% and EBITDA down 14%. Sales down 80% at peak of lockdowns, but June levels ahead of where they were in February.
  • Specialist whole saw a 26% boost to revenue thanks to acquisitions, but organic growth was 5.5% at the top line. EBITDA was down 7.1%
  • Retail was surpringly strong -- I guess as we've seen elsewhere, consumers have continued to spend on discretionary items (so far) -- with a 14.7% lift in sales and 12.8% lift in EBITDA (record levels). As has been the theme for retailers, the online component grew strongly; up 240% for the year. May and June up 400% (!)
  • Retail same store sales 9.5% up for the year
  • Balance sheet in a very strong position following the capital raise. Burson has $126m in cash. Net debt is $109m
  •  5 year targets unchanged (and, if realistic, show a lot of further growth potential. See attached presentation)

On these latest figures, at at the current market price, Bapcor is on a P/E of 22.2, with a yield of 2.6% fully franked (or 3.7% grossed up)

Results presentation is here

Read More
#FY20 Guidance & update
Last edited 11 months ago

Bapcor says that the impact of COVID-19 has not been as severe as expected, and that demand has been stronger than anticipated as restrictions ease -- particularly in the Australian Retail and Trade segments.

Autobarn was quite amazing really, with sales up 45% in May & June! Although there was a 3% dip in April, FY sales from this business will be 8% higher.

Trade sales are expected to be up 5% for the FY

NZ operations, Specialist Wholesale and Thai operations were the hardest hit, but to what extend they didnt say.

Bapcor has speculated that the increase in sales was "stimulus induced". They warned investors to expect demand to moderate once Government stimulus stops.

Bapcor has reinstated guidance, telling investors to expect between $84-88m in NPAT for FY20. Prior to COVID, they were telling investors to expect mid- to single-digit gains in FY19 NPAT, which came in at $94m

Read the announcement here

Read More
#Capital raise
Last edited one year ago

Bapcor has raised $180m through an institutional placement, issuing 40.9m new shares at $4.40.

This was done at a 8.5% discount to the most recent closing price, which isn't too bad (although it represents a ~32% discount to the pre-COVID market price).

The company is also hoping to raise a further $30m through a Share Purchase Plan (SPP) to eligible shareholders, at the same offer price (or better if the market price falls between now and the SPP close date). That will result in the issue of a further ~6.8m shares.

In total, BAP will have approximately 332m shares on issue.

The raise is primarily to reduce the comapny's net debt, and ensure there is sufficient liquidity available thorugh the COVD-19 disruption. After the raise, Bapcor expects to have at least $231m in cash, or $261m if the SPP is fully subscribed. That comapres to total borrowings of $441m.

Put another way, the net debt to EBITDA ratio wiull drop to 1.3x

At the same time, Bapcir provided a trading update which shows that business has held up remarkeably well through to the end of March, although the NZ business suffered more than others due to stricter lockdown measures. Safe to assume that April will see the full impacts of lockdowns, and it wont be pretty.

Nevertheless, the business is now well positioned to weather the storm and there is no change to its 5 year strategy.

I will lower my valuation due to the increased number of shares on issue.

ASX announcement here

Read More
#ASX Announcements
Added one year ago

12 February 2020


Revenue of $702.5M, up 10.4%

Pro-forma EBITDA (excluding AASB 16)of $79.4M, up 4.6%

Pro-forma Net Profit after Tax(excluding AASB 16) of $45.3M,up 5.1%

Pro-forma Earnings Per Share(excluding AASB 16) of 15.94 cents per share,up 4.0%

Read More