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- ASX: BAP
Bapcor Limited
Share Price and News
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— Company Overview
About Bapcor
Bapcor operates as a leading distributor of automotive aftermarket products in Australia and New Zealand. The company was founded in 1989 and quickly established itself as a key player in the sector. Today, Bapcor’s offerings include an extensive range of automotive parts, tools, accessories, and services, covering everything from retail to wholesale operations. Some of Bapcor’s most recognised brands include Burson Auto Parts, Midas, and Autopro. With a footprint spanning hundreds of retail locations and distribution centres across Australia and New Zealand, Bapcor holds a dominant market position. The company’s customer base includes both trade professionals and do-it-yourself (DIY) customers, giving it access to a wide range of automotive needs.
Bapcor's Company History
Bapcor was founded in 1989 with a mission to provide Australian consumers with top-quality automotive parts and services. Initially focusing on wholesale distribution, the company expanded quickly and by the mid-1990s had established a network of retail stores. One of Bapcor’s significant milestones occurred in 2014. At the time it was known as Burson, but the company was renamed in 2016 following further expansion. Specifically, it purchased Midas, a global brand known for its automotive repair services. This acquisition broadened Bapcor’s capabilities, allowing it to offer both products and services under one umbrella. Bapcor expanded its portfolio through a distribution agreement with Autopro, which is operated by a franchise network under Automotive Brands Group, a Bapcor subsidiary. The success of these acquisitions, coupled with a strong focus on customer satisfaction and innovation, has enabled Bapcor to increase its market share. The past couple of years have been difficult for the company as it downgraded its profit a number of times and saw a CEO-elect walk away 2 days before he was meant to start . After making $2bn revenue and a $125.3m profit in FY23 and promising growth, it downgraded its guidance in October, January and May during FY24. It made a loss of $253.1m post-tax, although it made a pro-forma profit of $94.8m. Its revenue was $2bn, up 0.8% and EBITDA came in at $268.4m (down 10%).
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— Forward View
Future Outlook of Bapcor (ASX: BAP)
The future outlook for Bapcor appears positive – if for no other reason because it can hardly get worse. With growing car market (by 2% per year) and the average car age growing, this would lead to steady demand for aftermarket parts and servicing. But there is intense market competition and continually rising costs. The FY25 and 1H26 results did little to soothe investors (with its underlying profit in the latter falling 87% to $5.5m) and the latter set of results saw the company raise $200m in a cap raising done at a 65% discount.
— Our Assessment
Is Bapcor (ASX: BAP) a Good Stock to Buy?
Bapcor may appear a ‘buy the dip opportunity’. It seems the worst of the company’s downgrades are over and that it has strategic growth opportunities. However, Bapcor must navigate potential risks in the form of global supply chain disruptions, economic volatility, and changing consumer preferences. It has failed to navigate these for a few years now and there is little to no evidence that the situation will turn around.
— Our Stock Analysis
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— Faq
Frequently Asked Questions
What is the dividend yield of Bapcor?
Bapcor’s dividend yield is over 10% but this is virtue of the company’s rock-bottom share price.
How did Bapcor perform during COVID?
The pandemic presented a mixed bag for the company. Although its stores were forced to close to retail customers, it could still provide vehicle servicing and repairs for trade customers who could still do business, and these accounted for 80% of its business. In FY21, it made a $130m profit, up nearly 40% from the year before. Nonetheless, shipping costs increased and backlogs emerged, causing the company to bulk up on inventory. But enough about ancient history.
What are the risks of investing in Bapcor?
Risks include exposure to economic downturns, changes in consumer spending habits, and potential disruptions in the global supply chain. However, Bapcor’s diverse business model and extensive brand network help mitigate some of these risks.
Is Bapcor a good investment for the long term?
No.
How does Bapcor compare to its peers in the automotive aftermarket sector?
Bapcor is the largest aftermarket automotive parts distributor in Australia and New Zealand, operating a vertically integrated model across trade (Burson Auto Parts), retail (Autobarn), and specialist wholesale segments. Key listed peers include GUD Holdings and Super Retail Group, though Bapcor’s scale in the trade channel creates a defensive moat that is difficult for competitors to replicate.
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