Bapcor Limited (BAP)
All research reports and stock updates for Bapcor Limited.
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Handbrakes off
Group revenue of $1.0bn was 5% above consensus, with EBITDA and NPAT broadly in-line.
A new plan
Bapcor’s new-ish CEO has launched the blandly titled program “Better than Before” to signify a changed mindset at the company.
A clean brake
Bapcor’s operational performance has been resilient in challenging conditions and the story remains a good one. The distraction of the CEO change is over and rumours of a takeover are being denied by the company.
Replacement part required
Something is amiss at Bapcor where the highly successful, long-serving CEO has been ousted prematurely from the role due to a “marked deterioration” between himself and the Board over unspecified cultural issues at the company. The business itself is in good shape with multiple catalysts supporting a positive view of the company.