Morningstar says management turmoil has settled in Bapcor; maintains FY24 forecast

Bapcor

09/07/2024 19:33

** Morningstar analysts are upbeat on Australia's Bapcor's
 BAP.AX  new CEO appointment as it settles the "management
turmoil" at the car parts seller
    ** "Despite management turnover, we continue to think
Bapcor’s competitive position remains intact" - Brokerage
    ** Morningstar sees cost-of-living pressures to less likely
affect demand for automotive spare parts
    ** Maintains its FY24 earnings forecast of A$96 million 
($64.68 million)
    ** Morningstar maintains fair value estimate of A$7.30
    ** One of seven analysts rate the stock "buy" or higher, six
"hold" and none "sell" or lower; their median PT is A$4.95 –
LSEG data
    ** Stock is down over 8% this year, as of last close

($1 = 1.4841 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))