Fund Manager Summary
The fund managers believe that the outlook for Bapcor Ltd presents significant challenges due to recent internal upheavals. In their opinion, the simultaneous resignation of both the CEO and CFO raises serious concerns about the company's internal operations and governance. Although the appointment of a new CEO was initially well-received by the market, the fund managers express caution and prefer to remain on the sidelines during this transition phase. They emphasize the need for stability and a clear strategic direction before considering further investments.
Source: Trading View
Commentary From The Managers
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Yarra Capital Management
31 Oct 2025
$2.53
Summary
- Bapcor Ltd (BAP) is currently rated overweight by Yarra Capital Management.
- The company has underperformed due to a profit downgrade for FY26, with an expected 30% fall in underlying net profit.
- Concerns have been raised due to weak first-quarter trading and softer demand in both retail and trade segments.
- Yarra Capital Management remains cautious on the short-term outlook as the company is still in a turnaround phase.
- However, there is an expectation that value will be unlocked if Bapcor executes its strategic initiatives to simplify the business.
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Commentary From The Managers
Yarra Capital Management
31 Oct 2025
$2.53
- Bapcor Ltd (BAP) is currently rated overweight by Yarra Capital Management.
- The company has underperformed due to a profit downgrade for FY26, with an expected 30% fall in underlying net profit.
- Concerns have been raised due to weak first-quarter trading and softer demand in both retail and trade segments.
- Yarra Capital Management remains cautious on the short-term outlook as the company is still in a turnaround phase.
- However, there is an expectation that value will be unlocked if Bapcor executes its strategic initiatives to simplify the business.
Summary
Atlas Funds Management
30 Sept 2025
$3.17
- Atlas Funds Management sold their investment in Bapcor.
- The decision followed an unsatisfactory meeting with management.
- It was revealed that the turnaround story would take longer than planned.
Summary
Akambo
30 Sept 2025
$3.17
- Akambo sold their investment in Bapcor (BAP).
- Bapcor is an automotive parts wholesaler.
- The decision followed a disappointing FY25 result.
- There has been three years of static revenue.
- There is declining EPS growth.
- Akambo has little faith in Bapcor's ability to grow.
Summary
Yarra Capital Management
30 Sept 2025
$3.17
- Bapcor Ltd has underperformed following its July trading update and FY25 results.
- Reported softening earnings momentum along with restatements and write-downs.
- These issues have led to a rebasement of the business and an uncertain earnings outlook.
- Weak trading was observed in key periods of May/June across Trade, Retail, and Wholesale segments.
- Yarra Capital Management remains cautious on the short-term outlook as the business is still undergoing a turnaround.
- However, there is potential for value to be unlocked if Bapcor executes its strategic initiatives to simplify the business.
Summary
Ellerston Capital
30 Sept 2025
$3.17
- Ellerston Capital notes that BAP shares have declined following a weak FY25 result, with underlying NPAT falling -8.4% to A$80.4m.
- Weak margins in the typically resilient Trade segment (2H down 190bps hoh) and underperformance in Retail (2H sales down 5.9% on pcp) triggered an initial sell-off.
- FY25 has been characterized by disruption, with new management implementing a significant restructuring and simplification program.
- Despite some progress, Retail/NZ underperformance (2H sales down 5.9%/-4.6%) and surprising weakness in Trade's 4Q (May/June) negatively impacted earnings (2H NPAT down 14%).
- The lack of a trading update/FY26 guidance and ongoing Board uncertainty contributed to further declines in share price during September.
- Sentiment was also affected by disappointing EPS reports from offshore competitor AutoZone, where margin compression outweighed sales growth.
Summary
Atlas Funds Management
18 Aug 2025
$3.99
- Bapcor Ltd. is recognized as the owner of some of the country’s best-known car parts retailers.
- The share price fell significantly in July due to weaker than expected earnings, substantial write-offs, and the exit of three directors.
- Shares peaked at $8.35 in July 2021 but are now trading for under $4.
- Atlas Funds Management continues to hold the stock, viewing it as a “prime candidate for a rebound”.
- The potential for recovery hinges on the company’s ability to effectively communicate its leadership changes and deliver improved results in the forthcoming annual report.
Summary
Prime Value Asset Management
31 July 2025
$3.86
- Prime Value Asset Management has updated its investment thesis on Bapcor Ltd.
- Bapcor has downgraded profit expectations ahead of its FY25 result.
- The downgrade is attributed to softer trading and company-specific integration activities.
- Several non-cash charges will be taken below the line.
- Three Directors have simultaneously resigned from the company.
- Prime Value Asset Management plans to engage with management post result to better understand these dynamics.
Summary
Yarra Capital Management
31 July 2025
$3.86
- Bapcor Ltd has underperformed following its trading update.
- Disappointing FY25 result pre-guided, highlighting softening earnings momentum.
- Company faced restatements, write-downs, and Board departures.
- Yarra Capital Management considers these impacts to be company specific and addressable.
- Recent poor results were noted in key trading periods of May/June across Trade, Retail, and Wholesale.
- Yarra Capital Management remains cautious on the short-term outlook as the business is still in turnaround.
- However, there is an expectation that value will be unlocked if Bapcor executes its strategic initiatives to simplify the business.
Summary
Atlas Funds Management
31 July 2025
$3.86
- Bapcor's recent trading update was below market expectations, leading to a decline of 23% in stock price.
- Three directors of Bapcor will be stepping down, raising concerns about leadership stability.
- Atlas Funds Management continues to hold its position in Bapcor, indicating confidence in the long-term potential despite recent challenges.
- A meeting is scheduled with Bapcor's management following the results in August to discuss future strategies and performance.
Summary
Equity Trustees Asset Management
30 June 2024
$5.06
- Equity Trustees Asset Management sold their investment due to BAP's struggles in delivering acceptable returns since CEO Daryl Abotomey's departure in late 2021.
- Lack of progress in their transformation program contributed to the decision.
- The stock faced issues such as a revolving door of key executives and successive earnings downgrades.
- The departure of new CEO Paul Dumbrell just prior to his start date added to the concerns.
- With no permanent leadership in place, the challenge to turn the business around appeared too demanding.
- Absent a takeover, the stock is unlikely to outperform in the short to medium term.
- Thus, Equity Trustees Asset Management has exited their small position accordingly.
Summary
Oracle Advisory Group
31 Mar 2024
$6.23
- Multiple red flags observed in Bapcor
- Resignation of both the CEO and CFO in quick succession
- Concerns about internal operations at the company
- New CEO received positively by the market
- Oracle Advisory Group chooses to sit out during transition phase
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With leadership exits raising eyebrows, it seems prudent to tread carefully. While a new CEO may have market appeal, Bapcor Ltd appears to be navigating a turbulent transition that warrants a cautious approach from investors."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Bapcor Ltd (ASX:BAP)?
Fund managers including Oracle Advisory Group, Equity Trustees Asset Management, Prime Value Asset Management, Atlas Funds Management, Yarra Capital Management, Ellerston Capital and Akambo have invested in Bapcor Ltd (ASX:BAP).
Why do fund managers invest in Bapcor Ltd?
Fund managers are cautious about their investment in Bapcor Ltd due to recent leadership changes, including the resignation of both the CEO and CFO, which raises concerns about internal operations. Despite the market's positive reception of the new CEO, many fund managers prefer to remain on the sidelines during this transition phase.
What happened to Bapcor Ltd (ASX:BAP)?
Fund managers have invested in Bapcor Ltd due to its potential for recovery despite recent challenges. The company downgraded profit expectations and faced leadership changes, which initially led to a decline in share price. However, some fund managers view these issues as addressable and believe that strategic initiatives aimed at simplifying the business could unlock value in the long term. While there is caution regarding the short-term outlook, the belief in Bapcor's potential rebound remains a key factor for continued interest from certain investors.