Ann: 2023 Annual General Meeting - Address and Presentation, page-7

Well hasn't Margaret Haseltine, Bapcor Chairman done a fantatsic job? Effing not.

The Bapcor share price peaked in FY'21 at $8.60 at a then P/E ratio of 24.1x
Today after a less than inspiring earnings downgrade we see the SP trading at $5.92 and the prospect of a much lower EPS in FY'24.

Haseltine forced out previous Managing Director, Daryl Abotomey in December 2021, some 22 months ago. This was after the FY'21 results in which Bapcor made record EPS and had recorded annual EPS growth of 14.7% p.a. or the previous 6 years, a fantastic result in a traditional business.

Abotomey was a tough task master but was effective, and as an industry veteran knew how to crank the business up.

I sold my shares two weeks before the Chair sacked Abotomey for $6.32 and based on today's SP performance I have had the better of this situation.

They say downgrades come in three's. Today is certainly #1.

Today the current MD said Bapcor has over 300 initiatives to be delivered by FY'25 that will increase EBIT by $100m and increase ROIC to over 12.5%.
As they said in The Castle, "tell 'em they are dreamin' " ROIC in FY'23 was just 6.3%

Who will be the first to go the MD or the Chair?

For me this is now a business with no-one with any deep auto experience and therefore uninvestable. Just watch for major shareholders to move on.