Good to make guidance. I would be concerned about a few things without having dug too much into the detail. (i) staff turnover at 39% and organisational health score being in the 4th quartile. (ii) Proforma profit being the lowest result for 3 years (iii) Net $18M of statutory profit carve outs - will all these expenses disappear now the Qld DC is up and running and when the BTB project is completed? I would also be interested to know how much of the revenue growth was inflation versus volume to get an indication of what is happening to Bapcor's market share. The market was happy but a long way to go to get the share price to above $8 where it was a couple of years ago, and this should be the benchmark against which the Board and current management should be judged.
BAP Price at posting:
$6.77 Sentiment: Hold Disclosure: Held
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