Bapcor shares sell off as Macquarie cuts earnings forecasts
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The news: Autobarn owner Bapcor saw its shares plunge today after ending higher on Friday following the release of its full-year results.
The numbers: Bapcor shares were down 6.5% to $3.72 at 2pm AEST, having lowered 24% over the last 12 months.
The stock closed 1% higher on Friday after the company reported a return to profit for the 2025 financial year.
The context: Macquarie analysts noted Bapcor had a softer-than-expected end to the financial year, with May and June performance impacted by increased competition.
Bapcor said in its earnings release that a 3.5% decline in revenue compared to FY24 was driven by a challenging retail environment, lower sales in discretionary categories, increased competition, and changes to the promotional cycle.
The Macquarie analysts flagged that no specific FY26 guidance was provided, lowering forward-looking visibility. They cut earnings-per-share forecasts by 5% in FY26, 9% in FY27 and 9% in FY28 due to higher expected overhead costs.
Macquarie remains 'neutral' rated on Bapcor, and lifted its target price 1.3% from $3.85 to $3.80.
The source: Macquarie research
