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Australia Auto Parts & Equipment: Small Cap Auto Parts - Evolving thoughts about Bunnings‘ auto expansion (BAP/AOV)-20260610
Citi· 2026-06-10 18:12
CITI'S TAKE After attending this morning's Wesfarmers investor day, we have come away incrementally more concerned about the competitive risk from Bunnings' expansion into the auto category adversely impacting Bapcor's Autobarn. Separately, we see Amotiv selling to Bunnings through its Narva and Hayman Reece brands and, in our view, this needs to be done in a measured way that doesn't adversely impact the profitability of Amotiv's other retailers (which are currently larger than Bunnings in the category) gi ...