Two Stocks going down but still expensive – Bapcor Ltd and Aconex Ltd

Completed the acquisition of Hellaby Holdings: For H1FY17, Bapcor Ltd (ASX: BAP) reported 30.7% yoy growth in statutory NPAT (including Hellaby transaction) at $25.3M and statutory EPS of 9.66 cents (up 21.2%). H1FY17 results include the benefits of 6 months of the ANA business and other acquisitions made post December 2015. Importantly, Retail segment consisting of Autobarn, Autopro, Sprints Auto Parts, Midas and ABS recorded revenue and EBITDA growth of 42.9% and 42.5% respectively. Moreover, the integration of Sprints has progressed well including the program to increase its sourcing from Bapcor Group’s specialist wholesale businesses. Due to the Hellaby related capital raising of $179.5M, Bapcor was in a positive net cash and debt position of $20.7M at 31 December 2016. Excluding the impact of the capital raising, net debt would have been $158.8M, representing a Net Debt/EBITDA ratio of 1.6X on an annualized FY17 EBITDA basis. The company is expected to report $57M to $59M of NPAT excluding the acquisition of Hellaby and related transaction costs for FY2017 against the previous guidance of $54.5M to $56.7M. The inclusion of the three Hellaby businesses of Auto, Footwear and Resource Services is estimated to increase NPAT in H2 FY17 by a further $8M to $12M before transaction costs and significant items.   

 

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