Bapcor has provided yet another downgrade in a trading update, making it the third downgrade in 12 months. The company’s decision to stick with 2H26e guidance seems brave given the need to invest in price in its core Trade segment. The gearing is likely to rise to 3.3x on our forecasts, above its bank covenants of 3.0x. A capital raising of circa $200 million seems likely to us.