AutoPartner – Initial Equity Research

Auto Partner (APR) is a distributor in the European auto parts aftermarket. $APR.WA was founded in 1993 by current President, Chairman, and 44% shareholder Aleksander Górecki.

Since 2013 (its earliest set of publicly available financials) Auto Partner has organically compounded its sales at a 25% CAGR and its net income at a 22% CAGR. Despite this continuous growth, its stock price reached a 50% decrease from all-time highs after Liberation Day.

The long-term organic growth prospects for APR remain favorable – The European Aftermarket consolidation still has a long runway, and decades will have to go by before the European auto part aftermarket achieves a consolidation like the one the US aftermarket currently has.

Additionally, by the beginning of 2026 APR will have their brand-new state-of-the-art warehouse in Zgorzelec fully operational. This warehouse is located right at the border with Germany, adding capacity to serve the higher operating margin export segment. This investment is almost fully funded and will enable sustained medium-term organic growth. Additionally, Auto Partner has a short-term ambition to internationalize and open warehouses beyond the Polish border.

This write-up on Auto Partner is one of our most in-depth analyses and we hope you can enjoy reading it as much as we enjoyed writing it. Our objective is to remove the noise surrounding this company, provide a data-driven assessment of their future and evaluate the fundamentals of this investment opportunity. We cover:

• Explanation of the distribution businesses in general and the auto part aftermarket in particular.

• Detailed description of its business fundamentals and KPIs

• Assessment of the Polish competitive landscape

• Presentation of Macro data of the relevant European and Polish economic indicators and vehicle data.

• Detailed analysis of its finances, debt, and capital allocation.

• Valuation and Spreadsheet with all the information used in this analysis