Automotive aftermarket parts business Burson Group Ltd (ASX: BAP) has officially changed its name to 'Bapcor Limited'. Notably, the shares will still trade on the ASX under the ticker code 'BAP'.
As announced by the company in April, the reason behind the name change was largely to recognise the evolution of the group whilst also removing any confusion between the group's name and the name of its trade stores, which will retain the name 'Burson Auto Parts'. As such, investors needn't worry about the removal of any brand recognition surrounding its trade stores.
Bapcor has been an incredible performer for investors since it first listed its shares on the ASX just over two years ago. The shares have rocketed higher, and could still have even further to climb considering the group's growth potential.
Indeed, they also hit a new all-time high just last week which was most likely due to the company's defensive characteristics. Indeed, it provides many of the parts necessary for the repair and servicing of older vehicles which consumers will tend to hold onto for longer during times of uncertainty, which may have drawn investors to its shares.
Shares of other 'defensive' businesses such as Somnomed Limited (ASX: SOM) and CSL Limited (ASX: CSL) have also risen since the Brexit vote was determined.
Although Bapcor's shares are still trading near their record high price, investors could still consider adding the shares to their portfolio, or at the very least to their watchlists. Indeed, the company has a history of under-promising and over-delivering, while it also expects to increase its store count significantly over the coming years.
