BYD Continues to Gain Share While Collision Industry Shows Improvement into Q2

研报英文原文证据摘录

BYD Continues to Gain Share While Collision Industry Shows Improvement into Q2

USA | Automotive Aftermarket

Boyd Group EquityMayResearch13, 2026

ESTIMATE CHANGEBYD Continues to Gain Share While Collision

RATING BUYIndustry Shows Improvement into Q2

PRICE C$152.86^

Q1 adj EPS of $0.58 was in-line with cons $0.57 as BYD continues to gain

share (comps +1.7%) against industry claims (-2% to 0% vs Q4'25 -2-4%) while PRICE TARGET | % TO PT C$250.00 | +64%

adj EBITDA margins was +200 bps y/y to 12.3% vs est 10.7% driven by cost 52W HIGH-LOW C$248.23 - C$151.00

initiatives & Joe Hudson accretion/synergies. April comps improved towards FLOAT (%) | ADV MM (USD) 99.7% | 14.44

bottom of +3-5% LT target, and we see healthy runway for BYD to continue MARKET CAP C$4.3B | $3.1B

taking from smaller independents while overall industry claims recover. TICKER BYD CN ^Prior trading day's closing price unless otherwise

noted.

BYD continues to take share with comp improvement into Q2 while industry claim volumes

RATING BUY

recover. Q1 comp was +1.7% as BYD continued to gain share against an improving backdrop as

industry claims were -2% to flat (vs Q4'25 -2-4%). Demand saw a net headwind from winter weather TICKER BGSI

as icy conditions in southern states resulted in reduced VMT, more than offsetting elevated collision PRICE $111.66^

claims in northern states where VMT was less impacted by snowy roads. Ex-weather Q1 comp PRICE TARGET | % TO PT $181.52 ($196.13) | +63%

was +2.6%. Industry demand showed continued improvement into Q2, as mgmt expects rising

used vehicle values (April Manheim index +1.8% y/y) & moderating insurance premiums to drive

further reduction in TLRs (-60 bps q/q to 23.6%) which should support industry claim volumes within FY (Dec) CHANGE TO JEFe JEF vs CONS