BAP met guidance with Underlying NPAT of A$131.6m, up 1.2% on pcp. 2H22 EBITDA improvement (+12.5% half-on-half) was driven by Trade (+21%) and Specialist Wholesale (+17%). All divisions delivered 2H22 LFL sales growth. Cash flow conversion was weak (inventory build) which is expected to improve. BAP stated it has had a “good start” to FY23, with improving operational efficiency the year’s priority. Initiatives under a new strategic program (“Better than Before”) will be detailed in Nov-22 (we expect upfront costs for medium-term benefits). BAP’s 2H22 earnings run-rate and confidence in DC synergies support growth into FY23. We hold some caution on consumer weakness that may emerge and impact the Retail segment from 2H22. Trading broadly in line with its medium-term average (~18x PE) and within range of our valuation, we move to Hold.