Brambles Boasts Growth in Price and Volume, but Cost Pressures Persist; Shares Slightly Overvalued
We make no changes to our AUD 11.20 per share fair value estimate for Brambles following a trading update for the third quarter of fiscal 2019. Over the first nine months of the fiscal year, Brambles continues to pass through price increases, without sacrificing volumes, illustrative of the firm's wide economic moat. Last trading at AUD 11.98, shares in Brambles screen as slightly overvalued.Brambles enjoyed strong sales growth in the quarter, lifting revenue in all divisions on a constant curr...
Brambles is a supply-chain logistics company operating primarily through the CHEP and IFCO brands. Co. has three segments: Pallets segment, which primarily serves the consumer goods, fresh produce and beverage industries, and sub-divided into three regions: Americas, Europe, Middle East and Africa, and Asia-Pacific; Reusable Plastic or Produce Crates segment, which serves the fresh produce and food industry and comprising the IFCO RPC pooling business worldwide and the CHEP RPC pooling businesses in Australia, New Zealand and South Africa; and Containers segment, which comprises four business units: Automotive, Intermediate Bulk Containers, Oil and Gas, and Aerospace.
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