Brambles’s 1Q Results Highlight Further Cost Inflation, but Revenue On Pace; Shares Fairly Valued
Brambles’ first-quarter fiscal 2019 trading update tracks our expectations, and we maintain our AUD 11.20 per share fair value estimate for the wide-moat firm. Revenue growth of 3% versus the previous corresponding period, or pcp, was dented by a strengthening U.S. dollar as the company converts foreign-earned sales to USD in its financial statements. However, from an Australian investor's perspective, a strengthening USD is good news as profits and dividends will be higher on translation to AUD...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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