Brambles' 1H17 Result in Line Although Reducing FVE To 11.00 On Competition; Shares Undervalued
We cut our fair value estimate to AUD 11.00 from AUD 11.80, following the release of Brambles’ first-half 2017 result, as continued inventory destocking and higher transport and repair costs has caused us to cut our EPS estimates by 5% and 4% in 2017 and 2018, respectively. Since the January 2017 update, increased competition has been flagged as a factor, hence we forecast flat underlying profit in 2017 and approximately 5% sales growth (constant currency).We acknowledge downside risk in the sh...
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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