Lifting Brambles' FVE 5% to AUD 11.60 Based on Expected U.S. Tax Cuts; Shares Undervalued
We lift our fair value estimate of wide moat-rated Brambles by 5% to AUD 11.60 per share, following a reduction in our U.S. corporate tax rate forecast to 25% from 35%. Brambles generates around 40% of group EBIT from the U.S. and is the dominant player in pallet pooling with a market share of 40%. We expect much of the likely tax benefit to be retained by Brambles given its wide moat rating.We upgrade our fiscal 2018 and fiscal 2019 EPS estimates by 3% and 6%, respectively, and expect U.S. tax...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.