Outlook for Brambles Remains Solid Despite Cost Pressure on Margins; Shares Undervalued
Wide-moat Brambles enjoyed solid first-half revenue growth of 9%, including favourable foreign exchange movements, and 5% on a constant-currency basis. This performance tracks our full-year forecast for 5% revenue growth, which is in line with management’s outlook for mid-single-digit gains. Underlying operating profit of USD 494 million puts the firm on track to meet our full-year forecast of about USD 1 billion. The resulting margin, at 18%, was only slightly below our full-year mark. While op...
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