Brambles has been excluded from our models for the last 2 years, due to the lower high price formations, caused be deteriorating profit margins.
We’seen underlying group profit slip over the last 2.5 years from high single digit growth, to negative growth.
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After reporting underlying EBIT of US$997, up 4% on the same time last year, we’ve hopefully seen the inflection point. A further positive is the announcement of the IFCO sale, which is likely to fetch up to US$2.5b.
With the stock trading 20x earnings on a 3% yield, we consider it close to full value.
Brambles
