BXB 1H19 Result – Algo Sell Signal

Brambles BXB reported 1H19 earnings which showed solid revenue growth but only a modest 2% profit growth.

EBIT from 1H19 continuing operations of US$504m.

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We expect FY19 underlying profit growth to show low single digit improvement on the same time last year.

The stock looks slightly expensive at 19x and 3% yield. We’re looking for a pullback to sub $10.50 before reconsidering.

The IFCO separation remains on track for completion this year and will help  underpin the share price.


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