Brambles Ltd

BXB: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Brambles Earnings: Efficiency Improvements Brighten Outlook

Esther Holloway

Feb 20, 2025

We lift our fair value estimate for wide-moat Brambles by 9% to AUD 24 per share. The main drivers of our change include the stronger US dollar, with an exchange rate of one Australian dollar to 0.63 US dollars, applied to Brambles’ equity value to derive our fair value estimate, from USD 0.66 previously. We also lower our capital cost estimates for replacement pallets. We assume the firm’s efficiency improvements result in more returned pallets, reducing the volume of new pallets the firm needs to buy.

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Brambles Ltd

Brambles Earnings: Efficiency Improvements Brighten Outlook

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