The electrical consumer appliance business has corrected almost three times the ASX; BRG was looking good when it reported last month, except for the unknown impact of tariffs, i.e. almost 50% of BRG’s revenue came from the Americas in 2024. The big issue is Breville’s products are primarily designed in Australia but manufactured in China, not ideal under Trump 2.0.
- We like the risk/reward towards BRG in the $30-31 area, or 6-8% lower.
MM is neutral BRG around $33
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