20 minute delayed
Join Market Matters and get full access to all our Opinion + Action
Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 22.34 Fair value 24.21 One-star price 26.24
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (22.34) to the one-star price (26.24).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4319 |
| Price - closing or last bid | 20.97 |
| Price - 12 month high | 25.43 |
| Price - 12 month low | 16.18 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 4.01 |
| Market capitalization | 27,842.72 |
| 12 Month High price date | 26 FEB 2026 |
| 12 Month Low price date | 3 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 4.15 |
| Price - 1 Day % Change | -0.10% |
| Price - 13 week price percent change | 8.94% |
| Price - 26 week price percent change | -3.72% |
| Price - 5 Day % Change | 1.90% |
| Price - 52 week price percent change | -16.59% |
| Price - YTD price percent change | -8.67% |
| Price % Change Month To Date | 11.42% |
| EPS excluding extraordinary items - most recent fiscal year | 0.695 |
| EPS excluding extraordinary items - trailing 12 month | 0.695 |
| EPS Normalized - most recent fiscal year | 0.692 |
| Revenue/share - most recent fiscal year | 5.160 |
| Revenue/share - trailing 12 month | 5.160 |
| Book value per share - most recent fiscal year | 2.420 |
| Book value per share - most recent half-year | 2.420 |
| Book value (tangible) per share - most recent fiscal year | 2.215 |
| Book value (tangible) per share - most recent half-year | 2.215 |
| Cash per share - most recent fiscal year | 0.057 |
| Cash per share - most recent half-year | 0.057 |
| Cash Flow per share - most recent fiscal year | 1.453 |
| Cash Flow per share - trailing 12 month | 1.453 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.656 |
| EBITD per share - trailing 12 month | 1.742 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.699 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.699 |
| EPS including extraordinary items - most recent fiscal year | 0.703 |
| EPS including extraordinary items - trailing 12 month | 0.703 |
| Free Cash Flow per share - trailing 12 month | 0.620 |
| P/E excluding extraordinary items, most recent fiscal year | 20.44 |
| P/E Normalized, most recent fiscal year | 20.52 |
| Price to sales - most recent fiscal year | 2.75 |
| Price to Tangible Book - most fiscal year | 6.52 |
| Price to Free Cash Flow per Share - most recent fiscal year | 22.93 |
| Price to Cash Flow per share - trailing 12 month | 9.78 |
| Price to Book - most recent fiscal year | 5.96 |
| P/E excluding extraordinary items high, trailing 12 months | 25.86 |
| P/E excluding extraordinary items low, trailing 12 months | 15.75 |
| Net Debt, LFI | 2,745.80 |
| Net Debt, LFY | 2,952.00 |
| Dividend Yield - 5 Year Average | 2.75% |
| Dividend Yield - indicated annual dividend divided by closing price | 3.08% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.13% |
| Free Cash Flow - most recent fiscal year | 845.50 |
| LT debt/equity - most recent fiscal year | 87.68% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 93.71% |
| LT debt/equity - most recent half-year | 78.89% |
| Total debt/total equity - most recent half-year | 85.34% |
| Free Cash Flow - trailing 12 month | 845.50 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 7,042.90 |
| Revenue - trailing 12 month | 7,042.90 |
| EBITD - most recent fiscal year | 2,377.00 |
| EBITD - trailing 12 month | 2,377.00 |
| Earnings before taxes - most recent fiscal year | 1,350.80 |
| Earnings before taxes - trailing 12 month | 1,350.80 |
| Net Income available to common - most recent fiscal year | 954.00 |
| Net Income available to common - trailing 12 months | 954.00 |
| Earnings before taxes Normalized - most recent fiscal year | 1,345.50 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.69 |
| Net Profit Margin % - 1st historical fiscal year | 13.47% |
| Net Profit Margin % - trailing 12 month | 13.47% |
| Operating margin - 1st historical fiscal year | 16.99% |
| Operating margin - trailing 12 month | 16.99% |
| Pretax margin - trailing 12 month | 19.18% |
| Pretax margin - 1st historical fiscal year | 19.18% |
| Operating Margin - 5 year average | 14.72% |
| Pretax Margin - 5 year average | 17.00% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 7.49% |
| Free Operating Cash Flow/Revenue, TTM | 12.01% |
| Net Profit Margin - 5 year average | 11.85% |
| Return on average assets - most recent fiscal year | 10.16% |
| Return on average assets - trailing 12 month | 10.16% |
| Return on average equity - most recent fiscal year | 28.47% |
| Return on average equity - trailing 12 month | 28.47% |
| Return on average assets - 5 year average | 8.69% |
| Return on average equity - 5 year average | 25.02% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 6.22% |
| EPS growth rate, 5 year | 14.51% |
| Growth rate% - dividend, 3 year | 21.46% |
| Revenue/share (5 yr growth) | 7.98% |
| Growth rate% - Revenue, 3 year | 5.04% |
| Growth rate% - EPS, 3 year | 11.52% |
| Book value per share growth rate, 5 year | 5.34% |
| Capital Spending growth rate, 5 year | 0.99% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 8.92% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
BXB has sat in MM's Hitlist for a few months, always frustrating when the stock jumps ~10% but never say never! We like BXB as discussed earlier in the month here, but it has now reached our initial ~$22 target area. We believe the US pallet-repair constraints appear fixable rather than structural.
Brambles (BXB) has remained on our Hitlist, even after they downgraded FY26 guidance in May here. BXB’s fall from grace was driven by US repair-capacity constraints that reduced the quality and availability of pallets across its CHEP network.
Pallet business BXB was smacked over 20% in May after significantly downgrading FY26 earnings, covered here. Over the last few months the stock has ground higher in anticipation of an improving outlook in FY27, although it's still down almost 12% year-to-date and is trading in line with its average valuation over recent years, suggesting the market's pricing the downgrade as one and done.
BXB -20.23%: Smashed today after downgrading FY26 guidance, its worst day in more than 20 years. Interestingly, this is not a demand problem in the traditional sense – the opposite in fact, with customer demand stronger than expected and BXB unable to service parts of that demand efficiently because of repair capacity constraints in the US pallet network. The issue has been driven by labour shortages, subcontractor turnover and the need to repair pallets to a higher standard as customers increasingly automate their supply chains.
BXB has held up well in recent weeks but a potential slowdown in the global economy will weigh heavily on the stock - we are fans of this pallet business as discussed in late 2025 Here but the risk/reward is more appealing ~$21.
Brambles (BXB) is a global logistics company that supplies and manages reusable pallets, crates and containers, primarily through its CHEP brand, to streamline supply chains for retailers and manufacturers worldwide. It’s hard to imagine a business generating $US6.7bn in revenue in FY25 from pallets, but they do own 350 million of them!
Brambles (BXB) +3.74%: Held guidance unchanged despite softer volumes — the market rewarded evidence that margins and costs are being managed tightly through a subdued demand environment.
The recent 8% pullback by the ASX has seen a number of high profile companies who delivered earnings beats in the last few months see all of their share price gains, and often more, wiped out by the weakness e.g. CAR Group (CAR), Super Retail Group (SUL), Nick Scali (NCK), and Brambles (BXB) illustrated below.
Brambles (BXB) generates revenue primarily through rental and service fees from its global pallet and container-pooling business (mainly under the CHEP brand). Its hard to imagine a business generating $US6.7bn in revenue in FY25 from pallets but obviously there’s a little more to it than the annoying wooden pallets that end up on the driveway every time you get a delivery:
BXB –5.03%: A soft third-quarter result from the transport logistics business showed decent new business growth in the Americas though this was offset by a poor outlook.
MM is cautiously bullish toward BXB below $21
MM is bullish towards BXB around $19.50
MM is cautiously bullish towards BXB around $20
MM retains BXB on the Hitlist
MM is bullish on BXB in the $21 area
MM is bullish towards BXB around $25
MM is now bullish BXB ~$24
MM is bullish towards BXB
MM is bullish towards BXB ~$24
MM is neutral BXB
Brambles is the world's largest supplier of reusable wooden pallets for the fast-moving consumer goods, fresh produce, beverage, retail, and general manufacturing industries. Brambles' services primarily operate under the Chep brand. The operation spans approximately 60 countries with three geographical segments: Chep Americas, Chep Europe, Middle East, and Asia, and Chep Asia-Pacific.
Forgot password? Request a One Time Password or reset your password
One Time Password
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
A link to create a new password will be sent to the email address you have registered to your account.
Hi, this is only available to members. Join today and access the latest views on the latest developments from a professional money manager.
Our Smart Phone App will give you access to much of our content and notifications. Download for free today.
Hi, this is only available to members. Join today and access the latest views on the latest developments from a professional money manager.
JOIN NOW
Something went wrong. Please try again in a moment.
