Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Equity Bottom-Up

<ul><li>Brambles has a superb wide-moat franchise.</li><li>Its dominant position in global pallet pooling through CHEP has made it one of Australia's most successful industrial services companies in the past 15 years.</li><li>Having recently unveiled a USD 1.5 billion growth program, Brambles has the potential to lift its performance and widen its competitive moat by cutting costs, improving pallet durability and introducing new pallet formats outside the traditional 40 inch x 48 inch wood pallet.</li><li>We also examine long-term trends in U.S. retailing and the pallet industry and conclude they play to CHEP's strengths, cementing its dominant market position.</li><li>We conclude value exists in Brambles, with the stock trading at an 8% discount to our A$12.00 per share discounted cash flow-based fair value estimate.</li><li>This report presents a deep-dive&nbsp;review&nbsp;of Brambles Business.</li></ul><p>Analysts: Tim Mann &amp; Carolyn Holmes, CPA</p>

Brambles has a superb wide-moat franchise.Its dominant position in global pallet pooling through CHEP has made it one of Australia's most successful industrial services companies in the past 15 years.Having recently unveiled a USD 1.5 billion growth program, Brambles has the potential to lift its performance and widen its competitive moat by cutting costs, improving pallet durability and introducing new pallet formats outside the traditional 40 inch x 48 inch wood pallet.We also examine long-term trends in U.S. retailing and the pallet industry and conclude they play to CHEP's strengths, cementing its dominant market position.We conclude value exists in Brambles, with the stock trading at an 8% discount to our A$12.00 per share discounted cash flow-based fair value estimate.This report presents a deep-dive&nbsp;review&nbsp;of Brambles Business.Analysts: Tim Mann &amp; Carolyn Holmes, CPA

Competitive Threats Will Not Topple CHEP. Long-Term Trends Favour Market Leadership.

Brambles Ltd

Competitive Threats Will Not Topple CHEP. Long-Term Trends Favour Market Leadership.