Fund Manager Summary
The outlook for Brambles Ltd is positive, as the fund managers believe the company is well-positioned to capitalize on current market dynamics. In their opinion, the recent strong first half results, coupled with an upgrade in both revenue and profit guidance for the full year, highlight continued price realisation as a key driver. This has effectively mitigated challenges posed by the inflationary environment and shifts in customer behavior due to supply chain uncertainties. Additionally, the fund managers note that the asset efficiency trials are yielding value, and there is a promising improvement in free cash flow anticipated over the next 12-18 months, reinforcing their investment thesis.
Source: Trading View
Commentary From The Managers
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Pendal Group
27 Oct 2025
$24.99
Summary
- Pendal Group continues to hold its position in Brambles Ltd (BXB) due to positive growth projections.
- The company provided a trading update at its AGM, confirming its guidance for FY25.
- Revenue is expected to grow 3-5%.
- EBIT is projected to increase by 8-11%.
- Pendal Group views these figures as indicative of Brambles' strong market position and operational resilience.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Pendal Group
27 Oct 2025
$24.99
- Pendal Group continues to hold its position in Brambles Ltd (BXB) due to positive growth projections.
- The company provided a trading update at its AGM, confirming its guidance for FY25.
- Revenue is expected to grow 3-5%.
- EBIT is projected to increase by 8-11%.
- Pendal Group views these figures as indicative of Brambles' strong market position and operational resilience.
Summary
Infinity Asset Management
31 Aug 2025
$26.02
- Infinity Asset Management maintains an overweight position in Brambles Ltd (BXB).
- BXB advanced 8.5% in August.
- FY25 sales growth of 3% was slightly below market expectations by 1.9%.
- Sales growth was at the low end of recent guidance of 1%.
- Price increases and net new business wins helped offset lower volumes.
- Margins expanded due to supply chain improvements.
- Net Profit After Tax (NPAT) increased by 2%, and Earnings Per Share (EPS) rose by 5%, beating expectations.
- Free cash flow was strong, exceeding recently upgraded guidance.
- This strong performance led to a 5% increase in the full year dividend above consensus.
- Outlook commentary remains cautious for volumes, with sales growth projected in the +3-5% range for FY26.
- However, NPAT growth forecast of +8-11% is stronger than consensus forecasts.
Summary
Antares Capital
30 June 2025
$23.42
- Antares Capital sold their investment in Brambles (BXB) in June.
- The stock has performed very well recently.
- BXB is trading well above long term valuation.
- Brambles has been admitted to the S&P / ASX 20 Index.
- This change means BXB is now an “ex Ex 20 index” stock.
- The decision was influenced by an opportunistic investment in Xero.
Summary
Blackwattle Investment Partners
31 May 2025
$23.42
- Brambles (BXB) has been a significant contributor to the Fund's performance.
- Discipline in volume growth and pricing has resulted in increased profitability and cash flows over recent years.
- Brambles holds dominant market shares in key regions: Americas, Europe, and Asia Pacific.
- In these markets, Brambles is three times larger than its nearest competitor.
- This scale enables Brambles to generate attractive returns while investing in advanced tracking technology and systems.
- Such investments are expected to widen their competitive advantage in the long run.
Summary
Equity Trustees Asset Management
30 Sept 2024
$19.03
- Equity Trustees Asset Management notes the results surprised to the upside.
- Management provided a bullish outlook leading to upgrades in market expectations.
- The company operates in a strong industry structure with a rational competitor.
- Executing on a range of efficiency measures.
- BXB has entered a period of strong earnings growth and improved cashflow performance.
- Improved pallet availability has lowered capex-to-sales requirements.
- Enhancing cashflow outlook and potential for capital management.
Summary
Wilson Asset Management
31 Jan 2024
$14.64
- Brambles owns and operates the world's largest pool of reusable pallets and containers.
- These pallets are essential for transporting fast-moving consumer goods, fresh produce, beverages, retail, and general manufacturing.
- Brambles benefits from destocking trends similar to Orora, with key customers reporting consistent volume improvements in December 2023.
- Pallet issuance volumes are an early-cycle indicator, showing a slowed rate of decline.
- Pallet returns are elevated, indicating excess pallets have washed through the system.
- Brambles remains a key holding in the WAM Leaders investment portfolio.
- Wilson Asset Management expects another solid result when Brambles reports later this month.
Summary
Cooper Investors
31 Mar 2023
$13.43
- Brambles (BXB) delivered a strong first half result
- Upgraded both revenue and profit guidance for the full year
- Continued price realisation compensated for inflationary environment
- Changes in customer behaviours linked to broader supply chain uncertainty
- Positive results from asset efficiency trials
- Line of sight to improvement in free cash flow over the next 12-18 months
- Supports Cooper Investors' continued investment proposition
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With Brambles seemingly navigating the storm of inflation and supply chain shifts, the recent profit upgrades and asset efficiency gains suggest a promising horizon. Investors might find the upcoming 12-18 months particularly compelling for free cash flow improvements."
Last Updated: 27 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Brambles Ltd (ASX:BXB)?
Fund managers including Cooper Investors, Equity Trustees Asset Management, Blackwattle Investment Partners, Antares Capital, Wilson Asset Management, Infinity Asset Management and Pendal Group have invested in Brambles Ltd (ASX:BXB).
Why do fund managers invest in Brambles Ltd?
Fund managers invest in Brambles Ltd due to its strong financial performance, highlighted by upgraded revenue and profit guidance. The company's ability to realize pricing gains amidst inflation and supply chain challenges, along with successful asset efficiency trials, enhances its value. Additionally, anticipated improvements in free cash flow over the next 12-18 months further solidify the investment rationale.
What happened to Brambles Ltd (ASX:BXB)?
Fund managers are investing in Brambles Ltd due to its resilient performance despite slightly below-expectation sales growth. The company demonstrated strong margin expansion, improved free cash flow, and a solid outlook for future earnings growth. With guidance indicating revenue growth of 3-5% and NPAT growth of 8-11% for FY26, Brambles is positioned for continued profitability, making it an attractive investment.