Shares of Brambles have bolted to new 3-month high at $12.35 as the trading conditions in the US and European markets continue to reflect a sustainable revenue outlook.
The international pallet, crate and container supplier is looking to benefit in FY 2017 from a recent joint venture in the in the Oil and Gas sector, as well as, a restructuring in their container division.
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Despite a change in CEO, our EBIT remains unchanged in the 9.0% range, which is in the lower end of management’s 9-11% range.
In the near-term, we see price resistance in the $12.75 area and will look to sell covered calls in the $13.00 area to enhance the low 2.8% forward dividend yield on offer.
