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#Overview + Competitive Advanta
stale
Added 2 years ago

Business Overview:

  • The invisible backbone of supply chains, with global revenue diversification (60 countries) plus defensive exposure to the FMCG sector
  • History of strong capital management, evidenced by divestments (IFCO RPC, 2019), minimal shareholder dilution and ROIC focus (e.g. Costco plastic trial)
  • Moderate to high level of earnings quality, evidenced by a growing dividend, high ROCI (>15%) albeit low TSR (6.5% 10-year CAGR)


Competitive Advantages:

  • First mover advantage has led to scale-related operational efficiencies in managing the world’s largest pool of reusable pallets, crates and containers and a superior network advantage (either a monopoly or duopoly in most markets)
  • A genuinely sustainable company generating value through a ‘share and reuse’ circular business model. Competitors considered to be 3-4 years behind BXB on sustainability targets
  • Moderate switching costs, strengthened by deep supply chain D&A and a long operating history of operating trusted customer relationships
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#High-level Investing Checklist
stale
Added 2 years ago

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