At Independent Research we look for a comparative advantage in similar securities in different markets. The vast majority of the Brambles logistics business is outside Australia yet rarely is there an attempt to find peer group valuation outside Australia. US markets have been led by transports and industrials, a bullish technical sign and an opportune time to visit the valuation for Brambles by comparison with its US counterparts which we believe is a more compelling peer group than its ASX comparables given its exposure to Northern hemisphere customers. There are no direct listed counterparts for Brambles which is why we see plenty of information about valuations based on discounted cash flow (DCF) and return on invested capital (ROIC). Independent Research has turned to the major customers and markets which Brambles serves to make a valiant attempt at a comparison on the basis that Brambles cannot do a lot better or worse than the customers it serves. Why has Brambles lagged in this excellent and what is our benchmark?