Bunzl plc

A more acquisitive animal

  • Sectors : Business Support Services
  • Companies : Bunzl plc

Ratings and price correct at time of issue.

  • Bunzl plc

    Closing Price: 2338p

  • RATING 01/04/21



It is tough to argue with Bunzl’s track record over the long run or indeed its share price performance. While organic growth will be negative in 2021E due to the 2020 COVID boost, we see a return to more normal growth and margins in 2022E. However, as with the period following the Global Financial Crisis (GFC), and considering the high levels of internally funded capital, we anticipate a more acquisitive Bunzl over the next 12-24 months. We initiate with an ‘Outperform’ rating.

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Apr 1 2021, 06:40 IST/BST