Narrow Moat Bunzl Stumbles in Q1
Narrow-moat Bunzl delivered a relatively downbeat 1Q trading update. Organic revenue growth was just 1.5% over the period, a sharp drop from the 4.3% delivered in full-years 2017 and 2018. While this figure is well below our expectation of 3.4% growth in full-year 2019, we are hesitant to hastily cut our numbers so early in the year. We therefore maintain our near-term forecasts and GBX 2,360 fair value estimate. Despite today’s fall, we believe the shares are currently fairly valued.The cause...
Bunzl is engaged in the distribution and outsourcing service, supplying a range of internationally sourced non-food products to a variety of market sectors. Co.'s market sectors: Foodservice, which comprised of non-food consumables, including food packaging, disposable tableware and guest amenities, cleaning products and safety items; Grocery, which goods not for resale including food packaging and hygiene supplies, to grocery stores; Cleaning and hygiene, which including chemicals and hygiene paper; safety, which include a range of personal protection equipment, including hard hats, gloves, boots, ear and eye protection and other workwear, to industrial and construction markets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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