Narrow-Moat Bunzl Supplies a Solid First Half
With Bunzl having released a preclose statement on June 27, there was little in the way of surprises in the firm's first-half release on Aug. 28, aside from some further detail on the company’s performance. Overall, the results were very much in line with our full-year expectations, so we do not expect to make any changes to our forecasts or to our GBX 2,160 fair value estimate. We reiterate our narrow moat rating for the company.Impressive organic revenue growth of just over 5% was driven by a...
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.
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