Narrow-Moat Bunzl Packages a Solid 2017
Narrow-moat Bunzl delivered a solid set of full-year numbers, bang in line with our expectations. Organic revenue growth increased markedly to 4.3% over the period from just 0.3% in 2017, the highest level since 2006. We do not expect to make any material changes to our forecasts or to our GBX 2,160 fair value estimate on the back of these results, and we believe the shares offer marginal upside from current levels.The strong level of organic revenue growth was relatively broad-based. Organic g...
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