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Results: BNZL

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Bunzl has been a great business for cautious investors after thirty years of rising dividend payments, but…

As a boring (predominately) large cap global investor, it has perhaps been a bit of a surprise that it took me years to warm to FTSE 100 company Bunzl (BNZL), which describes itself as a “multinational distribution and outsourcing company”, which has banged out thirty years of rising dividends. A few months ago, I observed I thought it would be smart to “wake me up if Bunzl shares fall back below a 26 quid price (again)”. That has not happened and today the shares are kicking around above a thirty quid share price. Time for me to get (finally) more excited or not?


Wake me up if Bunzl shares fall back below a 26 quid price (again)

Are you nearly ready for Christmas? I hope that you are, as it has been a busy, and often volatile, year for all investors, and it is always good to have a bit more of family time focus. Naturally though, weirdos like me will be spending a bit of each of the final ten days of 2022 looking at market matters. And that inspires me this morning to write about the specialist international distribution and services company Bunzl (BNZL).

Bunzl may be the world’s largest “value-added distributor” but I need to be even more of a sad sack to buy the shares today

Almost exactly a year ago, I asked myself “I historically mucked it up on Bunzl (BNZL), so what do I think now?”. I concluded back then that it was a worthy business, which had grown its revenue, profit and cash flow over time but I passed on buying the shares as I was fired up by a bunch of different sectors and corporate names. Though, despite the stock falling about 4% this morning, it is still up over 10% during the last year. So should I be more boring and buy the stock?


I historically mucked it up on Bunzl, so what do I think now?

If my maths is correct, it is almost one hundred months ago that I quit being an institutional fund manager. I certainly have no regrets. Anyhow, I do recall that one colleague was banging on about the attraction of Bunzl (BNZL), the ‘specialist international distribution and services’ company, at the time. Including dividends it has delivered a 200% gain since then which is far from shabby...even if at the time (and subsequently in my own pension fund) I’d invested in global companies I have inherently been much more excited by. So - on the last day of August, following the publication of first half numbers - what do I think now?

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