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EPIC BNZL
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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?

EPIC BNZL
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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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