Bunzl plc
Bunzl plc operates as a distribution and services company in the North America, Continental Europe, the United Kingdom, Ireland, and internationally. It provides personal protection and safety equipment, including gloves, boots, hard hats, ear and eye protection, other workwear, as well as cleaning…
Bunzl plc operates as a distribution and services company in the North America, Continental Europe, the United Kingdom, Ireland, and internationally. It provides personal protection and safety equipment, including gloves, boots, hard hats, ear and eye protection, other workwear, as well as cleaning and hygiene supplies and asset protection products; and healthcare consumables, such as gloves, masks, swabs, gowns, bandages, healthcare devices, and other healthcare related equipment. The company also offers cleaning and hygiene materials comprising chemicals and hygiene paper; goods-not-for-resale, including food packaging, films, labels, and other store supplies; non-food consumables, such as food packaging, disposable tableware, guest amenities, catering equipment, and agricultural supplies; and other products. It serves its products to industrial, construction, e-commerce, hospitals, care homes and other facilities serving the healthcare, public sector customers, grocery stores, supermarkets, convenience stores, hotels, restaurants, contract caterers, food processors, commercial growers, leisure, retail customers, and office supply companies. Bunzl plc was founded in 1854 and is based in London, the United Kingdom.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF is somewhat apart.
Other models: GBP 19.82–35.49 (median 25.79). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using Fiscal year 2025 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 3.61% growth, 2.7% terminal growth, and 10% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 3.61%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 3.6% (sector default 6.2%, own revenue history 3.6%, analyst revenue consensus 2.3%).
Analyst consensus expects revenue growth of 2.3% a year; the growth assumption used is 3.6%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — GBP 27.10 (-5.1%)
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EPS-based Gordon proxy
— GBP 19.82 (-30.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— GBP 27.10 (-5.1%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— GBP 25.79 (-9.7%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— GBP 35.49 (+24.3%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— GBP 27.05 (-5.3%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— GBP 90.21 (+215.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear GBP 18.34 | -55.7% |
| Base GBP 27.10 | -5.4% |
| Bull GBP 42.67 | 33.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At GBP 28.56 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.7%, discount 10.0%).
Compare: the market implies 4.6% a year, this model assumes 3.6%. The market expects more than this model does, which is why it reads as overvalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| -0.4% | 32.39 | 26.19 | 21.68 | 18.26 | 15.57 |
| 1.6% | 36.11 | 29.26 | 24.29 | 20.51 | 17.55 |
| 3.6% | 40.11 | 32.57 | 27.10 | 22.94 | 19.68 |
| 5.6% | 44.42 | 36.13 | 30.11 | 25.55 | 21.97 |
| 7.6% | 49.05 | 39.95 | 33.35 | 28.35 | 24.42 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 62 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +3.6% a year | 12 / 20 |
| Balance sheet | net debt 2.0x EBITDA | 10 / 20 |
| Margins | EBITDA margin 10% | 0 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BNZL.L (this company) | GBP 28.56 | -5.4% | 20.3 | 3.3 | 2.6% | 62 |
| EZJ.L easyJet plc | GBP 6.88 | 74.3% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.80 | 64.7% | 7.1 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.37 | 58.9% | 8.0 | 3.5 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.54 | 54.7% | – | 0.8 | 2.1% | 46 |
| SRP.L Serco Group plc | GBP 2.77 | 46.2% | 19.7 | 3.3 | 1.5% | 82 |
| DFDS.CO DFDS A/S | DKK 157.30 | 45.9% | – | 0.6 | – | 64 |
| DG.PA VINCI SA | EUR 111.75 | 42.2% | 12.9 | 2.1 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 89.00 | 40.8% | 7.2 | 1.8 | 1.2% | 100 |
| Peer median | 9.3 | 1.9 | ||||
Dividends
Paid in the last 12 months: GBP 0.01 per share · yield 0.03% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.005 |
| 2025 | 0.007 |
| 2024 | 0.007 |
| 2023 | 0.006 |
| 2022 | 0.006 |
| 2021 | 0.005 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | GBP 11,845,400,000 |
|---|---|
| EBITDA | GBP 1,160,500,000 |
| EBIT | GBP 755,800,000 |
| Net income | GBP 459,200,000 |
| Free cash flow | GBP 765,100,000 |
| Capital expenditures | GBP 71,500,000 |
| Debt | GBP 2,895,400,000 |
| Cash | GBP 540,100,000 |
| Working capital | GBP 1,125,300,000 |
| Shares outstanding | 326,000,000 |
| Reported dividends per share | GBP 0.7429 |