Bunzl: Normal service is resumed

研报英文原文证据摘录

Bunzl: Normal service is resumed

Equity Research

European Business Services

24 June 2026

Bunzl

Normal service is resumed

Bunzl has navigated 2Q trading well with improvements in

the US and in margins, but still faces a tough 2H outlook, for

which the shares are fairly valued, in our view. BNZL.L/BNZL LN EQUAL WEIGHT Unchanged

European Business Services POSITIVE

In this note, we give our views on recent activist involvement in the shares and also assess Unchanged

valuation versus UK/US distribution comps in detail. Price Target GBp 2650

raised 18% from GBp 2250

Recent trading: Q2 underlying growth is in the region of 4-4.5% with a sequential step-up in

Price (23-Jun-26) GBp 2602volume and price contribution. Margins are guided to be +20bps y/y in the 1H with an inventory

Potential Upside/Downside +1.8%recognition benefit from inflation and the UK Nisbets acquisition synergies. Volume

Source: Bloomberg, Barclays Research

improvement in US distribution is encouraging, with its service levels largely restored and

evidence it has begun to claw back some market share y/y.

Market Cap (GBP mn) 8437

2H guide: After price increases and some fuel surcharge additions over May & June; Shares Outstanding (mn) 324.27

management suggest prices will follow the normalisation trajectory of the oil price, and go back Free Float (%) 99.88

to roughly where they were, and are already seeing some sequential product price declines from 52 Wk Avg Daily Volume (mn) 0.7

suppliers. The unchanged FY margin guide implicitly has margins declining c50bps y/y in 2H Dividend Yield (%) 2.85

with the assumption revenue growth is insufficient to cover SG&A inflation. Return on Equity TTM (%) 16.47

Current BVPS (GBp) 860

FIGURE 1. Quarterly underlying revenue growth estimates Source: Bloomberg