Bunzl Plc Ord 32 1/7p (BNZL)
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Company overview
Bunzl PLC was incorporated in 1940 and listed on the London Stock Exchange in 1957, but its origins date back to 1854 when Moritz Bunzl opened a small haberdashery business in Bratislava, now the capital of Slovakia. Today the company is a leading specialist distribution group supplying a broad range of non-food consumable products that are essential for their customers to operate their businesses but which they do not actually sell. Active in 23 countries, Bunzl's main customer markets include grocery, foodservice, cleaning and safety, non-food retail and healthcare.
HL Comment (13 December 2011)
The group's recent full year closing update (13Dec2011), saw management highlighting trading which had proved consistent with its October third quarter statement. At constant exchange rates group revenue growth for the year is expected to be over 6% due to underlying revenue growth of about 3.5% and the positive impact from acquisitions. There had also been an improvement in the company's operating margin. Acquisitions remained an important part of the group's growth strategy, with ten acquisitions announced this year and £185 million invested. Furthermore, the operating profit margin of the acquired companies had proved to be higher than the company average. All were integrating well, with the current environment for acquisitions remaining positive.
Negative Points
- Around a half of group profit is generated in North America, where economic uncertainty persists.
- Bunzl remains sensitive to currency fluctuations.
- Acquisitions always bring an element of risk.
Positive Points
- Group revenues continue to grow.
- The company's profit margin has been expanded.
- Both geographical and customer industry diversification are enjoyed.
- Acquisitions continue to provide a key element of the group's growth strategy.
- The group continues to highlight both a strong balance sheet and strong cash flow, with the dividend to date remaining progressive.
Consensus
On balance, market consensus indicates a strong hold.
All yield figures are variable and not guaranteed.
What the Brokers Say
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Strong
SellStrong
Buy -
Strong Buy: 2 Buy: 0 Neutral: 10 Sell: 1 Strong Sell: 2 Total: 15
This is not a recommendation, it represents the consensus view of a basket of brokers. If less than 5 brokers it may not be a valid consensus. HL might not concur and takes no responsibility.
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Important dates
Past events
| Interim Dividend Payment Date | 3-01-2012 |
| Trading Announcement | 13-12-2011 |
| Interim Ex-Dividend Date | 9-11-2011 |
| Interim Management Statement | 25-10-2011 |
| Interim Results | 30-08-2011 |
| Final Dividend Payment Date | 1-07-2011 |
| Trading Announcement | 24-06-2011 |
| Final Ex-Dividend Date | 11-05-2011 |
| AGM | 20-04-2011 |
| Interim Management Statement | 20-04-2011 |
| Annual Report | 17-03-2011 |
| Interim Dividend Payment Date | 4-01-2011 |
| Trading Announcement | 14-12-2010 |
| Interim Ex-Dividend Date | 10-11-2010 |
| Interim Management Statement | 19-10-2010 |
| Interim Results | 31-08-2010 |
| Final Dividend Payment Date | 1-07-2010 |
| Trading Announcement | 22-06-2010 |
| Final Ex-Dividend Date | 5-05-2010 |
| AGM | 21-04-2010 |
| Interim Management Statement | 21-04-2010 |
| Annual Report | 19-03-2010 |
| Final Results | 22-02-2010 |
| Interim Dividend Payment Date | 4-01-2010 |
| Trading Announcement | 14-12-2009 |
| Interim Ex-Dividend Date | 11-11-2009 |
| Trading Announcement | 1-10-2009 |
| Final Dividend Payment Date | 1-07-2009 |
| Trading Announcement | 23-06-2009 |
| AGM | 13-05-2009 |
| Final Ex-Dividend Date | 6-05-2009 |
| Final Results | 23-02-2009 |
| Interim Dividend Payment Date | 2-01-2009 |
| Interim Ex-Dividend Date | 12-11-2008 |
| Interim Results | 26-08-2008 |
| Final Dividend Payment Date | 3-07-2008 |
| Trading Announcement | 24-06-2008 |
| AGM | 14-05-2008 |
| Final Ex-Dividend Date | 7-05-2008 |
| Final Results | 25-02-2008 |
| Interim Dividend Payment Date | 4-01-2008 |
Fundamental Data
Values are quoted in the stock's local currency: British pound.
| Year Ending | Revenue (m) | Profit Before Tax (m) | EPS (p) | P/E Ratio | PEG | EPS Growth (%) | Total Dividend | Dividend Yield |
|---|---|---|---|---|---|---|---|---|
| 31-12-2010 | 4,829.60 | 225.20 | 49.10 | 11.90 | 1.50 | 8.00 | 23.35 | 3.20 |
| 31-12-2009 | 4,648.70 | 216.00 | 46.40 | 12.10 | 2.00 | 6.00 | 21.55 | 3.20 |
| 31-12-2008 | 4,177.30 | 206.90 | 44.50 | 11.20 | 0.70 | 17.00 | 20.60 | 3.50 |
| 31-12-2007 | 3,581.90 | 191.10 | 39.80 | 15.70 | 2.00 | 8.00 | 18.70 | 2.60 |
| 31-12-2006 | 3,333.20 | 189.70 | 37.80 | 15.10 | 1.90 | 8.00 | 17.00 | 2.70 |
Latest BNZL Director Deals
| Traded | Action | Notifier | Position | Price | Amount | Value |
|---|---|---|---|---|---|---|
| 11-01-2012 | Buy Dividends | Patrick Larmon | Executive Director | 13.85 | 155.00 | 2,146.75 |
| 4-01-2012 | Buy Dividends | Patrick Larmon | Executive Director | 883.79p | 833.00 | £7,361.97 |
| 19-12-2011 | Buy | Eugenia Ulasewicz | Non-Executive Director | 837.87p | 4,000.00 | £33,514.80 |
| 14-12-2011 | Sell | Patrick Larmon | Executive Director | 851.28p | 53,200.00 | £452,880.96 |
| 1-12-2011 | Sell | Paul Nicholas Hussey | General Counsel and Company Secretary | 827.48p | 10,419.00 | £86,215.14 |
| 1-12-2011 | Sell | Brian May | Finance Director | 827.48p | 19,104.00 | £158,081.78 |
Any Overview and Comment is provided by Hargreaves Lansdown. What the Brokers Say, Important Dates and Financials are supplied by Digital Look Ltd. Prices delayed by at least 15 minutes.