Bunzl (BNZL)

Sector:

Retailers

Index:

FTSE 100

3,184.00p
   
  • Change Today:
      10.00p
  • 52 Week High: 3,306.00
  • 52 Week Low: 2,687.00
  • Currency: UK Pounds
  • Shares Issued: 338.04m
  • Volume: 54,861
  • Market Cap: £10,763m
  • RiskGrade: 114

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 2.1% 2.3% 2.0% 3.7% 0.8%
           
Continuing Operations          
PE Ratio - Adjusted 16.7 15.0 17.8 14.8 15.6
PE Ratio - Diluted 20.4
16.8		 19.6
15.1		 21.9
22.2		 19.0
17.2		 19.8
15.7
PEG - Adjusted 4.2 1.2 n/a 0.6 7.8
PEG - Diluted 1.9
4.2		 2.8
0.4		 7.3
n/a		 0.8
2.2		 3.3
0.6
Return on Capital Employed 25.66%
30.70%		 23.41%
29.52%		 0.28%
0.29%		 26.37%
28.91%		 26.93%
31.58%
Operating Margin 6.69%
8.00%		 5.83%
7.36%		 6.06%
6.28%		 6.12%
6.71%		 5.67%
6.65%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 16.7 15.0 1,758.8 14.8 15.6
PE Ratio - Diluted 20.4
16.8		 19.6
15.1		 2,168.5
2,202.6		 19.0
17.2		 19.8
15.7
PEG - Adjusted 4.2 0.0 n/a 0.6 7.8
PEG - Diluted 1.9
4.2		 0.0
0.0		 n/a
n/a		 0.8
2.2		 3.3
0.6

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 55.95% 59.79% 82.08% 91.86% 99.59%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value (38.7) (24.8) (17.1) (15.6) (12.6)
Price/Tangible Book Value (38.7) (24.8) (17.1) (15.6) (12.6)
Price/ Cash Flow 11.8 9.7 13.1 10.3 10.3
Price/Revenue 0.91 0.77 92.76 0.81 0.74
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) (82.33p) (111.44p) (168.63p) (156.62p) (164.00p)
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 11,797.10 12,039.50 103.82 10,111.10 9,326.70
EBITDA 996.30
1,151.40		 892.00
1,075.40		 8.02
8.25		 890.60
950.10		 528.40
619.80
Depreciation (207.20)
(207.20)		 (189.50)
(189.50)		 (1.73)
(1.73)		 (272.10)
(272.10)		 n/a
n/a
Net Interest (90.50)
(90.50)		 (67.90)
(67.90)		 (0.55)
(0.55)		 (62.80)
(62.80)		 (75.10)
(75.10)
Profit Before Tax 698.60
853.70		 634.60
818.00		 5.74
5.97		 555.70
615.20		 453.30
544.70
           
Revenue per Share 3,521.52p 3,597.10p 31.10p 3,029.09p 2,798.29p
Pre-Tax Profit per Share 208.54p
254.84p		 189.60p
244.40p		 1.72p
1.79p		 166.48p
184.30p		 136.00p
163.43p
Market Capitalisation £ (Millions) 10,782.87 9,316.26 9,733.96 8,232.88 6,954.77
Enterprise Value (EV) £ (Millions) 13,848.27 12,415.46 12,304.96 10,920.88 9,292.27
EBITDA/EV 7.19%
8.31%		 7.18%
8.66%		 0.07%
0.07%		 8.16%
8.70%		 5.69%
6.67%
Operating Margin 6.69%
8.00%		 5.83%
7.36%		 6.06%
6.28%		 6.12%
6.71%		 5.67%
6.65%
Capital Employed £ (Millions) 3,075.80 3,001.00 2,230.30 2,345.20 1,962.40
Return on Capital Employed 25.66%
30.70%		 23.41%
29.52%		 0.28%
0.29%		 26.37%
28.91%		 26.93%
31.58%
Invested Equity Capital £ (Millions) 3,232.20 2,964.10 2,411.20 2,079.90 1,905.70
           
Earnings per Share - Basic 157.10p
191.13p		 141.70p
184.28p		 132.70p
130.62p		 128.80p
142.25p		 104.80p
132.19p
Earnings per Share - Diluted 156.00p
189.89p		 140.70p
182.92p		 131.80p
129.76p		 128.30p
141.70p		 104.50p
131.80p
Earnings per Share - Adjusted 191.10p 184.30p 162.50p 164.90p 132.20p
Earnings per Share Growth - Basic 11%
4%		 7%
41%		 3%
-8%		 23%
8%		 6%
25%
Earnings per Share Growth - Diluted 11%
4%		 7%
41%		 3%
-8%		 23%
8%		 6%
26%
Earnings per Share Growth - Adjusted 4% 13% -2% 25% 2%
PE Ratio - Diluted 20.4
16.8		 19.6
15.1		 21.9
22.2		 19.0
17.2		 19.8
15.7
PEG - Diluted 1.9
4.2		 2.8
0.4		 7.3
n/a		 0.8
2.2		 3.3
0.6
Tax Rate 24.68% 25.24% 22.14% 22.62% 22.96%
Dividend Cover 2.80
2.80		 2.94
2.94		 2.85
2.29		 1.83
1.58		 8.53
8.53
Interest Cover (10.57)
(13.13)		 (27.46)
(35.68)		 9.71
10.06		 8.59
9.40		 6.18
7.23
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 157.10p
191.13p		 141.70p
184.28p		 1.34p
1.32p		 128.80p
142.25p		 104.80p
132.19p
Earnings per Share - Diluted 156.00p
189.89p		 140.70p
182.92p		 1.33p
1.31p		 128.30p
141.70p		 104.50p
131.80p
Earnings per Share - Adjusted 191.10p 184.30p 1.64p 164.90p 132.20p
Earnings per Share Growth - Basic 11%
4%		 10,479%
13,877%		 -99%
-99%		 23%
8%		 6%
25%
Earnings per Share Growth - Diluted 11%
4%		 10,476%
13,865%		 -99%
-99%		 23%
8%		 6%
26%
Earnings per Share Growth - Adjusted 4% 11,136% -99% 25% 2%
PE Ratio - Diluted 20.4
16.8		 19.6
15.1		 2,168.5
2,202.6		 19.0
17.2		 19.8
15.7
PEG - Diluted 1.9
4.2		 0.0
0.0		 n/a
n/a		 0.8
2.2		 3.3
0.6
Dividend Cover 2.80
2.80		 2.94
2.94		 0.03
0.02		 1.83
1.58		 8.53
8.53
Return on Equity (ROE) 16.28%
19.81%		 16.00%
20.81%		 0.19%
0.18%		 20.67%
22.83%		 18.32%
23.12%
Operating Cash Flow per Share 269.85p 284.31p 219.62p 236.73p 200.81p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (30.57p) 118.73p (0.56p) 86.28p 4.35p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 68.30p 62.70p 57.00p 89.90p 15.50p
Dividend per Share Growth 8.93% 10.00% (36.60%) 480.00% (69.12%)
Dividend Yield 2.1% 2.3% 2.0% 3.7% 0.8%
Shareholders Funds 2,966.30 2,720.90 2,203.90 1,919.10 1,744.30
Net Borrowings £ (Millions) 1,659.70 1,626.80 1,809.00 1,762.90 1,737.10
Net Asset Value per Share (inc. Intangibles) (82.33p) (111.44p) (168.63p) (156.62p) (164.00p)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 2,966.30 2,720.90 2,203.90 1,919.10 1,744.30
Net Borrowings £ (Millions) 1,659.70 1,626.80 1,809.00 1,762.90 1,737.10
Net Gearing 55.95% 59.79% 82.08% 91.86% 99.59%
Cash & Near Cash 1,426.10 1,504.00 776.90 944.30 610.50
Cash 48.08% 55.28% 35.25% 49.21% 35.00%
Gross Borrowings 3,085.80 3,130.80 2,585.90 2,707.20 2,347.60
Gross Gearing 104.03% 115.06% 117.33% 141.07% 134.59%
Borrowings Under 5 years 3,085.80 3,130.80 2,585.90 2,707.20 2,347.60
Under 5 years 104.03% 115.06% 117.33% 141.07% 134.59%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles (275.80) (373.00) (562.90) (522.80) (546.60)
Net Borrowings £ (Millions) 1,659.70 1,626.80 1,809.00 1,762.90 1,737.10
Net Gearing n/a n/a n/a n/a n/a
Cash & Near Cash 1,426.10 1,504.00 776.90 944.30 610.50
Cash (517.08%) (403.22%) (138.02%) (180.62%) (111.69%)
Gross Borrowings 3,085.80 3,130.80 2,585.90 2,707.20 2,347.60
Gross Gearing 1,118.82% 839.36% 459.39% 517.83% 429.49%
Borrowings Under 5 years 3,085.80 3,130.80 2,585.90 2,707.20 2,347.60
Under 5 years (1,118.85%) (839.36%) (459.39%) (517.83%) (429.49%)
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio 0.91 0.89 0.80 0.88 0.82
Current Ratio 1.40 1.40 1.34 1.42 1.34

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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