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Bunzl plc (BNZL) Fair Value & Analysis

Consumer Defensive · GB · Market cap 8.7B GBX

BP Bunzl plc BNZL · LSE
Price£27.18
Fair Value£30.03
Upside+10.5%
Quality72/100
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Healthy Growth
Thin margins · 3.9% net margin
Moderate debt · generates free cash flow
2.75% dividend yield
Mixed vs. peers (7/15)
Moderate moat 46/100
Evidence: High Range £21.03 – £37.54 Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 23 days ago

Share price +6.1% over the past month.

A solid business, screening 10% undervalued on our models.

What matters now

  • Our model range runs from £21.03 (bear) to £37.54 (bull), base £30.03. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 72/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

£33.58 £18.67 Fair Value £30.03 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range £18.67 – £33.58 · fair‑value band £21.03 – £37.54 · the £27.18 price screens below the £30.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Bunzl plc (BNZL) currently trades at £27.18, while our model-based Fair Value estimate is £30.03, implying the stock looks roughly 10.5% undervalued today. We read business quality at 72/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Bunzl plc generated revenue of £11.8B at a net margin of 3.9%. Revenue grew 0.3% year over year. It earns a return on equity of 16.5%. Net debt stands at £2.4B. Fundamentals as of Jul 15, 2026

Our scenario range runs from £21.03 (bear case) to £37.54 (bull case); at £27.18, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 10%, BNZL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF £22.17 £33.66 £49.34 80
Residual Income £9.05 £11.47 £26.82 76
Rev-Margin DCF £18.50 £30.81 £44.88 74
All 26 models by family
DCF Models
FCF DCF £21.78 £34.76 £53.60 38
Owner Earnings £22.69 £36.13 £55.65 31
5Y Revenue Exit £18.50 £30.66 £45.98 39
5Y EBITDA Exit £25.43 £43.54 £64.50 41
5Y P/E Exit £17.65 £29.09 £40.89 38
10Y Revenue Exit £18.86 £30.05 £44.70 36
10Y EBITDA Exit £23.79 £38.76 £58.43 37
10Y P/E Exit £18.96 £28.99 £40.93 35
Earnings-Based
Graham-Dodd £9.72 £29.28 £38.81 54
Lynch FV £6.23 £8.90 £11.56 50
PEG = 1.0 £6.23 £8.90 £11.56 46
EPV £13.12 £15.78 £18.08 59
Dividend Discount
Gordon GGM £6.62 £13.20 £19.99 70
DDM Multi-Stage £6.62 £10.61 £13.93 61
Multiples
P/E Multiple £21.45 £28.60 £35.75 63
P/S Multiple £18.23 £24.31 £30.39 58
P/B Multiple £18.23 £24.31 £30.39 55
EV/EBIT £28.05 £38.64 £49.24 53
EV/EBITDA £31.51 £43.26 £55.00 54
EV/Revenue £17.69 £26.87 £36.05 43
Asset-Based
NCAV (Graham) £4.34 £5.82 £8.69 50
Growth DCF
Growth DCF £22.17 £33.66 £49.34 80
Rev-Margin DCF £18.50 £30.81 £44.88 74
Economic Profit
Residual Income £9.05 £11.47 £26.82 76
ROIC Compounder £13.96 £18.39 £23.62 72
Growth Earnings
Growth-Adj P/E £17.63 £25.18 £32.74 68

Widest divergence: Growth DCF (£30.81) versus Asset-Based (£5.82). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 11.8B GBX
Revenue growth (YoY) +0.3%
Net margin 3.9%
Return on equity 16.5%
Free cash flow 765M GBX FY2025
P/E ratio 19.3
More key figures
Operating margin 7.1%
EPS (TTM) £1.41
Dividend yield 2.8%
EPS growth (YoY) -4.9%
Net debt 2.4B GBX FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 65 · Market factors (momentum, volatility) 82

Profitability 54
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 97
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bunzl plc operates as a distribution and services company in the North America, Continental Europe, the United Kingdom, Ireland, and internationally.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bunzl plc reported revenue of £11.8B in FY2025 versus £10.3B in FY2021, a compound +3.6%/yr. Reported net income was £459M in FY2025, compounding +0.9%/yr from FY2021.

Growth Quality 64/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£11.8B
Latest YoY
+0.6%
Avg. growth/yr (3Y)
−0.5%
Avg. growth/yr (5Y)
+3.2%
Avg. growth/yr (40Y)
+7.0%
Revenue +3.6%/yr
FY21 £10.3B
FY22 £12.0B
FY23 £11.8B
FY24 £11.8B
FY25 £11.8B
Net income +0.9%/yr
FY21 £443M
FY22 £474M
FY23 £526M
FY24 £500M
FY25 £459M

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Cite: Fair Value Calculator (2026). "Bunzl plc Fair Value". https://www.fairvalue-calculator.com/stock/BNZL

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Food Distribution · 78 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 72 · Top 25%
Fair Value upside +11% · Above median
Return on equity (TTM) 16% · Above median
Return on assets 5% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 0% · Below median
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.62× · Higher than 75% of peers

Valuation Multiples vs Food Distribution median · lower = cheaper

P/E (TTM) 19.3× · Pricier than median
P/B 4.21× · Pricier than 75% of peers
P/S (TTM) 0.99× · Pricier than 75% of peers
P/FCF 15.3× · Pricier than median
EV/EBITDA 13.6× · Pricier than 75% of peers
PEG 2.10× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 47 · sector 7
FUTURE 2 · sector 13
PAST 66 · sector 35
HEALTH 69 · sector 94
DIVIDEND 55 · sector 42

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Food Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Sysco Corporation SYY $81.69 $60.58 -26%
US Foods Holding USFD $99.13 $55.10 -44%
Performance Food Group PFGC $113.17 $37.94 -66%
Jerónimo Martins, SGPS, S.A JMT €17.68 €21.59 +22%
CP Axtra Public Company CPAXT 14.90 THB 17.04 THB +14%
The Chefs' Warehouse, Inc CHEF $95.79 $37.27 -61%
Olam Group VC2 1.22 SGD 2.12 SGD +74%
United Natural Foods, Inc UNFI $50.19 $6.00 -88%
The Andersons, Inc ANDE $79.24 $47.78 -40%
Metcash Limited MTS A$2.92 A$5.33 +83%

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Frequently asked questions

Is Bunzl plc (BNZL) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of £30.03 versus a price of £27.18, about +10% (undervalued).
What is the fair value of BNZL?
Our model-based fair value for Bunzl plc is £30.03 (as of Jul 15, 2026), built from audited fundamentals. The current price is £27.18.
What is the quality score of BNZL?
Bunzl plc has a Quality Score of 72/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Bunzl plc (BNZL)?
Bunzl plc reported trailing-twelve-month revenue of about £11.8B (latest available figure, as of Jul 15, 2026).
What is the net profit margin of BNZL?
The net profit margin of Bunzl plc is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.
Does Bunzl plc pay a dividend?
Bunzl plc currently shows a dividend yield of about 3.15% relative to its recent price (as of Jul 15, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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