Bunzl: Industry Consolidator With A 40% Return On Capital

  • Bunzl's resilient business model is underpinned by steady demand and cost-plus contracts. The company excels at bolt-on acquisitions, consolidating a fragmented industry, and achieving attractive returns through synergies. Despite recent North American profit warnings, Bunzl remains a cash-generative, stable, and profitable distributor with strong operating performance.