ShoreCap stays at 'buy for Bunzl ahead of 1H results

In a research note sent to clients, analyst Robin Speakman cited the company's "strong" management culture, the resilience of its business model to economic cycles, cash generation and ability to source and integrate acquisitions.

"Prospects to us continue to look assured," he said, further pointing out how forecasts were still drifting upwards, a process he expected would extend through the back half of 2022, including through non-organic growth.

"A premium rating is deserved, in our opinion. On current forecasts we see fair value at 3450p – clear >10% upside for this quality global group, ahead of any further upgrades."

Bunzl was scheduled to release its 1h numbers on 30 August.