The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Bunzl Sell 05-Mar-12 £833,725.21 Patrick Larmon 86,869 @ 959.75p
Questor, in The Telegraph, ponders Bunzl, which supplies things like food packaging and paper plates. It has an odd history, beginning life in modern day Slovakia back in the 1850s as a haberdashery. It’s now in the FTSE 100 and going well, up 29% since February last year. Questor says hold as the firm’s acquisition led growth strategy appears to offer more profits.
In the Times, Tempus is tempted by a scoop of non-food products goliath, Bunzl, whose plastic spoons, bags and cleaning products are in high demand in the US, Brazil and Australia. The company likes to grow by making small acquisitions of family owned companies, the strategy seems to be working, with pre-tax profits up to £306.1m by the end of 2011, a rise on the previous year of 11%. Currently trading at 13 times earnings, Tempus thinks after a short rest, the shares have further to go. Buy.
27/02/12 http://www.investegate.co.uk/Article.aspx?id=201202270700111105Y
Bunzl's only female non-executive director in its 150-year history has purchased shares in the firm just one week after a report showed annual revenue growth of over 6%. Eugenia Ulasewicz, who was appointed as a non-executive in April 2011, bought 4,000 shares at 837.8655p each. The distribution and outsourcing firm credited a string of acquisitions throughout the year as the reason for the boost. The group spent £185m on ten acquisitions this year, and said company takeovers remain "an important part of the group's growth strategy."
BUNZL PRE CLOSE STATEMENT Bunzl plc, the international distribution and outsourcing Group, is updating the market today relating to the twelve months ending 31 December 2011 prior to entering its close period. Overall trading has been consistent with expectations at the time of the Interim Management Statement in October. 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 has also been an improvement in the Group operating margin. Acquisitions remain an important part of the Group's growth strategy. The Company has announced ten acquisitions this year, investing £185 million, and overall the operating profit margin of the acquired companies is higher than the Group average. They are integrating well and the current environment for acquisitions remains positive with a promising pipeline. Bunzl's strong cash flow and balance sheet should continue to enable the Company to take advantage of appropriate opportunities to consolidate further the markets in which it competes and increase shareholder value.
http://www.investegate.co.uk/Article.aspx?id=201112130700178120T
BUNZL INTERIM MANAGEMENT STATEMENT - STRONG TRADING CONTINUES Bunzl plc, the international distribution and outsourcing Group, today announces its interim management statement for the period since 30 June 2011. Overall trading has remained strong and in line with expectations at the time of the half year results announcement in August. At constant exchange rates and after adjusting for a higher number of trading days in 2011 compared to the same periods in 2010, Group revenue in both the third quarter and year to date has increased 6% compared to last year due to underlying growth of about 3.5% and the positive impact from acquisitions. Compared to the same periods last year, Group operating margin has also improved in both the third quarter and year to date. In relation to the third quarter: · In North America underlying revenue growth continues to be strong at a similar level to the first half and the operating margin is stable. · Against a backdrop of a continuing weak economy in the UK & Ireland, operating margin has improved although the underlying revenue is slightly behind the same period in 2010. · In Continental Europe revenue has increased strongly with underlying revenue growth at a similar level to the first half. Operating margin has also improved. · In the Rest of the World the combination of good underlying revenue growth, operating margin improvement and the positive impact from acquisitions and exchange has led to continued strong revenue and profit growth. Acquisitions are a key component of Bunzl's growth strategy. Year to date the Company has announced nine acquisitions and invested more than £145 million acquiring businesses with annualised revenue in excess of £165 million. The pipeline continues to be promising. There has been no significant change in Bunzl's financial position during the period and the Group continues to have substantial funding headroom available. The Company's strong cash flow and balance sheet continue to give the Group the flexibility to take advantage of opportunities to consolidate further the markets in which it competes. In spite of challenging economic conditions, the Board is confident that Bunzl's geographically diversified business, its market leading positions in relatively resilient sectors and the impact from acquisitions should allow the Group to deliver further growth.
http://www.investegate.co.uk/Article.aspx?id=201110250700147068Q
Singer Capital Markets downgrades Bunzl from buy to fair value, target price reduced from 891p to 710p
Morgan Stanley downgrades Bunzl from equal weight to underweight, target price cut from 855p to 785p.
Commenting on these acquisitions, Michael Roney, Chief Executive of Bunzl, said: "The acquisition of Ideal is our third acquisition in the Brazilian market, which we entered in 2008 through the acquisition of Prot Cap, and is an important step for Bunzl as it expands our business there into the cleaning and hygiene sector for the first time. It has a market leading position and an excellent customer base which will provide a platform for us to develop a strong presence in this sector in Brazil. I am also delighted that we have been able to strengthen our healthcare business in the Netherlands through the purchase of D-Care and that we have now completed the acquisition of Majestic Products which was announced at the end of August. We welcome all of these companies and their employees to Bunzl."
BUNZL COMPLETES FURTHER ACQUISITIONS IN BRAZIL AND THE NETHERLANDS Bunzl plc, the international distribution and outsourcing Group, today announces two further acquisitions together with the completion of the acquisition of Majestic Products. The Company has acquired Ideal Global Sistemas de Higiene Ltda from Ryssard and Rodrigo Zimnowlocki. Based in São Paulo with three warehouses throughout Brazil, Ideal is a leading supplier of cleaning and hygiene consumable products to facilities management companies, contract cleaners and other customers in the industrial, healthcare and education sectors. Revenue in the year ended 31 December 2010 was R$41.9 million and the gross assets acquired are estimated to be R$11 million. At the beginning of September the Company acquired D-Care BV from a private company owned by Ron van Gulijk and Patrick Hollenberg. Based near Utrecht, the business is principally engaged in the distribution of medical disposable products to hospitals and other healthcare customers throughout the Netherlands. Revenue in the year ended 31 December 2010 was €4.7m and the gross assets acquired are estimated to be €2 million. Finally, further to the announcement made on 30 August 2011, the Company has completed the acquisition of Majestic Products BV and its associated companies following clearance of the transaction by the competition authority in the Netherlands.
http://www.investegate.co.uk/Article.aspx?id=201109260700148181O
In a move to diversify its business in Brazil, Bunzl (BNZL) has bought cleaning products supplier Ideal Global Sistemas de Higiene. This is the outsourcing group's first venture into the Brazilian hygiene market and is its third acquisition in the country since it entered in 2008. For the year ended 31st December 2010 the target reported revenues of 41.9 million Brazilian reais (14.8 million pounds), with gross assets of 11 million reais (3.9 million pounds). The shares edged up 1p to 770p
Seymour Pierce upgrades Bunzl from add to buy, target price raised from 775p to 800p.
Oriel Securities upgrades Bunzl from hold to add.
Bunzl is 10 times the size of its nearest competitor and uses that scale to pass on savings to its customers, says the Questor team at the Telegraph. The company keeps growing via more acquisitions, and had good news on that front at yesterday’s half-year results. In the six months to June, Bunzl spent GBP123m on seven companies. It was a busy six months for corporate activity. Bunzl also announced the sale of its UK drinks vending unit, Provend, yesterday. That looks like a good move for the group. Bunzl has been a Questor favourite for a long time, although our last recommendation was to hold. In terms of valuation, it is hard to compare the group with its peers as it has no close competitors. Instead it is worth looking at the company’s track record. Over the past 15 years, Bunzl shares have traded on an average of 15 times earnings. They are currently on around 11 times this year’s earnings, with a forecast yield of 3.7pc, making them a strong buy, says the Telegraph.
Seymour Pierce upgrades Bunzl from add to buy, target price raised from 775p to 800p.
Commenting on today's results, Michael Roney, Chief Executive of Bunzl, said: "In spite of the challenging global marketplace, Bunzl has once again produced another set of strong results. Our resilient business model has delivered improved organic growth and operating margins, while operating results were bolstered by a good level of acquisition activity. Looking forward, we see additional opportunities for continued development both organically and through a promising pipeline of acquisitions which should enable the Group to achieve further growth."
Other highlights include: · Improved organic revenue growth from 1.2% to 3.3% · All business areas show improved operating margins · Group operating margin* up 20 basis points to 6.2% · Significant international acquisition based in the Netherlands and sale of vending business in the UK announced today · Seven acquisitions announced to date in 2011 with committed spend of £123 million adding annualised revenue of over £140 million · Strong track record of dividend growth continues with 13% increase
http://www.investegate.co.uk/Article.aspx?id=201108300700281573N
Deutsche Bank upgrades Bunzl from hold to buy, target price cut from 832p to 811p.
Goldman reiterates neutral on Bunzl, target price reiterated at 860p
Bunzl on the prowl Date: Friday 24 Jun 2011 LONDON (ShareCast) - Distribution and outsourcing firm Bunzl is trading in line with expectations, despite tough times in its UK and Irish markets. At constant exchange rates group revenue in the six months to the end of April is expected to have increased 6% year-on-year, due to underlying growth of 3% and the positive impact from acquisitions, with a slight improvement in operating margin. After adverse currency translation movements, the revenue growth rate is expected to be 4%. North America has seen underlying revenue growth of around 4.5%, while operating margins are on a par with the comparable period of last year. Revenue in the UK and Ireland is stuck below last year's level but operating profit is at a similar level. In Continental Europe the underlying revenue growth rate has improved to more than 4% with consistent operating margins, while underlying revenue growth of about 5%, combined with a slight improvement in operating margins, has led to good profit growth in the Rest of the World. Bunzl remains committed to augmenting organic growth with acquisitions and described the environment for adding more companies to the Bunzl group as "promising", adding that it is in discussion with a number of interested parties.