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39/100 76Buffett Hold Bunzl: 0.4% Underlying Growth, 237 Acquisitions, and 15.6 Times Earnings Bunzl is a global outsourced-procurement distributor of not-for-resale consumables, using local service, own brands and bolt-on acquisitions to consolidate fragmented supply chains. FY2025 underlying revenue grew only 0.4% while a botched North American operating-model change cut regional margin from 7.9% to 7.0%, leaving 237 acquisitions since 2004 to carry the growth algorithm. Rating Hold: cash quality and the North America repair are credible, but at 15.6 times adjusted earnings there is no discount to the conservative value. Bunzl plcBNZL · LSE耗材分销29. August 2026