Report published September 3, 2026
Bunzl (BNZL.L): 1H'26 Solid Results & Margin Outlook | Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- September 2, 2026
Authors / editors: Subasini Varanasi, Harshita Bhatter, CFA
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs maintains a Neutral rating on Bunzl, nudging its price target up to 3,000p from 2,920p following solid 1H'26 results and a £500m buyback announcement. While 2H margins should remain resilient, margins are expected to normalize to 7.7% in 2027 as inflation tailwinds subside.
Key Takeaways
- 1.Goldman Sachs reiterates a Neutral rating on Bunzl while increasing its 12-month price target from 2,920p to 3,000p (10.5% upside).
- 2.1H'26 revenue was in line with guidance, while operating margins and profits beat expectations due to synergies and inflation tailwinds.
- 3.Clean EPS forecasts increase by >5% on average over 2026-29E, largely driven by the £500m share buyback announced alongside the results.
Table of Contents
- Estimate changes & PT
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (£ mn)
- Balance Sheet (£ mn)
- Cash Flow (£ mn)
- Charts in focus
- Company profile
- Investment thesis, valuation & key risks
- Disclosure Appendix
Report data
Exhibit 1: Overall, our EPS estimates increase by >5% on average over 2026-29, mainly reflecting the buyback - New vs. Old estimates — as of September 2, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-Month Price Target | 3000 pence | Raised from 2,920p following post-1H roll forward of valuation to average of 2027/28 estimates. |
| Share Buyback Program | 500 GBP mn | Announced at 1H results, contributing to >5% EPS estimate increase over 2026-29E. |
| Net Debt / EBITDA | 1.8 x | Company definition leverage at the close of 1H26. |
| FY26E EBITA Margin | 7.9% | Forecasted full-year margin, raised by ~14-20 bps following strong 1H performance. |
| FY27E EBITA Margin | 7.7% | Expected margin level following normalization as inflation tailwinds subside. |
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Authors / Editors
Reported Data Context
- 12-Month Price Target: 3000 pence (12 months) · Source: Goldman Sachs Global Investment Research
- Share Buyback Program: 500 GBP mn (1H26) · Source: Company data
- Net Debt / EBITDA: 1.8 x (1H26) · Source: Company data
- FY26E EBITA Margin: 7.9 % (FY26E) · Source: Goldman Sachs Global Investment Research
- FY27E EBITA Margin: 7.7 % (FY27E) · Source: Goldman Sachs Global Investment Research
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