Bunzl
Website:
Bunzl
Index:
FTSE 100
EPIC: BNZL
Supersector:
Industrial Goods and Services
Sector:
Support Services
Subsector:
Business Support Services
Market Cap:
£6.77B
Payout Frequency: Semi-Annual
Bunzl Dividend Analysis and Summary
Key Dividend Details
- Type: Interim dividend
- Amount: 20.2p per share (up 0.5% vs 20.1p in H1 2024)
- Ex-dividend date: 13/11/2025
- Record date: 14/11/2025
- Payment date: 05/01/2026
- Guided dividend cover (FY2025): ~2.4x adjusted EPS
- Context: FY2024 total dividend was 73.9p
Analysis: Sustainability and Growth
- Coverage and cash: Expected cover of ~2.4x is solid for a distributor, supported by strong H1 cash conversion of 97% and ongoing free cash flow generation, despite lower profits.
- Earnings backdrop: H1 adjusted operating profit fell 7.6% (CER) and adjusted EPS declined to 77.8p, with Group margin down to 7.0%. Management reiterates FY2025 outlook with H2 margin improvement vs H1, which should help protect cover.
- Growth trajectory: Interim DPS growth of 0.5% signals a cautious, but continued, progression. Management reiterates commitment to “sustainable annual growth”; near-term increases likely to be low single-digit while margins rebuild.
- Balance sheet: Leverage at 1.9x adjusted net debt/EBITDA (target 2.0–2.5x) and expected to be ~2.0x year-end. This leaves room to fund dividends and bolt-on M&A without pressuring credit metrics.
Capital Allocation and Structural Factors
- Buybacks: Programme resumed; intention to complete remaining £86m of the £200m 2025 buyback in H2. Management maintains priorities of investing for growth, a progressive dividend, self-funded M&A, and returning excess cash.
- M&A: Five acquisitions YTD August with ~£120m committed spend (e.g., Gisa in Mexico, Quindesur in Spain, Hospitalia in Chile, Inpakomed in NL, Solupack in Brazil); pipeline remains active. Disposed R3 Safety (US) in Jan 2025.
- Operational programmes: Actions in North America and Continental Europe are expected to moderate H2 margin declines; some benefits extend into 2026. No demergers or share consolidations noted.
Risks and Flags to Dividend Stability
- Execution risk: Company added a new principal risk on major change programme execution in North America; remediation underway, but timing of full benefits extends into 2026.
- Margin pressure: Continued challenges in Continental Europe (notably France) and in certain online units; Group margin guided to be moderately below 8.0% in 2025.
- Macro and price dynamics: Deflation in cleaning & hygiene categories, tariff-related uncertainty in Asia, and currency headwinds can affect profitability and cash conversion.
- Capital deployment: Ongoing M&A and buybacks alongside moderated earnings could tighten headroom if performance underwhelms; however, leverage guidance remains around the lower end of the target range.
Read more
Bunzl Annual Dividend Yield - 3.56%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 14/11/2024 |
03/01/2025 |
Interim |
20.10p |
GBX |
| 22/05/2025 |
02/07/2025 |
Final |
53.80p |
GBX |
Total (Annual Dividends Per Share):
73.90p
Dividend Yield =
Annual Dividends Per Share (73.90p)
÷ Share Price (2076p)
= 3.56%
Bunzl Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 13/11/2025 |
05/01/2026 |
Interim |
20.20p |
GBX |
| 22/05/2025 |
02/07/2025 |
Final |
53.80p |
GBX |
| 14/11/2024 |
03/01/2025 |
Interim |
20.10p |
GBX |
| 16/05/2024 |
02/07/2024 |
Final |
50.10p |
GBX |
| 16/11/2023 |
03/01/2024 |
Interim |
18.20p |
GBX |
| 18/05/2023 |
04/07/2023 |
Final |
45.40p |
GBX |
| 17/11/2022 |
04/01/2023 |
Interim |
17.30p |
GBX |
| 19/05/2022 |
04/07/2022 |
Final |
40.80p |
GBX |
| 18/11/2021 |
05/01/2022 |
Interim |
16.20p |
GBX |
| 20/05/2021 |
01/07/2021 |
Final |
38.30p |
GBX |
| 03/12/2020 |
07/01/2021 |
2nd Interim |
15.80p |
GBX |
| 15/10/2020 |
16/11/2020 |
1st Interim |
35.80p |
GBX |
| 21/05/2020 |
01/07/2020 |
Final |
35.80p |
GBX |
| 14/11/2019 |
02/01/2020 |
Interim |
15.50p |
GBX |
| 23/05/2019 |
01/07/2019 |
Final |
35.00p |
GBX |
| 15/11/2018 |
02/01/2019 |
Interim |
15.20p |
GBX |
| 24/05/2018 |
02/07/2018 |
Final |
32.00p |
GBX |
| 16/11/2017 |
02/01/2018 |
Interim |
14.00p |
GBX |
| 25/05/2017 |
03/07/2017 |
Final |
29.00p |
GBX |
| 17/11/2016 |
03/01/2017 |
Interim |
13.00p |
GBX |
| 19/05/2016 |
01/07/2016 |
Final |
26.25p |
GBX |
| 19/11/2015 |
04/01/2016 |
Interim |
11.75p |
GBX |
| 21/05/2015 |
01/07/2015 |
Final |
24.50p |
GBX |
| 06/11/2014 |
02/01/2015 |
Interim |
11.00p |
GBX |
| 07/05/2014 |
01/07/2014 |
Final |
22.40p |
GBX |
| 06/11/2013 |
02/01/2014 |
Interim |
10.00p |
GBX |
| 08/05/2013 |
01/07/2013 |
Final |
19.40p |
GBX |
| 07/11/2012 |
02/01/2013 |
Final |
8.80p |
GBX |
| 09/05/2012 |
02/07/2012 |
Final |
18.30p |
GBX |
| 09/11/2011 |
03/01/2012 |
Interim |
8.05p |
GBX |
| 11/05/2011 |
01/07/2011 |
Final |
16.20p |
GBX |
| 10/11/2010 |
04/01/2011 |
Interim |
7.15p |
GBX |
| 05/05/2010 |
01/07/2010 |
Final |
14.90p |
GBX |
| 11/11/2009 |
04/01/2010 |
Interim |
6.65p |
GBX |
| 06/05/2009 |
01/07/2009 |
Final |
14.15p |
GBX |
| 12/11/2008 |
02/01/2009 |
Interim |
6.45p |
GBX |
| 07/05/2008 |
03/07/2008 |
Final |
12.90p |
GBX |
| 14/11/2007 |
04/01/2008 |
Interim |
5.80p |
GBX |
| 02/05/2007 |
02/07/2007 |
Final |
11.70p |
GBX |
| 15/11/2006 |
02/01/2007 |
Interim |
5.30p |
GBX |
| 04/05/2005 |
01/07/2005 |
Final |
9.15p |
GBX |
| 17/11/2004 |
04/01/2005 |
Interim |
4.15p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
20.100 |
50.100 |
GBX |
70.200 |
10.370 |
| 2023 |
18.200 |
45.400 |
GBX |
63.600 |
9.460 |
| 2022 |
17.300 |
40.800 |
GBX |
58.100 |
6.600 |
| 2021 |
16.200 |
38.300 |
GBX |
54.500 |
-37.640 |
| 2020 |
|
35.800 |
GBX |
87.400 |
73.060 |
| 2019 |
15.500 |
35.000 |
GBX |
50.500 |
6.990 |
| 2018 |
15.200 |
32.000 |
GBX |
47.200 |
9.760 |
| 2017 |
14.000 |
29.000 |
GBX |
43.000 |
9.550 |
| 2016 |
13.000 |
26.250 |
GBX |
39.250 |
8.270 |
| 2015 |
11.750 |
24.500 |
GBX |
36.250 |
8.530 |
| 2014 |
11.000 |
22.400 |
GBX |
33.400 |
13.600 |
| 2013 |
10.000 |
19.400 |
GBX |
29.400 |
8.480 |
| 2012 |
|
27.100 |
GBX |
27.100 |
11.750 |
| 2011 |
8.050 |
16.200 |
GBX |
24.250 |
9.970 |
| 2010 |
7.150 |
14.900 |
GBX |
22.050 |
6.000 |
| 2009 |
6.650 |
14.150 |
GBX |
20.800 |
7.490 |
| 2008 |
6.450 |
12.900 |
GBX |
19.350 |
10.570 |
| 2007 |
5.800 |
11.700 |
GBX |
17.500 |
230.180 |
| 2006 |
5.300 |
|
GBX |
5.300 |
-42.070 |
| 2005 |
|
9.150 |
GBX |
9.150 |
120.480 |
| 2004 |
4.150 |
|
GBX |
4.150 |
|
Bunzl Dividend Calculator
Bunzl Dividend Growth
| Dividend Growth (1Y) |
5.41%
|
| Dividend CAGR (5Y) |
7.48%
|
| Years of Growth |
18
|
| Payout Ratio |
48.45%
|
| Buyback Yield |
1.56%
|
| Shareholder Yield |
5.13%
|
| P/E Ratio (TTM) | 14.23 |
|---|
| Forward P/E | 11.7 |
|---|
| P/FCF | 7.99 |
|---|
| Earnings Yield | 7.23% |
|---|
| FCF Yield | 12.51% |
|---|
| ROE | 18% |
|---|
| ROCE | 13.93% |
|---|
| Profit Margin | 4.09% |
|---|
| Operating Margin | 6.47% |
|---|
| Gross Margin | 28.26% |
|---|