Bunzl plc operates as a distribution and services company in the North America, Continental Europe, the United Kingdom, Ireland, and internationally. The company offers food packaging, films, labels, cleaning and hygiene supplies, and personal protection equipment to grocery stores, supermarkets, and convenience stores. It also provides food packaging, disposable tableware, guest amenities, catering equipment, agricultural supplies, cleaning and hygiene products, and safety items to hotels, restaurants, contract caterers, food processors, commercial growers, and the leisure sector; and gloves, boots, hard hats, ear and eye protection, and other workwear, as well as cleaning and hygiene supplies, and asset protection products to industrial and construction, and ecommerce sectors. In addition, the company offers chemicals and hygiene paper to cleaning and facilities management companies, and industrial and public customers; gloves, masks, swabs, gowns, bandages, and other healthcare related equipment; and healthcare devices to hospitals, care homes, and other facilities serving the healthcare sector. Further, it provides packaging and other store supplies to retail chains, boutiques, department stores, home improvement chains, office supply companies, and related e-commerce sales channels. The company was founded in 1854 and is headquartered in London, the United Kingdom.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	12,039.5	11,797.1	11,776.4	11,763.8	11,955	12,245.3	12,245.3	12,245.3
Revenue % Chg.	17.1%	-2%	-0.2%
EBIT	757.5	810.6	823.8	900.6	922	953	953	953
EBIT Margin	6.3%	6.9%	7%
Tax Rate	25.2%	24.7%	25.6%
NOPAT	566.3	610.6	612.7	665.8	682.1	705	705	705
NOPAT Margin	4.7%	5.2%	5.2%	5.7%	5.7%	5.8%	5.8%	5.8%
D&A	309.1	333.4	372.2	248.8	249.1	253.2	253.2	253.2
D&A / Revenue	2.6%	2.8%	3.2%
Capex	-34.7	-42.8	-40.3	-54.2	-54.7	-55.9	-55.9	-55.9
Capex / Revenue	-0.3%	-0.4%	-0.3%
Chg. NWC	54.5	-28.4	-97.1	-24	-24.4	-25	-25	-25
Chg. NWC / Revenue	0.5%	-0.2%	-0.8%
Unlevered FCF (UFCF)	895.2	872.8	847.5	836.5	852.1	877.3	877.3	877.3
UFCF % Chg.	19.6%	-2.5%	-2.9%	-1.3%	1.9%	3%	—	—
PV of UFCF	—	—	—	777.6	736.5	704.9	655.3	609.2
Sum of PV of UFCF	—	—	—	777.6	1,514.1	2,219	2,874.3	3,483.6

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	3,805.7
Market Cap	6,987.2
Total Capital	10,792.9
Debt Weighting	35.3%
Equity Weighting	64.7%
WACC	7.6%

Exit Multiple EV/FCF
Terminal Value	9,307.5
PV of Terminal Value	6,008.8
Cumulative PV of UFCF	3,483.6
Net Debt	2,316.9
Equity Value	7,175.5
Shares Outstanding	322.3
Implied Share Price	22.3
Current Share Price	21.7
Implied Upside / (Downside)	2.7%