London, June 11, 2026, 14:02 BST
- Bunzl shares edged up on Thursday, reaching an intraday 52-week high at 2,614p.
- Exane BNP Paribas upgraded the stock to “outperform” and raised its target to 3,000p. The move comes after that upgrade.
- Bunzl’s next move for the market is its pre-close trading statement, which is set for June 23.
Bunzl plc shares were up on Thursday, hitting a new 52-week high during the session. The move followed a shift in how the market sees its North America recovery, with no new company news. Barclays’ delayed quote had the stock at 2,582p to sell and 2,584p to buy, up 6p or 0.23% at 13:45 BST. Google Finance showed an intraday peak at 2,614p, setting a fresh 52-week high.
Exane BNP Paribas on Tuesday upgraded Bunzl, moving the stock to “outperform” from “neutral” and increasing its price target to 3,000p from 2,450p. The bank said the market was overdoing concerns after last year’s issues and that Bunzl’s troubles hadn’t dealt lasting damage. London South East
Bunzl already saw a big move earlier this week. MarketWatch said the stock jumped 2.41% on Tuesday to £25.54, even as the FTSE 100 dropped 1.41%. That put Bunzl 2.12% under its 52-week high at the time. By Thursday, Google Finance’s intraday data showed the shares trading above that mark.
Exane upgraded Bunzl with its main attention on North America, the region in focus for investors after recent execution issues hurt sentiment. Sharecast, via LSE.co.uk, reported Exane met Bunzl’s CEO last week and is now more confident that fixes and changes in North America are gaining traction.
Bunzl’s April update gave bulls fresh material. The company reported first-quarter revenue up 1.5% at constant rates, removing currency effects. Underlying revenue, which leaves out acquisitions, disposals, and some calendar moves, was up 2.0%. North America grew underlying revenue “slightly ahead of the Group,” on the back of business improvements and new contracts from the second half of 2025. Bunzl
Bunzl held 2026 guidance steady in April. The company said adjusted operating profit matched expectations for a steadier year and it was still looking for moderate revenue growth at constant exchange rates. Operating margin should be a bit lower than last year. Because operating margin measures profit as a percentage of revenue, even minor changes can matter for a distributor like Bunzl, where the share price reacts to shifts in execution and pricing.
Bunzl’s annual numbers show the rebound isn’t about an easier 2025 comparison. The company said revenue was up 3.0% at constant exchange in 2025, but adjusted operating profit dropped 4.3% to £910.3 million, and the operating margin fell to 7.7% from 8.3%. Investors are looking at that margin slip again.
Cash is still a key point for those pushing back against bear calls. Bunzl said it posted 95% cash conversion, £579 million in free cash flow, and adjusted net debt to EBITDA at 2.0 times by the end of 2025. Free cash flow is what remains after operating and capital expenses. EBITDA is earnings before interest, tax, depreciation and amortisation, often used to compare debt.
Analyst calls on BNZL remain mixed. Google Finance shows five recent ratings: two buy, two hold, one sell. Its 12-month forecast page lists a high target of 3,000p, in line with Exane’s new target, but the average target sits at 2,460p, lower than the last price on the screen.
Bunzl shares moved Thursday without a fresh operating update. The latest item on Investegate’s Bunzl RNS list was a Director/PDMR shareholding notice from June 9. Other recent filings were routine. Bunzl’s financial calendar lists a pre-close trading statement for June 23.
Bunzl’s rally may be getting ahead of itself. The company stuck to guidance for a slightly lower operating margin this year and warned in April about macro risks, tariffs, and FX headwinds. North America has been the bright spot, but if that wanes or customers push back on higher prices, shares—now at a record—have less cushion for any setback.
June 23 is up next. That’s when Bunzl’s pre-close will show if the North America fix that drove the stock to a 52-week high is starting to move profits, or if Thursday’s gain just rode a broker upgrade ahead of any real numbers.
