The FTSE 100 is falling this morning however nothing fairly just like the Bunzl (LSE: BNZL) share price. The £11bn outsourcing group dipped 5.17% in early buying and selling as we speak (17 December), the quickest faller on the index. This follows a blended buying and selling replace forward of its 12 months finish.

Bunzl’s a kind of unsung heroes traders routinely overlook, then snap to consideration once they see how nicely its shares have been doing. No less than, that’s what occurred to me.

It should be greater than 5 years because it first crossed my radar but I’ve by no means purchased it in that point. So what’s held me again?

Time to purchase this revenue progress inventory?

Each time I seemed the shares appeared a bit expensive, having simply been on a powerful run. They’re somewhat bit cheaper as we speak, so this time I’ve obtained no excuse.

Regardless of this morning’s dip, Bunzl shares are up a strong 14.29% over one 12 months and a powerful 69.43% over 5.

Bunzl’s simply missed as a result of it has no client dealing with function, however quietly provides on a regular basis objects to different companies, corresponding to disposable espresso cups, cleansing supplies, bandages and rubber gloves.

It’s removed from uninteresting although, rising quick by fixed acquisitions. 2024 was a document 12 months right here, because it’s dedicated to spending £850m on 13 acquisitions. That’s the place most of this 12 months’s tepid progress has come from.

Immediately’s replace confirmed 2024 revenues are set to rise by a gentle 3% at fixed change charges. At precise change charges, they’ll both be flat, or fall 1%.

Group income progress was pushed by acquisitions “with a small decline in underlying revenue over the year”. The pipeline stays sturdy.

An awesome dividend observe document

Group adjusted working revenue in 2024 will nonetheless “represent a strong increase in comparison with 2023 at constant exchange rates”, Bunzl mentioned, whereas working margins shall be barely increased. It’s all a bit underwhelming although.

2025 seems to be somewhat brighter, with the board anticipating “robust revenue growth in 2025… driven by announced acquisitions and slight underlying revenue growth”. Greater margin acquisitions and “a good underlying margin increase” ought to assist.

Bunzl initiated a £250m share buyback in August, of which round £200m has been accomplished. It confirmed an additional £200m buyback in 2025.

These are difficult instances because the cost-of-living disaster drags on and an rate of interest stays increased for longer than anticipated, squeezing enterprise spend. Now I’m questioning how import tariffs will play out on a world enterprise like this one. Bunzl’s priced for progress, with the shares buying and selling at 18.62 instances earnings. It’s not precisely a cut price.

Christmas is coming and I’ve no money to purchase this inventory as we speak. Come the New 12 months, it’ll be high on my procuring record. I’ve waited lengthy sufficient. I simply hope the share price hasn’t recovered by then.