Meanwhile, the performance of its underlying business could be enhanced by continued investment in digital opportunities. The proportion of the company’s customers ordering products online increased by eight percentage points to 67pc between 2018 and 2021.

Digital sales reduce its costs and provide a faster ordering system for customers that should further differentiate its offering.

Clearly, sales of the company’s personal protective equipment are declining as Covid becomes endemic. However, its wide range of operations and geographic diversity mean that it is likely to overcome short-term changes in demand across its breadth of products.

Over recent months, the company’s shares have benefited from its international exposure. Dollar strength, coupled with the fact that 60pc of Bunzl’s revenue is generated in North America, has boosted its share price. It is now 46pc higher than at the time of our original tip in May 2019.

Although a forecast price-to-earnings ratio of 19 is by no means cheap, the company’s risk/reward opportunity remains highly favourable. Its solid financial position provides scope for more acquisitions, while its capacity to pass higher costs on to customers in an era of rampant inflation means it deserves a premium valuation.

Questor says: buy

Ticker: BNZL

Share price at close: £30.65

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