When a company such as Bunzl has had such a good run, and when the shares are at a new high and are selling on a multiple of more than 21 times earnings, one is entitled to ask how it could go wrong.
The figures for 2014 show underlying progress across the group despite a number of negatives, not least exchange rates. Others include the effects of the polar vortex in the US late last year and economic slowdown on the continent and in parts of Latin America.
Bunzl distributes a range of workaday cleaning, catering and other goods to small businesses worldwide. That earnings multiple would seem to be far out of reach of such a mundane business, even if there is no obvious