In August, sitting on a beach during his summer holidays, Donal Murphy started thinking about DCC. He had sat down with me a few days earlier to talk about the DCC story and how the company had grown to revenues of €24 billion with a 16,000-strong headcount. The interview, which was published in September to mark DCC’s 30th year on the stock market, had a few hints of what was to come. At the time, Murphy admitted that DCC was “not valued where we should be valued,” but he insisted the “maths” still wasn’t there for the three-division conglomerate to…

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