Share Name Share Symbol Market Type Share ISIN Share Description
Smith & Nephew Plc LSE:SN. London Ordinary Share GB0009223206 ORD USD0.20
  Price Change % Change Share Price Shares Traded Last Trade
  -4.00 -0.22% 1,830.50 2,104,402 16:35:25
Bid Price Offer Price High Price Low Price Open Price
1,830.00 1,830.50 1,859.00 1,819.00 1,841.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 3,845.52 612.43 59.60 30.9 16,012
Last Trade Time Trade Type Trade Size Trade Price Currency
18:45:02 O 93 1,832.317 GBX

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Date Time Title Posts
19/8/201921:08*** Smith and Nephew ***289
10/1/201113:03Smith and Nephew 200867
09/1/201117:12Smiths: Charts and News etc.296
25/9/200615:09Smith&Nep. Why the rise?75

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Smith & Nephew (SN.) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-16 17:45:061,832.32931,704.05O
2019-10-16 17:45:031,831.842,29942,113.89O
2019-10-16 17:29:261,830.503,20258,612.61O
2019-10-16 17:28:481,830.507,700140,948.50O
2019-10-16 17:28:481,830.507,700140,948.50O
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Smith & Nephew (SN.) Top Chat Posts

Smith & Nephew Daily Update: Smith & Nephew Plc is listed in the Health Care Equipment & Services sector of the London Stock Exchange with ticker SN.. The last closing price for Smith & Nephew was 1,834.50p.
Smith & Nephew Plc has a 4 week average price of 1,811p and a 12 week average price of 1,753p.
The 1 year high share price is 1,998p while the 1 year low share price is currently 1,242.50p.
There are currently 874,737,317 shares in issue and the average daily traded volume is 1,759,643 shares. The market capitalisation of Smith & Nephew Plc is £16,012,066,587.69.
adamb1978: How much of the share price performance is simply FX driven? They report in $ and I suspect price in $ meaning having the £ head to the low 1.20s vs the $ helps them materially - its all extra revenue with no cost against it so falls straight through to the bottom line
steeplejack: Smith & Nephew was the biggest faller on the FTSE 100 this morning with shares down more than four per cent on reports it is in talks to buy US spine technology Nuvasive in a $3bn (£2.32bn) deal. Shares fell 4.39 per cent to 1,448p today, having closed on Friday at 1,515p. The Financial Times reported the potential deal on Friday after markets closed, sending Nuvasive’s share price up 25 per cent in after hours trading.
kknight01: I would say hold and watch this space. Olivier was a waste of space. Namal has brought in a strong leadership with particular emphasis on commercial and operations. Exciting times ahead for this great British company and if it does go wrong I would expect take over bid rumours for some on its franchises which will only push up the share price some more. Buy back when share price dips again!
steeplejack: The guidance has been trimmed from revenue growth of 3-4% at the time of the finals to 2-3% now.The suggestion is that things will stabilise and return to a more normal pattern in the rest of the year.Emerging markets are encouraging.Whether this update is worth over 7% off the share price is questionable especially given the corporate activity just now in the sector.Yet the shares have been very strong of late and are vulnerable to top slicing.Maybe I'm too simplistic but I never really worry about my holding in Smith & Nephew.I always feel that if things take an enduring turn for the worse,someone will take the company over.
basil brush1: imo lots of support at 1230. the big question is will there be a bid before the new CEO is appointed? looks vulnerable as share price has not changed in dollar terms in nearly 4 years. Stryker has doubled in the same period.
accipitridae: Get hip to Smith & Nephew's investment appeal, Goldman advises Share 10:36 25 Nov 2016 The hip and joint replacement specialist trades at a discount to sector peer Stryker Goldman Sachs has lowered its earnings estimates for Smith & Nephew PLC (LON:SN. but still rates the medical technology company’s shares a ‘buy’. The estimate changes follow the third quarter trading update earlier this morning and recent exchange rate movements, and see this year’s earnings per share (EPS) forecast decline 3%, while EPS estimates for the next three years have been shaved by 8%, reflecting weaker growth patterns in the third quarter. “While organic revenue growth this year has fallen short of our expectations (we now expect Smith & Nephew to deliver 1.9% organic revenue growth in 2016, down from the 5% that we had forecast at the beginning of 2016, with the slowdown driven largely by China and the Middle East), we continue to believe that SN.L will accelerate organic revenue growth into the 4%-5% range in 2017 and beyond, given its geographic and product mix (>50% of revenues is in higher-growth markets) and a number of upcoming product launches (Renasys Touch and Connect, Navio in total knee, revision hip, and WereWolf),” the heavyweight US investment bank said. The next catalyst for the share price is likely to be the appointment of a chief financial officer, expected before the end of the year. Goldman’s lowered its price target to 1,310p from 1,370p, on the assumption that Smith & Nephew will trade around 18 times projected EPS for 2018; it currently trades at 15.4 times 2018 EPS, whereas sector peer Stryker Corporation (NYSE:SYK) trades on an earnings multiple of 17.4, despite a comparable growth outlook. Goldman deems the disparity as unwarranted, and in fact suggests S&N should trade at a premium to Stryker, thanks to the possibility of being taken out by a competitor.
mikeindevon: Whichever way you look at it that 300m, 25p per share is 'lost' to the company ... it's not being used to grow the business, it's not being used to invest in new plant or projects it's being spent in an incestuous deal to buy back its own shares. Apart from a small, temporary fillip to the share price ... and yesterdays buy of £4m worth of shares produced zero addition of value ... it does nothing for us small shareholders. Rather it deprives us of 2% of yield. But it does increase the EPS by about the same amount ... by cancelling shares. So who does that benefit? It only benefits folk who hold few or no shares but gain from an increase in EPS ... and that smacks of bonus related management payments to me. As I say, call me a cynic ... but that's why I say buy backs are bad news to shareholders ... of course if I was particularly jaundiced I'd be thinking that maybe the brokers have a specific buyer that they buy the shares from ... but that would be a very different game and completely contrary to the free and open market principle. Mike
knighty0001: President of AWM Roger Teasdale is leaving the business at the end of the month. Has this been announced externally yet? Not sure what impact to share price this could have? If any at all.
harvester: This has been a bizarre sequence of events surrounding Sn. First came the news report by Sky concerning a bid approach by J&J last december, allegedly at 750 and rejected by the company. That led to wild bid speculation and rumours of renewed bid activity. That was not confirmed by the company which kept silent. The next day there were press reports that the FSA was investigating possible market manipulation surrounding Sn. and its shares. Hence the share price which had jumped by 80 on day 1 fell back by 50-60 . Then today the share price jumped up again above 700, possibly due to a finance page article in the Times(correction: D Telegraph) claiming current merger discussions with Biomet with exact financial details on how this can be financed and achieved. However, within hours the share price fell back again today, presumably in response to an RNS announcement by Sn. that they are not involved in merger or takeover talks contrary to press speculation . It looks like the FSA needs to dig a bit deeper and with some urgency to trace the rumour mongers and their attempts of market manipulation . Meanwhile long-term investors may see opportunities of profitable exit and re-entry at a lower price. Enjoy the ride .
spob: from ft alphaville this am NH Hola NH and welcome to Markets Live NH one moment NH just finishing a phone call NH Bryce is here NH right I'm done with tthat NH just discussing the curious case of Smith & Nephew NH has there bid a bid or not BE Well, it's a shambles isn't it. NH yep BE Here's the relevant bit of the UK Takeover Code BE an announcement is required when, following an approach to the offeree company, the offeree company is the subject of rumour and speculation or there is an untoward movement in its share price. NH well we had that before Xmas NH shares up 9% following a rumour in the Daily Mail NH and up 11% today NH after a report on Sky News of a bid approach from J&J NH and still NH no statement BE In case anyone wants to know what an untoward movement is, it's this BE a price movement of 10% or more above the lowest share price since the time of the approach. An abrupt rise of a smaller percentage (for example, a rise of 5% in the course of a single day) could also be regarded as untoward BE So. Smith And Nephew Plc (SN.:LSE): Last: 723.00, up 73 (+11.23%), High: 739.00, Low: 715.00, Volume: 8.46m NH hmmm NH of course the story could be false NH in which case NH surely the Panel or the FSA NH need to come up with a mechanism to clear this sort of thing up NH there's a false market in the shares at the moment NH so someone should be forced to say either NH this story is rubbish NH or it's true NH and then if needed provide context NH ie it's stale and they won't be coming back NH making a mockery of the whole system BE I'm increasingly of the opinion that the UK market should trade at a discount to others. BE Because the regualtion's obviously faulty. BE It fails. BE We should just leave the UK to the Tilt guys, to cover along with Sudan and Kazakhstan. NH NH well resource stocks now account for a third of the FTSE 100 NH why not NH (pakora – but this time there is a very detailed story from a reporter with a serious track record. this is isn't flakey market report chat) BE (DLC: Yes, I think the takeover regulation is far superior in Australia, Canada and South Africa, to name but three.) NH anyway one interesting aside NH the advisers to S&N NH are the same as De La Rue NH JP Morgan financial advisers (along with UBS) BE Hm. NH and Brunswick do the PR NH in fact it is the same team at De La Rue NH obviously correlation does not equal cause NH but funny nonetheless BE A coincidence, certainly. BE However, we shall return to this theme later. NH yes NH I'm sceptical J&J could bid BE But for the moment, let's take a deep breah and look at the wider market shall we? . . . . . BE Back to Smith & Nephew I guess. BE So, since there's no statement, the assumption is that J&J has not stuck in a formal bid. NH hmmm NH been looking at this NH and there are big hurdles NH anti trust is meaningful NH to such a degree that any of the synergies from buying S&N NH might have to be divested NH that said NH there would be other cost savings NH putting S&N products through the J&J machine NH that would save loads NH but NH J&J are being asked to pay a rich price for something NH they might have to end up selling large chunks of BE That's all true. NH I have some facts and figures on the competition angle via merrill lynch NH any potential deal would face difficult regulatory hurdles in our view, with potential concerns over the companies' combined market share in the US, Germany and the UK. We estimate that Smith & Nephew has a c12% global market share in both hip and knee joint reconstruction markets, and that a combined Smith & Nephew JNJ DePuy would have a 35-36% global market share in hips and knees. In arthroscopy, we estimate SNN has a 24% global market share and that a combined Smith & Nephew JNJ Mitek would have a global market share of about 39%. NH and some valuation work NH We note that Smith & Nephew's 90 day average price is 596p. A 20-30% premium to its recent trading range, in line with similar medical device deals in recent years, would imply an acquisition price of 715-775p. A price of 800p would imply a 2010E sales multiple of 3.0x and 9.6x 2010E EBITDA (Equity/EBITDA: 9.2x). At 750p, a potential offer would imply 2.8x 2010E sales and 9.0x 2010E EBITDA. We would note that an offer of 800p would imply a market cap of $11.1bn. At 3Q10, JNJ had net cash of $10.1bn. We note that private equity acquired Biomet in 2007 for 5.4x trailing 12 months sales and Smith & Nephew itself paid 3.0x for European peer Plus Orthopaedics (also 2007). Zimmer paid 4.4x for Centerpulse in 2003 BE Hm BE It's an interesting theory after so many rumours about an S&N/Biomet merger though. BE I guess S&N+Biomet would be an easier sell for the antitrust authorities NH much easier NH I still maintain S&N have been looking at this BE And a tougher competitor for J&J. NH although the odds of confimation on that NH ZERO NH anyway NH a bit more comment on this NH then we should move on NH this comes from OliveTree Securities NH Worth noting that there would be significant anti-trust hurdles for JNJ to acquire S&N, there are significant overlaps in areas such as knee and hip implants. Given how expensive any S&N deal would be, a transaction would likely be reliant on synergies to make the mathematics work – with sizable disposals it is likely these benefits are eroded significantly. It should be remembered though that there are material central cost synergies to potentially takeout of S&N, reducing the central admin costs would be easy for a player such as JNJ. Whereas we think it is indeed likely that something is afoot regarding S&N, the path to completion is a complicated one, and the shareprice should reflect this. We also wonder why we have not yet seen clarification from either party NH Smith & Nephew has been a perennially rumoured bid target for a number of years- although the list of potential acquirers is relatively small. The specialists in the space (Zimmer, Stryker) could not do a deal from an anti-trust perspective, so it would be reliant on a mode diversified player choosing to bulk up in this area. JNJ is already a serious player though – it would again remain to be seen what level of divestments would be acceptable to make the maths work. JNJ, Stryker and Zimmer are all market leaders in at least one specific field in which S&N operates – all three would see material divestments, although it could be argued that as part of a larger diversified player, JNJ could stomach these better. NH you will note there NH That Zimmer and Stryker would also have competition issues NH there really aren't that many bidders around for this NH and S&N's recent performance hasn't been great NH When a group of Private-Equity players (Blackstone, GS, KKR, TPG) bought Biomet in 2006, it paid 23x consensus PE and c15x EV/EBITDA, still some 50% premium to the implied S&N valuation. Of course this was done in a bull market environment though, and the private equity groups were forced to outbid S&N itself for the asset. Note also that the reconstructive orthopaedic markets have been declining since this time too – it is highly unlikely any multiple today would get close to these prices. Ever since this point, there has been talk that these Private Equity groups would look to acquire S&N to put the businesses together again as previously planned. Indeed, this was the rumour in the market pre-Christmas, but work we did shows that Biomet is still far too levered to be able to afford any bid for S&N, a deal structured in this fashion is highly unlikely. Given that S&N failed to acquire both Biomet and Centerpulse (sold to Zimmer), the company has been left as a "sub-scale" sitting-duck, and it has been perceived that it is now a clear target rather than acquirer going forward. NH Conclusions here is that bid rumours for S&N come as no surprise, and the sheer level of talk of this stock in the market over Christmas make it seem likely something is indeed at foot – but the transaction is complicated from an anti-trust perspective. JNJ will get asked to pay a top-end price for this asset, despite the potentially destructive nature of the divestments necessary, and it is going to be hard to see how interlopers such as Biomet, Zimmer and Stryker could also become involved. NH Right NH i'm done on this topic NH (value – we and others have talked to IR before and they told us there was no bid approach. we thus discount heavily anything they say) NH in fact value NH here's what they told one broker NH back in December NH when the bid rumours were about NH they say the rumour of a bid comes round every four months, usually following a move higher in the share price. IR has an article from 1996 from the Times talking about a bid for the company which shows how long these rumours have been circulating. No real comment on what are the attractions of the S&N business to rivals but did say that back in around 2000 US peers were trading on relatively higher multiples than S&N which caused some to speculate they could bid for S&N. Does not really think consolidation is needed in the sector as it is quite highly concentrated – 5 players in hips and knees have 85% of mkt, 3 players in trauma with 75% and 4 players in endoscopy with 70%. S&N's own focus on expansion is on new tech and distribution. NH I guess NH we will never know what has really gone on NH but the whole situation is unsatisfactory BE As I say. Total failure of UK regulation and disclosure rules. NH agreed . . . . BE Ok – Neil's on the phone. BE S&N related. BE So we'll just hold on a minute for that to conclude before signing off. BE Just in case there's any fresh information to share. BE Sounds like guidance .... BE Still talking. NH back NH just going over Panel rules NH so the situation as things stand NH I believe NH is that if S&N aren't in talks NH they don't have to say anything NH however NH if J&J are considering something NH they have to make a statement NH but NH I still think NH this situation needs to be cleared up NH and the board of S&N surely has a duty to do that NH I surging share price NH and loads of bid rumours doesn't help anyone NH the market NH staff NH customers NH and what's the harm in saying NH yes we did get an approach NH and we knocked it back NH and the bidder has gone away NH can that really hurt BE I guess the problem is that, if they say they had an approach .... BE They open up accusations of sitting on price sensitive information when they were up 12% or so in early December. NH true NH they should have said something then BE There's a bit of a "damned if you do and damned if you don't" logic to it. BE Because, to be frank, they're damned. BE Someone made a very significant mistake. BE Anyway, that's all old ground.
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