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SMIN Smiths Group Plc

-26.00 (-1.51%)
25 Jun 2024 - Closed
Delayed by 15 minutes
Smiths Investors - SMIN

Smiths Investors - SMIN

Share Name Share Symbol Market Stock Type
Smiths Group Plc SMIN London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-26.00 -1.51% 1,699.00 16:35:18
Open Price Low Price High Price Close Price Previous Close
1,717.00 1,698.00 1,717.00 1,699.00 1,725.00
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Top Posts
Posted at 26/3/2024 19:12 by philanderer
Investors Chronicle..

Smiths Group announces record orders and a change at the helm

Posted at 26/9/2023 22:14 by philanderer
Investors Chronicle

Posted at 25/3/2023 00:22 by philanderer
Investors Chronicle:

'Smiths focused on organic growth'

....A forward rating of 19 times adjusted earnings places the group mid table in terms of peer rankings. But we think the Goldman Sachs' appraisal is accurate, so the asking price isn’t unrealistic.


Posted at 23/11/2021 00:27 by philanderer
The new CEO of engineer Smiths (SMIN) Paul Keel has defended the company’s conglomerate structure, following plans by General Electric and Toshiba to break-up their diversified structures to extract better shareholder value.

For the time being investors seem fairly relaxed about Smiths, with the shares bid up 0.5% to £15.03 by the close.

Shares Magazine
Posted at 28/9/2021 18:31 by philanderer
Investors Chronicle :

Smiths well poised for renewed opportunities

Following restructuring measures, the group is in better trim to take advantage of a bounce-back in its end-markets.

The localised nature of Smiths’ supply chain arrangements means that it is not being unduly affected by the unholy trinity of semiconductor, energy and logistics issues. And the improved efficiencies are also reflected in a 125 per cent cash conversion rate, which fed through to decreased borrowings and a 40 per cent hike in free cashflow to £383m.

Performance remains chequered across the group’s business segments, but continued working capital discipline helped to boost ROCE by 140-basis points to 13.2 per cent. Market challenges notwithstanding, a forward rating of 14 times Investec’s adjusted earnings forecast is not overly demanding, particularly given a prospective dividend yield of nearly 3 per cent.


full article:
Posted at 08/8/2018 07:47 by broadwood
Smiths Group, the FTSE-100 in‎dustrial conglomerate, is close to calling off talks with a rival about a £7bn merger that would have created a transatlantic healthcare giant.
Sky News has learnt that Smiths is leaning towards a decision to halt negotiations with Nasdaq-listed ICU Medical about a tie-up more than two months after they got underway.

A final decision has yet to be made by Smiths' chief executive, Andy Reynolds Smith, and a person close to the British company insisted on Tuesday night that any change in its position would be announced immediately to the London Stock Exchange.
Banking sources said that news of the talks between Smiths and ICU, which were confirmed after Sky News revealed them in May, had prompted Baxter International, another US healthcare company, to express an interest in buying Smiths Medical outright.
It was unclear whether any live talks were still taking place between Smiths and Baxter or any other potential suitors.
News of the discussions was welcomed by Smiths investors in May amid hopes that the company was close to unlocking part of the value bound up in its conglomerate structure.
Since then, both Smiths and ICU are said to have tabled a string of proposals about how a combination could work, with varying degrees of governance and management control being held by the two parties.
ICU, which makes devices used in infusion therapy and oncology, is thought to have been keen on a formal merger of the businesses rather than a more straightforward joint venture.
The Nasdaq-listed ICU has a market value of $6bn‎ (£4.6bn), while Smiths Medical was likely to have been valued at more than £2.5bn (£1.9bn) in a transaction.
The US-based company has a long track record of takeovers including the $900m purchase completed last year of Pfizer's Hospira Infusion Systems arm.
Smiths Medical, which also supplies advanced devices to healthcare markets around the world, accounts for just under 30% of the group's revenues, making it the company's largest unit on that basis.
Its performance has been rocky in recent years, with revenue in the half-year to January down 5% to £451m.
Last month, Smiths Group shares tumbled after the company said that changes to European Union rules on medical devices would hurt sales from 2020.
The company said this year that it was making "significant progress on its return to growth" in the medical‎ arena but cautioned that higher research and development costs were having an impact on short-term profitability.
Smiths also operates in areas such as security detection, making much of the body-scanning equipment used at airports around the world.
In total, it has five main divisions‎, which also include John Crane, a provider of engineering solutions for energy and other process industries.
The company's structure has long been a source of consternation for some investors and analysts, although talk of a takeover or break-up has never resulted in significant corporate activity.
In recent months there has been growing talk among City investors that Smiths is likely to attract the attention of an activist investor keen on pressing more aggressively for a break-up, although its shares have generally performed strongly in recent months and are up modestly over the last year.
Such activism has become increasingly common in the UK‎, with companies including FirstGroup, the transport operator, drug-maker Shire and Costa Coffee-owner Whitbread all the subject of current campaigns.
Mr Reynolds Smith, who joined the company in 2015 from GKN, the engineering firm which has just been bought by Melrose Industries, is under pressure to demonstrate that its existing structure continues to deliver benefits to shareholders.
Posted at 18/8/2017 16:56 by philanderer
Industrial technology firm Smiths Group has spent most of the past year offloading different businesses but the rumour doing the rounds in the City today was it could soon change tack.

On a quiet Friday, the hearsay was that the FTSE 100 company has its eye on Accelerate Diagnostics, a little-known US medical technology firm worth $1.3 billion (£1 billion) on Nasdaq.

The Arizona-based company is working towards commercialising technology which helps to diagnose infectious diseases sooner. Its shares rose 5% yesterday against a falling market with trading volumes much higher than normal.

Although Smiths’ name is in the frame for a potential tilt, larger US groups have a head-start on it, sources said.

Frontrunners for Accelerate are said to be Thermo Fisher Scientific and Boston Scientific — both are much larger and have far more firepower than Smiths, whose operations range from energy services to specialist medical devices. It has sold several non-core business over the past year to buoy the balance sheet.

After recent falls, Accelerate’s shares are now changing hands for only $23 a pop. Gossips said Accelerate and its directors, who control a large chunk of the company, would hold out for at least $35 a share.

Smiths and Accelerate said they do not comment on speculation.

Shares in Smiths were down 10.15p to 1553p, tracking UK stocks lower as investors digested the Barcelona terror attack and the increasingly chaotic nature of Donald Trump’s presidency.

London Ev Standard
Posted at 24/3/2017 20:40 by philanderer
As Smiths Group updates the market Graham Spooner, our investment research analyst, explains what it could mean for investors:

Smiths Group reported increase in profits and revenues and stuck to its full-year outlook boosted by growth in its detection unit

The group’s new strategy announced last September is being implemented and aims to increase competitiveness and outperformance in its markets.

We recommend Smiths Group as a ‘buy’ for medium risk investors seeking a balanced return
Posted at 24/3/2017 20:36 by philanderer
Telegraph market report:

.....Elsewhere, forecast-beating half-year results lifted engineering firm Smiths to the top of the leaderboard, up 45p to £16.01. Operating profit rose 27pc to £277m boosted by cost cuts and growth in its detection unit. The group also maintained its full-year outlook. Following the upbeat results, Credit Suisse increased its price target from £16 to £17.40, adding its investment case “remains attractive”.
Posted at 05/8/2015 16:47 by skyship
Perhaps use this link to search the article regarding stake-building by ValueAct Cap. Man...

The "Quiet Activist"

This week and for the first time, many UK retail investors will have become familiar with the name Jeffrey Ubben, whose ValueAct Capital Management has been linked to two mainstays of British industry - Rolls-Royce and, today, Smiths Group. But ValueAct isn't just another hedge fund looking to make a quick buck. Dubbed the "Quiet Activist", Ubben prefers to be seen as a helpful contributor rather than an annoying agitator.

Indeed, ValueAct's long-term approach is underlined by the fact that Ubben likens ValueAct’s style to bringing a private-equity strategy to a public company. ValueAct usually makes only three to four new investments in one year. It often holds about 15 positions and the average holding period for each position is about three years. Often worming its way onto the board of the target company, ValueAct then uses argument and persuasion - all conducted very privately - to cajole executives around to its way of thinking.

As of September 2014, ValueAct, which has pressed for changes at 75 companies since Ubben co-founded the firm in 2000, claims to have generated almost $11 billion in gross profits for its investors. And with $14 billion under management, it is larger than most of its activist peers. In short, ValueAct and Ubben are worthy of investors' attention.

ValueAct's arrival on the shareholder register of Smiths Group (LON:SMIN) comes after years of break-up speculation. Smiths' conglomerate structure is a relic of the past, as it flies in the face of current financial theory, which holds that businesses are more valuable as separate entities when there are no easily identifiable synergies.

In Smiths' case, with businesses as diverse as medical equipment, airport scanners and industrial seals all under the same umbrella, the argument for a break-up seems as good as any. According to the most recent set of results, divisional operating margins varied from 9.2% to 23.2%, while return on capital employed ranged from 3.1% to 33.7%. With the Smiths share price having struggled to go anywhere over the past ten years, it would be reasonable to assume that other shareholders may be receptive to the idea of a break-up, or at the very least some kind of restructuring, which could help realise value.

Previous attempts to shake things up at Smiths have met with failure, but this time could be different for several reasons:

1) ValueAct is the third activist investor to join the Smiths board, as it joins Harris Associate, with a 7.4% stake, and RWC, with 1.4%, making a likely combined holding of over 10% by activists.

2) Rising interest rates could reduce the value of the firm's pension deficit, which has in the past acted as a major stumbling block to change.

3) Smiths recently acquired a new chief executive from GKN Automotive who will no doubt want to make his mark.

In a note issued today, Credit Suisse calculated a break-up value of 1,500p per share for Smiths, based on implied valuations of 17.8 times 2016 EV/EBITA for the medical arm - which is consistent with recent take-out multiples of Covidien and CareFusion - 16.1 times for the Detection business, 13.4 times for Interconnect and 13.8 times for Flex Tek.

In my opinion, a break-up, or at the very least some kind of major restructuring, is inevitable in the long run. Smiths is simply a dinosaur from a bygone age. In the meantime, investors can sit back and collect a useful 3.6% dividend yield.

Best regards,
James Faulkner

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