Financials Smith & Nephew Plc Deutsche Boerse AG

Equities

NPW1

GB0009223206

Medical Equipment, Supplies & Distribution

Market Closed - Deutsche Boerse AG Other stock markets 11:36:50 31/05/2024 am IST			5-day change	1st Jan Change
11.62 ^EUR	+1.71%		+1.44%	-5.99%

31/05	SMITH & NEPHEW : EPS cut (2023: +8.0%, 2024: -16.2%)
14/05	European Equities Traded in the US as American Depositary Receipts Nudge Higher in Tuesday Trading	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,221	18,071	15,374	11,668	11,946	10,988	-	-
Enterprise Value (EV) ¹	22,991	19,999	17,423	14,190	14,728	13,543	13,220	12,896
P/E ratio	35.5 x	40.3 x	29.3 x	52.6 x	45.6 x	21.4 x	16.4 x	13.9 x
Yield	1.54%	1.82%	2.14%	2.79%	2.73%	3%	3.38%	3.83%
Capitalization / Revenue	4.13 x	3.96 x	2.95 x	2.24 x	2.15 x	1.89 x	1.79 x	1.7 x
EV / Revenue	4.47 x	4.39 x	3.34 x	2.72 x	2.65 x	2.33 x	2.16 x	2 x
EV / EBITDA	14.9 x	18 x	13 x	10.7 x	10.1 x	9.19 x	8.13 x	7.51 x
EV / FCF	30.3 x	40.6 x	37.1 x	129 x	81.4 x	24 x	19 x	17 x
FCF Yield	3.31%	2.46%	2.69%	0.78%	1.23%	4.16%	5.28%	5.87%
Price to Book	4.15 x	3.43 x	2.76 x	2.23 x	2.29 x	2.04 x	1.94 x	1.85 x
Nbr of stocks (in thousands)	8,73,334	8,75,215	8,78,536	8,69,496	8,70,199	8,71,947	-	-
Reference price ²	24.30	20.65	17.50	13.42	13.73	12.60	12.60	12.60
Announcement Date	20/02/20	18/02/21	22/02/22	21/02/23	27/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,138	4,560	5,212	5,215	5,549	5,816	6,122	6,447
EBITDA ¹	1,544	1,108	1,345	1,324	1,464	1,473	1,627	1,718
EBIT ¹	1,169	683	936	901	970	1,059	1,219	1,333
Operating Margin	22.75%	14.98%	17.96%	17.28%	17.48%	18.21%	19.92%	20.67%
Earnings before Tax (EBT) ¹	743	246	586	235	290	635.5	816.8	955.2
Net income ¹	600	448	524	223	263	540.2	692.6	783.2
Net margin	11.68%	9.82%	10.05%	4.28%	4.74%	9.29%	11.31%	12.15%
EPS ²	0.6840	0.5120	0.5970	0.2550	0.3010	0.5879	0.7690	0.9071
Free Cash Flow ¹	760	492	469	110	181	563.9	697.4	756.8
FCF margin	14.79%	10.79%	9%	2.11%	3.26%	9.7%	11.39%	11.74%
FCF Conversion (EBITDA)	49.22%	44.4%	34.87%	8.31%	12.36%	38.29%	42.88%	44.05%
FCF Conversion (Net income)	126.67%	109.82%	89.5%	49.33%	68.82%	104.4%	100.7%	96.64%
Dividend per Share ²	0.3750	0.3750	0.3750	0.3750	0.3750	0.3786	0.4255	0.4828
Announcement Date	20/02/20	18/02/21	22/02/22	21/02/23	27/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	2,653	2,035	2,525	2,599	1,266	1,346	2,613	1,306	1,293	2,600	1,250	1,365	2,615	1,356	1,379	2,734	1,357	1,458	2,815	1,398	1,450	2,830	1,425	1,558	2,988	1,464	2,994	3,142
EBITDA	825	360	748	666	-	-	679	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	637	172	511	459	-	-	477	-	-	440	-	-	461	-	-	417	-	-	553	-	-	466.5	-	-	551.6	-	596	644
Operating Margin	24.01%	8.45%	20.24%	17.66%	-	-	18.25%	-	-	16.92%	-	-	17.63%	-	-	15.25%	-	-	19.64%	-	-	16.49%	-	-	18.46%	-	19.91%	20.5%
Earnings before Tax (EBT)	360	-34	280	223	-	-	-	-	-	204	-	-	31	-	-	211	-	-	79	-	-	256	-	-	392.5	-	399	446
Net income	291	100	348	205	-	-	319	-	-	177	-	-	46	-	-	171.6	-	-	91	-	-	206	-	-	316	-	321	359
Net margin	10.97%	4.91%	13.78%	7.89%	-	-	12.21%	-	-	6.81%	-	-	1.76%	-	-	6.28%	-	-	3.23%	-	-	7.28%	-	-	10.57%	-	10.72%	11.43%
EPS	0.3320	0.1140	0.3980	0.2330	-	-	0.3640	-	-	0.2020	-	-	0.0530	-	-	0.1970	-	-	0.1040	-	-	0.2200	-	-	0.3700	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	0.1440	-	-	0.2310	-	-	0.1440	-	-	0.2310	-	-	-	-	-	-	-	-	-
Announcement Date	20/02/20	29/07/20	18/02/21	29/07/21	04/11/21	22/02/22	22/02/22	28/04/22	28/07/22	28/07/22	03/11/22	21/02/23	21/02/23	03/05/23	03/08/23	03/08/23	02/11/23	27/02/24	27/02/24	-	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,770	1,928	2,049	2,522	2,782	2,555	2,232	1,908
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.146 x	1.74 x	1.523 x	1.905 x	1.9 x	1.735 x	1.372 x	1.111 x
Free Cash Flow ¹	760	492	469	110	181	564	697	757
ROE (net income / shareholders' equity)	17.8%	10.8%	13.1%	13.2%	13.8%	14.1%	15.7%	16.7%
ROA (Net income/ Total Assets)	10.3%	5.55%	6.47%	6.83%	7.24%	6.2%	7.85%	8.5%
Assets ¹	5,831	8,072	8,093	3,266	3,634	8,712	8,823	9,214
Book Value Per Share ²	5.860	6.020	6.350	6.030	5.990	6.180	6.500	6.810
Cash Flow per Share ²	1.330	1.070	1.000	0.5400	0.7000	1.270	1.440	1.180
Capex ¹	408	443	408	358	427	449	466	485
Capex / Sales	7.94%	9.71%	7.83%	6.86%	7.7%	7.71%	7.61%	7.52%
Announcement Date	20/02/20	18/02/21	22/02/22	21/02/23	27/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Smith & Nephew Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12.6 USD

Average target price

16.35 USD

Spread / Average Target

+29.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
STRYKER CORPORATION	+13.73%	130B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	-4.33%	8.42B
GLAUKOS CORPORATION	+41.80%	5.57B
INSPIRE MEDICAL SYSTEMS, INC.	-21.94%	4.59B
AXONICS, INC.	+7.81%	3.42B
ENOVIS CORPORATION	-10.26%	2.73B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-10.29%	2.08B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-13.58%	1.92B
DOUBLE MEDICAL TECHNOLOGY INC.	-27.77%	1.66B

Medical Devices & Implants