Financials Smith & Nephew Plc BOERSE MUENCHEN

Equities

NPW1

GB0009223206

Medical Equipment, Supplies & Distribution

Market Closed - BOERSE MUENCHEN Other stock markets 03:44:06 2024-07-05 pm EDT			5-day change	1st Jan Change
12.6 ^EUR	0.00%		+7.69%	+2.02%

Jul. 05	European Equities Traded in the US as American Depositary Receipts Rise in Friday Trading	MT
Jul. 04	Stocks mainly green as UK election results loom	AN

Valuation

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,221	18,071	15,374	11,668	11,946	11,804	-	-
Enterprise Value (EV) ¹	22,991	19,999	17,423	14,190	14,728	14,417	14,102	13,715
P/E ratio	35.5 x	40.3 x	29.3 x	52.6 x	45.6 x	21.3 x	16.1 x	13.7 x
Yield	1.54%	1.82%	2.14%	2.79%	2.73%	2.76%	3.09%	3.44%
Capitalization / Revenue	4.13 x	3.96 x	2.95 x	2.24 x	2.15 x	2.03 x	1.93 x	1.83 x
EV / Revenue	4.47 x	4.39 x	3.34 x	2.72 x	2.65 x	2.48 x	2.3 x	2.13 x
EV / EBITDA	14.9 x	18 x	13 x	10.7 x	10.1 x	9.95 x	8.78 x	7.99 x
EV / FCF	30.3 x	40.6 x	37.1 x	129 x	81.4 x	25.7 x	20.2 x	18.2 x
FCF Yield	3.31%	2.46%	2.69%	0.78%	1.23%	3.89%	4.96%	5.5%
Price to Book	4.15 x	3.43 x	2.76 x	2.23 x	2.29 x	2.21 x	2.1 x	1.98 x
Nbr of stocks (in thousands)	873,334	875,215	878,536	869,496	870,199	871,950	-	-
Reference price ²	24.30	20.65	17.50	13.42	13.73	13.54	13.54	13.54
Announcement Date	2/20/20	2/18/21	2/22/22	2/21/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,138	4,560	5,212	5,215	5,549	5,813	6,124	6,441
EBITDA ¹	1,544	1,108	1,345	1,324	1,464	1,449	1,606	1,717
EBIT ¹	1,169	683	936	901	970	1,057	1,222	1,322
Operating Margin	22.75%	14.98%	17.96%	17.28%	17.48%	18.17%	19.96%	20.52%
Earnings before Tax (EBT) ¹	743	246	586	235	290	633.5	816.3	957.9
Net income ¹	600	448	524	223	263	526.1	687.1	779.3
Net margin	11.68%	9.82%	10.05%	4.28%	4.74%	9.05%	11.22%	12.1%
EPS ²	0.6840	0.5120	0.5970	0.2550	0.3010	0.6347	0.8410	0.9897
Free Cash Flow ¹	760	492	469	110	181	560.9	699	754.7
FCF margin	14.79%	10.79%	9%	2.11%	3.26%	9.65%	11.41%	11.72%
FCF Conversion (EBITDA)	49.22%	44.4%	34.87%	8.31%	12.36%	38.7%	43.51%	43.94%
FCF Conversion (Net income)	126.67%	109.82%	89.5%	49.33%	68.82%	106.61%	101.74%	96.84%
Dividend per Share ²	0.3750	0.3750	0.3750	0.3750	0.3750	0.3737	0.4187	0.4664
Announcement Date	2/20/20	2/18/21	2/22/22	2/21/23	2/27/24	-	-	-

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	2,832	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	-	-	462.3	-	-	551.6	-	596	644
Operating Margin	24.01%	8.45%	20.24%	17.66%	-	-	18.25%	-	-	16.92%	-	-	17.63%	-	-	15.25%	-	-	19.64%	-	-	16.32%	-	-	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%	-	-	7.27%	-	-	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	2/20/20	7/29/20	2/18/21	7/29/21	11/4/21	2/22/22	2/22/22	4/28/22	7/28/22	7/28/22	11/3/22	2/21/23	2/21/23	5/3/23	8/3/23	8/3/23	11/2/23	2/27/24	2/27/24	-	-	-	-	-	-	-	-	-

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	2,614	2,298	1,911
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.146 x	1.74 x	1.523 x	1.905 x	1.9 x	1.803 x	1.431 x	1.113 x
Free Cash Flow ¹	760	492	469	110	181	561	699	755
ROE (net income / shareholders' equity)	17.8%	10.8%	13.1%	13.2%	13.8%	14.1%	15.8%	16.6%
ROA (Net income/ Total Assets)	10.3%	5.55%	6.47%	6.83%	7.24%	6.2%	7.45%	8.1%
Assets ¹	5,831	8,072	8,093	3,266	3,634	8,486	9,223	9,621
Book Value Per Share ²	5.860	6.020	6.350	6.030	5.990	6.140	6.450	6.850
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	468	487
Capex / Sales	7.94%	9.71%	7.83%	6.86%	7.7%	7.73%	7.63%	7.57%
Announcement Date	2/20/20	2/18/21	2/22/22	2/21/23	2/27/24	-	-	-

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

13.54 USD

Average target price

16.37 USD

Spread / Average Target

+20.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
STRYKER CORPORATION	+12.62%	126B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	-23.60%	6.62B
GLAUKOS CORPORATION	+53.19%	6.51B
INSPIRE MEDICAL SYSTEMS, INC.	-30.75%	3.98B
AXONICS, INC.	+8.52%	3.44B
ENOVIS CORPORATION	-19.96%	2.44B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-17.14%	1.88B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-21.05%	1.69B
DOUBLE MEDICAL TECHNOLOGY INC.	-37.13%	1.41B

Medical Devices & Implants