Smiths Group Fair Value Rises to £29.35 After Split Analyst Revisions

Simply Wall St··GBUS·Read original
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Summary · why it matters

Smiths Group drew a cluster of new analyst price targets ranging from 2,675 GBp to 3,150 GBp, and Simply Wall St's fair value estimate for the company moved to about £29.35 per share from about £28.58. Goldman Sachs reinstated coverage with a Buy rating and a £31.50 price target, citing the company's simplified structure, higher margin potential and what it calls the largest buyback program in its coverage, while JPMorgan raised its target to £31.00 from £28.10 and kept an Overweight stance. On the bearish side, Citi cut Smiths Group to Neutral from Buy while keeping its £30.00 target, saying the post-results share move leaves less obvious valuation upside, and Jefferies lowered its target to £26.75 from £27.50 with a Hold rating, citing near-term challenges and messy consensus forecasts. Behind the revision, revenue growth assumptions shifted from a decline of about 8.97% to projected growth of about 5.76%, net profit margin assumptions moved from about 12.35% to about 16.45%, and the future P/E moved from about 42.2x to about 24.0x. The story also hinges on the plan to focus on high performance flow and heat management businesses, including a potential divestment or demerger of Smiths Interconnect and Smiths Detection, and on the £500m share buyback, with disposal proceeds earmarked for returns and the Future Smiths program targeting higher organic revenue, EPS and operating margins.

Impact on assets 5

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Smiths Group PLC
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Analyst price-target revisions and fair-value upgrade, including Goldman's Buy reinstatement and JPMorgan's raised target, reflect improved valuation and margin assumptions.

Off-coverage companies 3

Simply Wall StPrivate± Mixed
relevance

Smiths DetectionPrivate± Mixed
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Smiths InterconnectPrivate± Mixed
relevance

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