$276.6 M

SMIN Mkt cap, 16-Aug-2018

£1.5 B

Smiths Group Revenue H1, 2018
Smiths Group Gross profit (H1, 2018)711 M
Smiths Group Gross profit margin (H1, 2018), %45.9%
Smiths Group Net income (H1, 2018)104 M
Smiths Group EBIT (H1, 2018)229 M
Smiths Group Cash, 31-Jan-2018591 M
Smiths Group EV1.2 B

Smiths Group Revenue

Smiths Group revenue was £3.28 b in FY, 2017 which is a 11.2% year over year increase from the previous period.

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Smiths Group Revenue Breakdown

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Smiths Group revenue breakdown by business segment: 10.3% from Flex-Tek, 12.8% from Smiths Interconnect, 20.9% from Smiths Detection, 29.0% from Smiths Medical and 27.0% from John Crane

Smiths Group revenue breakdown by geographic segment: 20.2% from Rest of the World, 51.2% from Total North American, 22.2% from Total European and 6.5% from Other

Smiths Group Income Statement

Annual

GBPFY, 2015FY, 2016FY, 2017

Revenue

2.9 b2.9 b3.3 b

Revenue growth, %

(2%)2%11%

Cost of goods sold

1.6 b1.6 b1.8 b

Gross profit

1.3 b1.3 b1.5 b

Gross profit Margin, %

46%46%46%

R&D expense

84 m87 m98 m

Operating expense total

939 m962 m851 m

EBITDA

541 m387 m785 m

EBITDA margin, %

19%13%24%

EBIT

394 m387 m674 m

EBIT margin, %

14%13%21%

Pre tax profit

325 m346 m601 m

Income tax expense

(77 m)(85 m)(29 m)

Net Income

248 m261 m572 m

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Revenue

1.4 b1.4 b1.6 b1.5 b

Cost of goods sold

776 m749 m870 m838 m

Gross profit

640 m623 m747 m711 m

Gross profit Margin, %

45%45%46%46%

Sales and marketing expense

202 m192 m223 m219 m

General and administrative expense

274 m248 m273 m262 m

Operating expense total

476 m440 m496 m482 m

EBIT

164 m183 m377 m229 m

EBIT margin, %

12%13%23%15%

Interest expense

1 m30 m30 m33 m

Interest income

25 m2 m1 m3 m

Pre tax profit

131 m168 m346 m199 m

Income tax expense

44 m38 m43 m95 m

Net Income

87 m130 m303 m104 m

Smiths Group Balance Sheet

Annual

GBPFY, 2015FY, 2016FY, 2017

Cash

495 m431 m782 m

Accounts Receivable

577 m683 m653 m

Inventories

454 m478 m452 m

Current Assets

1.6 b1.8 b2 b

PP&E

259 m315 m315 m

Goodwill

1.3 b1.5 b1.6 b

Total Assets

4 b4.5 b5.2 b

Accounts Payable

192 m202 m202 m

Short-term debt

163 m270 m151 m

Current Liabilities

770 m996 m867 m

Long-term debt

1.2 b1.1 b1.6 b

Non-Current Liabilities

1.8 b1.8 b2.2 b

Total Debt

1.3 b1.4 b1.7 b

Total Liabilities

2.6 b2.8 b3.1 b

Common Stock

148 m148 m148 m

Additional Paid-in Capital

148 m148 m148 m

Retained Earnings

86 m96 m403 m

Total Equity

1.4 b1.6 b2.1 b

Debt to Equity Ratio

0.9 x0.9 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x

Financial Leverage

2.8 x2.7 x2.5 x

Half Year

USDH1, 2015H1, 2016H1, 2017H1, 2018

Cash

495 m461 m816 m591 m

Accounts Receivable

616 m639 m660 m640 m

Inventories

454 m490 m484 m439 m

Current Assets

1.6 b1.6 b2 b1.7 b

PP&E

259 m280 m319 m291 m

Goodwill

1.4 b1.4 b1.4 b1.5 b

Total Assets

4 b4.2 b4.6 b4.7 b

Accounts Payable

1.8 b460 m511 m529 m

Short-term debt

163 m180 m286 m21 m

Current Liabilities

770 m798 m948 m699 m

Long-term debt

1.2 b1.3 b1.2 b1.5 b

Non-Current Liabilities

1.8 b1.9 b1.8 b2 b

Total Debt

1.3 b1.4 b1.5 b1.6 b

Total Liabilities

2.6 b2.7 b2.8 b2.7 b

Common Stock

148 m148 m148 m148 m

Additional Paid-in Capital

349 m351 m354 m358 m

Retained Earnings

743 m966 m1.4 b1.4 b

Total Equity

1.4 b1.5 b1.8 b2 b

Debt to Equity Ratio

0.9 x0.9 x0.8 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x

Financial Leverage

2.8 x2.7 x2.5 x2.4 x

Smiths Group Cash Flow

Annual

GBPFY, 2015FY, 2016FY, 2017

Net Income

248 m261 m572 m

Depreciation and Amortization

147 m140 m119 m

Accounts Receivable

11 m(37 m)39 m

Inventories

(30 m)30 m52 m

Accounts Payable

(4 m)1 m16 m

Cash From Operating Activities

266 m358 m479 m

Purchases of PP&E

(59 m)(74 m)(62 m)

Cash From Investing Activities

(109 m)(124 m)(234 m)

Long-term Borrowings

(257 m)(151 m)(256 m)

Dividends Paid

160 m163 m167 m

Cash From Financing Activities

147 m(332 m)116 m

Net Change in Cash

304 m(98 m)361 m

Interest Paid

(66 m)(61 m)(65 m)

Income Taxes Paid

(91 m)(62 m)(82 m)

Half Year

GBPH1, 2015H1, 2016H1, 2017H1, 2018

Net Income

87 m130 m303 m104 m

Depreciation and Amortization

84 m54 m58 m65 m

Accounts Receivable

60 m29 m67 m33 m

Inventories

(38 m)(3 m)(2 m)(18 m)

Accounts Payable

(47 m)(39 m)(28 m)(31 m)

Cash From Operating Activities

112 m121 m225 m159 m

Purchases of PP&E

(28 m)(29 m)(29 m)(28 m)

Cash From Investing Activities

(55 m)(57 m)271 m(55 m)

Long-term Borrowings

(53 m)(1 m)(1 m)(132 m)

Dividends Paid

(108 m)(111 m)(114 m)(117 m)

Cash From Financing Activities

(82 m)(113 m)(123 m)(257 m)

Net Change in Cash

(25 m)(49 m)373 m(153 m)

Interest Paid

(19 m)(20 m)(23 m)(34 m)

Income Taxes Paid

(54 m)(25 m)(46 m)(38 m)

Smiths Group Ratios

GBPY, 2018

EV/EBIT

5.4 x

EV/CFO

7.8 x

Revenue/Employee

70.6 k

Debt/Equity

0.8 x

Debt/Assets

0.3 x

Financial Leverage

2.4 x
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Smiths Group Operating Metrics

FY, 2016FY, 2017

Adjusted Claims

242 k

Countries

200 200

Locations

350 350

Suppliers

12 k
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