$227.1 M

SMIN Mkt cap, 15-Oct-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

2.9b2.9b3.3b

Revenue growth, %

(2%)2%11%

Cost of goods sold

1.6b1.6b1.8b

Gross profit

1.3b1.3b1.5b

Gross profit Margin, %

46%46%46%

R&D expense

84.0m87.0m98.0m

Operating expense total

939.0m962.0m851.0m

EBITDA

541.0m387.0m785.0m

EBITDA margin, %

19%13%24%

EBIT

394.0m387.0m674.0m

EBIT margin, %

14%13%21%

Pre tax profit

325.0m346.0m601.0m

Income tax expense

(77.0m)(85.0m)(29.0m)

Net Income

248.0m261.0m572.0m

Half Year

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

Revenue

1.4b1.4b1.6b1.5b

Cost of goods sold

776.0m749.0m870.0m838.0m

Gross profit

640.0m623.0m747.0m711.0m

Gross profit Margin, %

45%45%46%46%

Sales and marketing expense

202.0m192.0m223.0m219.0m

General and administrative expense

274.0m248.0m273.0m262.0m

Operating expense total

476.0m440.0m496.0m482.0m

EBIT

164.0m183.0m377.0m229.0m

EBIT margin, %

12%13%23%15%

Interest expense

1.0m30.0m30.0m33.0m

Interest income

25.0m2.0m1.0m3.0m

Pre tax profit

131.0m168.0m346.0m199.0m

Income tax expense

44.0m38.0m43.0m95.0m

Net Income

87.0m130.0m303.0m104.0m

Smiths Group Balance Sheet

Annual

GBPFY, 2015FY, 2016FY, 2017

Cash

495.0m431.0m782.0m

Accounts Receivable

577.0m683.0m653.0m

Inventories

454.0m478.0m452.0m

Current Assets

1.6b1.8b2.0b

PP&E

259.0m315.0m315.0m

Goodwill

1.3b1.5b1.6b

Total Assets

4.0b4.5b5.2b

Accounts Payable

192.0m202.0m202.0m

Short-term debt

163.0m270.0m151.0m

Current Liabilities

770.0m996.0m867.0m

Long-term debt

1.2b1.1b1.6b

Non-Current Liabilities

1.8b1.8b2.2b

Total Debt

1.3b1.4b1.7b

Total Liabilities

2.6b2.8b3.1b

Common Stock

148.0m148.0m148.0m

Additional Paid-in Capital

148.0m148.0m148.0m

Retained Earnings

86.0m96.0m403.0m

Total Equity

1.4b1.6b2.1b

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

495.0m461.0m816.0m591.0m

Accounts Receivable

616.0m639.0m660.0m640.0m

Inventories

454.0m490.0m484.0m439.0m

Current Assets

1.6b1.6b2.0b1.7b

PP&E

259.0m280.0m319.0m291.0m

Goodwill

1.4b1.4b1.4b1.5b

Total Assets

4.0b4.2b4.6b4.7b

Accounts Payable

1.8b460.0m511.0m529.0m

Short-term debt

163.0m180.0m286.0m21.0m

Current Liabilities

770.0m798.0m948.0m699.0m

Long-term debt

1.2b1.3b1.2b1.5b

Non-Current Liabilities

1.8b1.9b1.8b2.0b

Total Debt

1.3b1.4b1.5b1.6b

Total Liabilities

2.6b2.7b2.8b2.7b

Common Stock

148.0m148.0m148.0m148.0m

Additional Paid-in Capital

349.0m351.0m354.0m358.0m

Retained Earnings

743.0m966.0m1.4b1.4b

Total Equity

1.4b1.5b1.8b2.0b

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

248.0m261.0m572.0m

Depreciation and Amortization

147.0m140.0m119.0m

Accounts Receivable

11.0m(37.0m)39.0m

Inventories

(30.0m)30.0m52.0m

Accounts Payable

(4.0m)1.0m16.0m

Cash From Operating Activities

266.0m358.0m479.0m

Purchases of PP&E

(59.0m)(74.0m)(62.0m)

Cash From Investing Activities

(109.0m)(124.0m)(234.0m)

Long-term Borrowings

(257.0m)(151.0m)(256.0m)

Dividends Paid

160.0m163.0m167.0m

Cash From Financing Activities

147.0m(332.0m)116.0m

Net Change in Cash

304.0m(98.0m)361.0m

Interest Paid

(66.0m)(61.0m)(65.0m)

Income Taxes Paid

(91.0m)(62.0m)(82.0m)

Half Year

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

Net Income

87.0m130.0m303.0m104.0m

Depreciation and Amortization

84.0m54.0m58.0m65.0m

Accounts Receivable

60.0m29.0m67.0m33.0m

Inventories

(38.0m)(3.0m)(2.0m)(18.0m)

Accounts Payable

(47.0m)(39.0m)(28.0m)(31.0m)

Cash From Operating Activities

112.0m121.0m225.0m159.0m

Purchases of PP&E

(28.0m)(29.0m)(29.0m)(28.0m)

Cash From Investing Activities

(55.0m)(57.0m)271.0m(55.0m)

Long-term Borrowings

(53.0m)(1.0m)(1.0m)(132.0m)

Dividends Paid

(108.0m)(111.0m)(114.0m)(117.0m)

Cash From Financing Activities

(82.0m)(113.0m)(123.0m)(257.0m)

Net Change in Cash

(25.0m)(49.0m)373.0m(153.0m)

Interest Paid

(19.0m)(20.0m)(23.0m)(34.0m)

Income Taxes Paid

(54.0m)(25.0m)(46.0m)(38.0m)

Smiths Group Ratios

GBPY, 2018

EV/EBIT

5.2 x

EV/CFO

7.5 x

Revenue/Employee

70.6k

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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