Intrinsic value of Smith&Nephew ADR - SNN

Previous Close

$35.47

  Intrinsic Value

$15.69

stock screener

  Rating & Target

str. sell

-56%

Previous close

$35.47

 
Intrinsic value

$15.69

 
Up/down potential

-56%

 
Rating

str. sell

We calculate the intrinsic value of SNN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 15.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.76
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,669
  4,762
  4,872
  4,997
  5,138
  5,293
  5,464
  5,650
  5,852
  6,069
  6,302
  6,551
  6,817
  7,100
  7,401
  7,720
  8,058
  8,417
  8,795
  9,195
  9,618
  10,064
  10,534
  11,029
  11,552
  12,102
  12,681
  13,290
  13,931
  14,606
  15,316
Variable operating expenses, $m
 
  4,110
  4,200
  4,302
  4,417
  4,544
  4,684
  4,836
  5,001
  5,178
  5,368
  5,353
  5,570
  5,802
  6,047
  6,308
  6,585
  6,877
  7,187
  7,514
  7,859
  8,223
  8,608
  9,013
  9,439
  9,889
  10,362
  10,860
  11,384
  11,935
  12,515
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,542
  4,110
  4,200
  4,302
  4,417
  4,544
  4,684
  4,836
  5,001
  5,178
  5,368
  5,353
  5,570
  5,802
  6,047
  6,308
  6,585
  6,877
  7,187
  7,514
  7,859
  8,223
  8,608
  9,013
  9,439
  9,889
  10,362
  10,860
  11,384
  11,935
  12,515
Operating income, $m
  1,127
  652
  672
  695
  721
  749
  780
  814
  851
  891
  934
  1,198
  1,247
  1,298
  1,353
  1,412
  1,474
  1,539
  1,608
  1,681
  1,759
  1,840
  1,926
  2,017
  2,112
  2,213
  2,319
  2,430
  2,548
  2,671
  2,801
EBITDA, $m
  1,590
  1,125
  1,151
  1,180
  1,213
  1,250
  1,290
  1,334
  1,382
  1,433
  1,488
  1,547
  1,610
  1,677
  1,748
  1,823
  1,903
  1,988
  2,077
  2,172
  2,271
  2,377
  2,488
  2,605
  2,728
  2,858
  2,995
  3,139
  3,290
  3,449
  3,617
Interest expense (income), $m
  48
  55
  57
  60
  63
  66
  70
  74
  79
  84
  89
  95
  101
  108
  115
  122
  130
  139
  147
  157
  167
  177
  188
  200
  212
  225
  239
  253
  268
  284
  301
Earnings before tax, $m
  1,062
  597
  615
  635
  658
  683
  710
  740
  772
  807
  844
  1,103
  1,145
  1,190
  1,238
  1,289
  1,343
  1,400
  1,461
  1,525
  1,592
  1,663
  1,738
  1,817
  1,900
  1,988
  2,080
  2,177
  2,279
  2,387
  2,500
Tax expense, $m
  278
  161
  166
  172
  178
  184
  192
  200
  209
  218
  228
  298
  309
  321
  334
  348
  363
  378
  394
  412
  430
  449
  469
  491
  513
  537
  562
  588
  615
  644
  675
Net income, $m
  784
  436
  449
  464
  480
  498
  518
  540
  564
  589
  616
  805
  836
  869
  904
  941
  981
  1,022
  1,066
  1,113
  1,162
  1,214
  1,269
  1,326
  1,387
  1,451
  1,518
  1,589
  1,664
  1,742
  1,825

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  100
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,344
  7,384
  7,553
  7,747
  7,965
  8,207
  8,472
  8,760
  9,073
  9,409
  9,770
  10,157
  10,569
  11,008
  11,474
  11,969
  12,494
  13,049
  13,636
  14,256
  14,911
  15,603
  16,332
  17,100
  17,909
  18,762
  19,660
  20,605
  21,599
  22,645
  23,745
Adjusted assets (=assets-cash), $m
  7,244
  7,384
  7,553
  7,747
  7,965
  8,207
  8,472
  8,760
  9,073
  9,409
  9,770
  10,157
  10,569
  11,008
  11,474
  11,969
  12,494
  13,049
  13,636
  14,256
  14,911
  15,603
  16,332
  17,100
  17,909
  18,762
  19,660
  20,605
  21,599
  22,645
  23,745
Revenue / Adjusted assets
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
  0.645
Average production assets, $m
  2,414
  2,462
  2,519
  2,584
  2,656
  2,737
  2,825
  2,921
  3,025
  3,138
  3,258
  3,387
  3,524
  3,671
  3,826
  3,991
  4,166
  4,351
  4,547
  4,754
  4,972
  5,203
  5,446
  5,702
  5,972
  6,256
  6,556
  6,871
  7,202
  7,551
  7,918
Working capital, $m
  1,181
  1,191
  1,218
  1,249
  1,284
  1,323
  1,366
  1,413
  1,463
  1,517
  1,575
  1,638
  1,704
  1,775
  1,850
  1,930
  2,015
  2,104
  2,199
  2,299
  2,404
  2,516
  2,633
  2,757
  2,888
  3,025
  3,170
  3,322
  3,483
  3,651
  3,829
Total debt, $m
  1,650
  1,631
  1,708
  1,797
  1,896
  2,006
  2,127
  2,259
  2,401
  2,555
  2,719
  2,895
  3,083
  3,284
  3,496
  3,722
  3,961
  4,214
  4,482
  4,765
  5,064
  5,379
  5,711
  6,062
  6,431
  6,819
  7,229
  7,660
  8,113
  8,590
  9,092
Total liabilities, $m
  3,386
  3,367
  3,444
  3,533
  3,632
  3,742
  3,863
  3,995
  4,137
  4,291
  4,455
  4,631
  4,819
  5,020
  5,232
  5,458
  5,697
  5,950
  6,218
  6,501
  6,800
  7,115
  7,447
  7,798
  8,167
  8,555
  8,965
  9,396
  9,849
  10,326
  10,828
Total equity, $m
  3,958
  4,017
  4,109
  4,215
  4,333
  4,465
  4,609
  4,766
  4,936
  5,119
  5,315
  5,525
  5,749
  5,988
  6,242
  6,511
  6,797
  7,099
  7,418
  7,755
  8,112
  8,488
  8,884
  9,302
  9,743
  10,207
  10,695
  11,209
  11,750
  12,319
  12,917
Total liabilities and equity, $m
  7,344
  7,384
  7,553
  7,748
  7,965
  8,207
  8,472
  8,761
  9,073
  9,410
  9,770
  10,156
  10,568
  11,008
  11,474
  11,969
  12,494
  13,049
  13,636
  14,256
  14,912
  15,603
  16,331
  17,100
  17,910
  18,762
  19,660
  20,605
  21,599
  22,645
  23,745
Debt-to-equity ratio
  0.417
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.490
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.700
Adjusted equity ratio
  0.541
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  784
  436
  449
  464
  480
  498
  518
  540
  564
  589
  616
  805
  836
  869
  904
  941
  981
  1,022
  1,066
  1,113
  1,162
  1,214
  1,269
  1,326
  1,387
  1,451
  1,518
  1,589
  1,664
  1,742
  1,825
Depreciation, amort., depletion, $m
  463
  473
  478
  485
  493
  501
  510
  520
  531
  542
  555
  349
  363
  378
  394
  411
  430
  449
  469
  490
  513
  536
  561
  588
  616
  645
  676
  708
  743
  778
  816
Funds from operations, $m
  493
  909
  927
  949
  973
  999
  1,028
  1,060
  1,094
  1,131
  1,171
  1,154
  1,199
  1,247
  1,298
  1,353
  1,410
  1,471
  1,535
  1,603
  1,675
  1,750
  1,830
  1,914
  2,003
  2,096
  2,194
  2,298
  2,406
  2,521
  2,641
Change in working capital, $m
  -356
  23
  27
  31
  35
  39
  43
  47
  50
  54
  58
  62
  66
  71
  75
  80
  85
  90
  95
  100
  106
  111
  118
  124
  131
  137
  145
  152
  160
  169
  177
Cash from operations, $m
  849
  885
  900
  918
  938
  960
  986
  1,014
  1,044
  1,077
  1,113
  1,092
  1,133
  1,177
  1,223
  1,273
  1,326
  1,381
  1,440
  1,503
  1,569
  1,639
  1,713
  1,790
  1,872
  1,959
  2,050
  2,145
  2,246
  2,352
  2,464
Maintenance CAPEX, $m
  0
  -249
  -254
  -260
  -266
  -274
  -282
  -291
  -301
  -312
  -323
  -336
  -349
  -363
  -378
  -394
  -411
  -430
  -449
  -469
  -490
  -513
  -536
  -561
  -588
  -616
  -645
  -676
  -708
  -743
  -778
New CAPEX, $m
  -392
  -49
  -57
  -65
  -73
  -81
  -88
  -96
  -104
  -112
  -120
  -129
  -137
  -146
  -156
  -165
  -175
  -185
  -196
  -207
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -332
  -349
  -367
Cash from investing activities, $m
  -383
  -298
  -311
  -325
  -339
  -355
  -370
  -387
  -405
  -424
  -443
  -465
  -486
  -509
  -534
  -559
  -586
  -615
  -645
  -676
  -708
  -743
  -779
  -817
  -858
  -900
  -944
  -991
  -1,040
  -1,092
  -1,145
Free cash flow, $m
  466
  588
  590
  593
  599
  606
  615
  626
  639
  653
  669
  627
  646
  667
  689
  713
  739
  767
  796
  827
  861
  896
  933
  973
  1,014
  1,059
  1,105
  1,154
  1,206
  1,261
  1,319
Issuance/(repayment) of debt, $m
  127
  67
  77
  89
  99
  110
  121
  132
  142
  153
  165
  176
  188
  200
  213
  226
  239
  253
  268
  283
  299
  315
  332
  350
  369
  389
  409
  431
  453
  477
  502
Issuance/(repurchase) of shares, $m
  -352
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -250
  67
  77
  89
  99
  110
  121
  132
  142
  153
  165
  176
  188
  200
  213
  226
  239
  253
  268
  283
  299
  315
  332
  350
  369
  389
  409
  431
  453
  477
  502
Total cash flow (excl. dividends), $m
  215
  655
  667
  682
  698
  716
  736
  758
  781
  806
  833
  803
  834
  867
  902
  939
  978
  1,020
  1,064
  1,110
  1,159
  1,211
  1,266
  1,323
  1,384
  1,447
  1,515
  1,585
  1,660
  1,738
  1,820
Retained Cash Flow (-), $m
  8
  -73
  -92
  -106
  -119
  -131
  -144
  -157
  -170
  -183
  -196
  -210
  -224
  -239
  -254
  -269
  -285
  -302
  -319
  -337
  -356
  -376
  -397
  -418
  -440
  -464
  -488
  -514
  -541
  -569
  -599
Prev. year cash balance distribution, $m
 
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  596
  575
  576
  579
  585
  592
  601
  611
  623
  637
  593
  610
  628
  648
  670
  693
  718
  744
  773
  803
  835
  869
  905
  943
  984
  1,026
  1,071
  1,119
  1,169
  1,222
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  572
  526
  501
  477
  453
  430
  406
  382
  358
  334
  282
  260
  239
  218
  197
  176
  156
  137
  119
  102
  86
  72
  59
  48
  38
  30
  23
  17
  13
  9
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Smith & Nephew plc is a medical technology company. The Company is engaged in developing, manufacturing, marketing and selling medical devices and services. Its products and services include Sports Medicine Joint Repair, Arthroscopic Enabling Technologies (AET), Trauma & Extremities, Other Surgical Businesses, Knee Implants, Hip Implants, Advanced Wound Care, Advanced Wound Bioactives and Advanced Wound Devices. The Sports Medicine Joint Repair franchise offers surgeons a range of instruments, technologies and implants necessary to perform minimally invasive surgery of the joints, including the repair of soft tissue injuries and degenerative conditions of the knee, hip and shoulder. The AET franchise offers an array of minimally invasive surgery-enabling systems and devices. The Trauma & Extremities franchise supports healthcare professionals with solutions used by surgeons to stabilize severe fractures, correct bone deformities, treat arthritis and heal soft tissue complications.

FINANCIAL RATIOS  of  Smith&Nephew ADR (SNN)

Valuation Ratios
P/E Ratio 39.6
Price to Sales 6.7
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 36.6
Price to Free Cash Flow 68
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.5%
Cap. Spend. - 3 Yr. Gr. Rate 2.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 39.5%
Total Debt to Equity 41.7%
Interest Coverage 23
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 19.8%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 72.8%
Gross Margin - 3 Yr. Avg. 74.6%
EBITDA Margin 33.7%
EBITDA Margin - 3 Yr. Avg. 27.6%
Operating Margin 24.1%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 22.7%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 16.8%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 26.2%
Eff/ Tax Rate - 3 Yr. Avg. 27.6%
Payout Ratio 35.6%

SNN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNN stock intrinsic value calculation we used $4669 million for the last fiscal year's total revenue generated by Smith&Nephew ADR. The default revenue input number comes from 2016 income statement of Smith&Nephew ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SNN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SNN is calculated based on our internal credit rating of Smith&Nephew ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Smith&Nephew ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SNN stock the variable cost ratio is equal to 86.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SNN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Smith&Nephew ADR.

Corporate tax rate of 27% is the nominal tax rate for Smith&Nephew ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SNN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SNN are equal to 51.7%.

Life of production assets of 9.7 years is the average useful life of capital assets used in Smith&Nephew ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SNN is equal to 25%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3958 million for Smith&Nephew ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 429.467 million for Smith&Nephew ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Smith&Nephew ADR at the current share price and the inputted number of shares is $15.2 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: Smith & Nephew   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ [$$] Smith & Nephew lowers guidance for full-year results   [Nov-03-17 09:54AM  Financial Times]
▶ [$$] Elliott Management takes stakes in GEA and Smith & Nephew   [Oct-11-17 11:57AM  Financial Times]
▶ [$$] Smith & Nephew: hippy hippy shake-up   [11:19AM  Financial Times]
▶ Elliott Said to Build Stake in Smith & Nephew   [04:35AM  Bloomberg Video]
▶ Why MannKind, Nutanix, and Smith & Nephew Jumped Today   [Oct-10-17 04:30PM  Motley Fool]
▶ Stocks Showing Improved Relative Strength: Smith & Nephew   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ [$$] Medical Tech Bounces Back in Emerging Markets   [Aug-23-17 03:35PM  Barrons.com]
▶ Training Memphis' next generation of agtech and biotech workers   [Jun-16-17 03:15PM  American City Business Journals]
▶ 3 Best Dividend Stocks in the Medical Device Industry   [Jun-03-17 02:04PM  Motley Fool]
▶ ETFs with exposure to Smith & Nephew Plc : April 27, 2017   [Apr-27-17 04:16PM  Capital Cube]
▶ ETFs with exposure to Smith & Nephew Plc : April 7, 2017   [Apr-07-17 05:30PM  Capital Cube]
▶ FTSE 100 closes at 3-week high as BP advances   [Feb-09-17 12:26PM  at MarketWatch]
▶ OrthoSpace Completes Equity Financing Round   [Dec-01-16 03:36PM  PR Newswire]
▶ Is Nucor Corporation (NUE) Worthy of Your Portfolio?   [Nov-28-16 10:25AM  at Insider Monkey]
▶ Is Expedia Inc (EXPE) Worthy of Your Portfolio?   [Nov-26-16 05:28PM  at Insider Monkey]
▶ How Liberty Interactive Corp (QVCA) Stacks Up Against Its Peers   [Nov-24-16 09:48PM  at Insider Monkey]
▶ [$$] Smith & Nephew sinks after Berenberg cut   [Oct-06-16 02:21PM  at Financial Times]
▶ Will Robots Take Their Place in Orthopedics?   [Aug-28-16 07:00AM  at Morningstar]
▶ ACell®, Inc. Names Brad Adams Vice President of Sales   [Aug-22-16 06:55AM  PR Newswire]
Financial statements of SNN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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