Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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9 October 2017 Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical technology business, announces today that Olivier Bohuon, 58, has notified the Board of his intention to retire by the end of 2018, after seven years as Chief Executive Officer. The Board is commencing a search for a successor. In the meantime, Olivier will continue to lead Smith & Nephew and drive the Company's growth initiatives and operating plans.
They were fine - but, they weren't miles ahead of expectations whereas the stock has been on a flier, and is now on more than 30x earnings. I'm not terribly surprised with the fall, and indeed, could well fall back to the 270s. Having lightened my position a few months back, I'd buy them back below 250p.
Look ok to me. No surprises & cash for acquisitions.
Scorpio - the currency tail wind will continue until June and then fall away in terms of growth rates.
I tend to support MattTheBrave's view. If you go back to last year's July trading update, they used the same 'board expectations' phrase, but allowed themselves the optimism of expecting full year results to come in above plan, due largely to 30% Euro-based sales and 30% Dollar-based. Sterling Revenues were rising due to a weaker pound since the EU referendum. This year, even if sales volumes remain flat, the same advantage must surely continue? I'd guess they don't want to make a formal statement on that, because there is a risk that negotiations with the EU could have a significant impact on exchange rates, one way or the other.............? It's all a guessing game. But I'll be keeping an eye on share price and/or director deals prior to the next (Sept) statement.
You're reading too much into the statement IMO anghardy.
Possibly the least helpful trading update ever!! A few numbers would have been helpful!
In hindsight, my only regret is top-slicing and diworsifying over the years ... LOL ... Still plenty in the pot though ...
Ha, yes. Same a bit for me as well as It moves up to 306p today! Still, better to sell too early than too late...!!
Oops-having sold out at £2.85, now looking a bit sick! But hey-ho, c'est la vie. Only explanation, in the absence of company news, must be takeover rumour, surely?
Stock on 40x last years' earnings. That looks stretched to me ex a takeover bid. I don't tend to manage my portfolio based on predicting takeovers, so I've taken about 40% of my holding out at £3.01. Still have a decent chunk left if things keep on going, but can definitely find better value elsewhere now.
Through £3 today. Valuation looking stretched, but perhaps there' something else afoot! Strongly tempted to take some profits here though!
....except,perhaps,on this occasion! ;-)
Well, there you go. Rarely go wrong if you follow the Directors example.
But Directors selling....?!
SP hits £2.85!
Another large trade today £ 2.097 million
Well, someone's confident-buys of 330k and 400k!
...after another strong day, stock now on 35x last years earnings. I bought these at the back end of 2012 between 60 and 75p on a single digit multiple. I think they are now fully valued to say the least, so I'm planning to at least halve my position tomorrow. Anyone here able to justify the price at the current level?
Thanks Peter, that's helpful. Let's hope they're as good as their word...!
Some talk of AMS being a takeover target on other boards. Guess if they can beat the US companies at their own game in the post-Trump environment, then why not?! ;-)
Efficiency and gross margins We continue to make operational improvements by reducing set up times, eliminating non-value added activities and increasing outputs wherever possible. These incremental efficiencies help to improve gross margins across the Group. The launches of the two new foam dressing ranges have required new converting processes to be developed and the success of the launches has resulted in significant volumes of new product being required. We are pleased that we met these significant volume demands, however, the initial efficiencies of these processes have been lower than for our more established ranges and lower than we would expect to obtain on a regular basis. We estimate that these operating effects have had a negative impact of around 400 basis points on the operating margins for the OEM business, where most of the sales of these products have been recorded. Changes are currently being made to the manufacturing processes to improve our efficiences and we would expect to see margin improvement in 2017.
....where did that 150bps fall in the margin come from? No comment in the press release on that which is disappointing.
Glad I bought into these. A nice, steady tick up prior to results. Good to see, and hopefully results will please II's and PI's alike. Hope for a good nudge up next week. Keep up the good work, Chris, Mary and the team!
Any chartist views?