Yee Wo
19 May 2016
Re: Another Disgrace "Using this money to buy back shares when Nephew is on a P/E of 20 is absolute manipulation which frankly looks worse than the ridiculous management pay claims.If they really want to reward the shareholder, give them special dividends as a secondary option, or better still as a primary option, fire the CEO and get someone who can figure out how to invest the money to gain a 15% ROI and really benefit all shareholders.Games -- Not a shareholder, but would be selling if I was!!" - I don't hold Smith & Nephew either. I would imagine the dilema for Management is very very few other businesses generate a ROCE at comparable levels to the existing S&N portfolio. Buying back their own stock further flatters these metrics and ensures no nasty predators come sniffing around the business. I would LOVE to be able to buy some of this business at lower levels than today........
gamesinvestor
19 May 2016
Another Disgrace [link] this money to buy back shares when Nephew is on a P/E of 20 is absolute manipulation which frankly looks worse than the ridiculous management pay claims.If they really want to reward the shareholder, give them special dividends as a secondary option, or better still as a primary option, fire the CEO and get someone who can figure out how to invest the money to gain a 15% ROI and really benefit all shareholders.Games -- Not a shareholder, but would be selling if I was!!
Hawk Eye32
17 Apr 2016
Re: It's a goddamn disgrace! LKH, I like you and many more PI aren't happy the way CEOs are only concerned about one thing how much cash can I get away with and keep the job. What about Martin Sorrell at WPP he is reported to be getting £63m which includes pension cons. I was of the opinion that this sort thing was going to when Vince Cable changed the rules?
LK Hyman
15 Apr 2016
It's a goddamn disgrace! So, 53% of shareholders gave Bohunk the Bob Dudley treatment and voted against his 2015 screw. Quite right too!If anything, what Olivier tried to get away with was even worse than Dudders's faux pas, in that SN allowed long term incentives to vest despite not meeting the targets set. That is disgraceful. Dudders did at least meet his approved KPIs.I can chust imagine what the personnel department would say to some lummox way down the pay scale if he said "I didn't meet my targets but can I have my incentives anyhoo?"He would be sat smartly on his bike and told to take a hike ... but those rules are not for the Board of Directors, no sirree!I'm tempted to sell my SN stake purely on the basis of the egregious demonstration of lack of judgement shown by the Remco, the board, and Bohunk himself ... but I probably won't, largely because that much vaunted takeover bid for SN must come soon, surely.LKH on the flybridge and it is anyway a fine company absent this cloisterfrack
stocklobster
12 Feb 2016
Re: share buy back They've been buying them back for sometime now. I personally would prefer a cash distribution rather than a share buy back. Management like buy backs as it enhances their ratios. It can also be a sign that they can't think of anything better to do with the cash...
sporty investor
11 Feb 2016
share buy back Company is making use of the prevailing low sp by buying back 750k of shares in the last 3 days.A good sign?
gamesinvestor
29 Oct 2015
3D printed joints [link] have an impact on the business down the line perhaps?Games
LK Hyman
29 Oct 2015
Re: What about the profit? Games,"a bit quiet of late"Have you ever tried jockeying a 44' motor cruiser singlehanded down the west coast of Centro America, m8? It requires a lot of attention, especially in the aftermath of a hurricane, so apo polly loggies for the lack of the usual quantum of output fromLKH on the flybridge Balboa in sight
gamesinvestor
29 Oct 2015
Re: What about the profit? "Bohuon is gonnae need one of S&N's huge sticking plasters to cure today's malaise."It's a hefty old gash to fill.Where've you been boy -- a bit quiet of late -- you been enjoying Mai Tai's on the beach out there somewhere?Games - S&N looks to have been a take over target for the last 5 years - one day perhaps!
LK Hyman
29 Oct 2015
Re: What about the profit? Games,Hmmm. Looks to me as if it is its takeover potential (as acquiree rather than acquirer) which is sustaining this puppy.Bohuon is gonnae need one of S&N's huge sticking plasters to cure today's malaise.LKH on the flybridge
gamesinvestor
29 Oct 2015
What about the profit? This release talks only about revenue :-""Smith & Nephew posted a small increase in third-quarter revenue as it maintained its full-year guidance and announced the acquisition of robotics company Blue Belt Technologies.For the quarter ended 26 September, the maker of artificial hips and knees reported a 4% rise in underlying revenue to $1.11bn (£73m) on the back of above-market revenue growth in knee implants, a sustained improvement in the advanced wound care business and a good performance in the US.In addition, the company said it continues to expect to deliver higher underlying revenue growth in 2015 than in 2014 and an improvement in trading profit margin.Chief executive officer Olivier Bohuon said: “We are pleased with our progress in 2015, with the third quarter again demonstrating that our actions are delivering a strong performance.“We had a good quarter in the United States, our largest market, and are successfully stabilising our European business which delivered a second consecutive quarter of revenue growth against a market backdrop that remains challenging.”Also on Thursday, Smith & Nephew said it has agreed to acquire Blue Belt Technologies, which works in orthopaedic robotics-assisted surgery, for $275m.It said the deal was “a compelling strategic move” which reinforces the company’s “distinctive orthopaedic reconstruction strategy”.Smith & Nephew, which expects revenue growth at Blue Belt to be in excess of 50% over the medium-term, said the transaction is expected to close around the end of the year.At 0817 GMT, shares were down 6.1% at 1,080p"""- See more at: [link]
gamesinvestor
29 Oct 2015
S&N numbers Stock dropped 6% this morning due to the acquisition of the robotics firm.Prompted me to look at it in more detail.Two things struck me as odd and a little alarming.1. It's debt (borrowings) have risen from £642M in 2010 to £1,666M in 2014 -- a rise of 259%2. Operating profits during that period have fallen from £920M to £749M -- a fall of 19%3. The Revenue has risen from £3.96 Bn to £4.61 Bn -- a rise of 16%So it's pumped up debt enormously (still safe) but to achieve a rise in sales at what appears to be much lower prices.In essence it looks like the business is running to stand still, and in profit terms relatively backwards.I know this has a high ROCE and Operating Margin, but something doesn't seem right here.The share price has risen enormously since 2013 to now, from the 600p level to the 1100 level or 83%I would have like to see the share price rise in line with profits -- or in this case a 19% decline maybe to 486pI know it's not as simple as that, can anyone come up with other arguments?The forward P/E 20.7 is rather handsome I see it's not in Woodford's list, and I guess you might see that as a good thing, but given his heavy focus on pharma (GSK/AZN), healthcare Roche etc and all the Biotech you would think he would have run his slide rule over S&N. Terry Smith doesn't have it either, although he has Stryker?Games
MrMeerkat
14 Aug 2015
Re: SN. Director Cluster buying....... There's clustering and then there's clustering. In previous August clusters (look back to 2014 and 2013 on www.directorsholdings.com, for instance), the transactions show as In-Lieu of Fees. Although this year shows Buys, I suspect that they are in effect similar. And the 4 smaller purchases are hardly betting the farmSo I'm not sure I read much into the latest cluster. Wish I did, though ...MM
oldjoe1
14 Aug 2015
SN. Director Cluster buying....... SN. Smith@NephewDirector cluster BUYING notified today...........Dec. Date Deal. Date Type EPIC Company Director Pos No. of shares Price Value Current price Value now % gain Monetary gain14/08/2015 13/08/2015 BUY SN. Smith & Nephew Quarta, Roberto CH 4,629 1,188.00 p £54,993 1,175.50 p 54,413.90 -1.05 -57914/08/2015 13/08/2015 BUY SN. Smith & Nephew Barlow, Ian NED 153 1,188.00 p £1,818 1,175.50 p 1,798.52 -1.05 -1914/08/2015 13/08/2015 BUY SN. Smith & Nephew Bottomley, Baroness Virginia NED 159 1,188.00 p £1,889 1,175.50 p 1,869.05 -1.05 -2014/08/2015 13/08/2015 BUY SN. Smith & Nephew Engstrom, Erik NED 140 1,188.00 p £1,663 1,175.50 p 1,645.70 -1.05 -1814/08/2015 13/08/2015 BUY SN. Smith & Nephew Larcombe, Brian NED 140 1,188.00 p £1,663 1,175.50 p
In the dark yet again
14 May 2015
Re: Takeover imminent? Has this died a death or is Stryker (or anyone else) still out there in the shadows? I haven't heard anything for a while. Has anyone else?Regards,ITDYA
