smith nephew pharma equity analysis

7/27/2019 Smith Nephew Pharma Equity Analysis

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ROLL NUMBER NAME

2007-02-0325 SHAHAN ARSHAD KHAN2007-02-0224 IMAAD-UD-DIN

2007-02-0322 MOHSIN ALI

TABLE OF CONTENTS

INDUSTRY MODEL

INCOME STATEMENT

BALANCE SHEET

CASH FLOWS

VALUATION

GRAPHS

COMPETITOR ANALYSIS


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Year 2000 2001 2002

ORTHOPAEDICS MARKET

Total Market value ( in millions ) 4704 5200 5200

Smith & Nephew share % 7% 7.67% 9.04%

Smith & Nephew share ( in millions ) 329.3 398.8 470.2

Orthopaedic industry growth

Population growth rate

Correlation of Population growth rate with Orthopedic market

Increase in industry sales due to increase in population ( millions )

ENDOSCOPY

Total Market Value ( in millions ) 3000 3500 3000

Smith & Nephew share % 7.20% 7.20% 9.70%


Endoscopy industry growth


Correlation of Population growth rate with endoscopy market


WOUND MANAGEMENT

Total Market Value ( in millions ) 1004 1300 1500

Smith & Nephew share % 21% 22% 21.44%


Wound management growth


Correlation of Population growth rate with Wound management market


Total Smith & Nephew Sales ( millions) 756.6 937.2 1083.7 1


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Orthopaedics Market Leaders

Company % share

Smith & Nephew 9%

Synthes 11%

Biomet 11%

Depuy 17%

Stryker 18%

Zimmer 21%

Others 13%

Arthoscopy (Endoscopy) Market Leaders

Company % Share

Smith & Nephew 29%

Arthrex 14%

Linvatec 14%

Mitek 17%

Stryker 12%

Arthrocare 7%

Others 7%

Advanced Wound Management Market Leaders

Company % share

Smith & Nephew 19%

KCI 21%

Johnson & Johnson 9%

Convatec 12%

3M 8%

Others 31%

Stryker, 18

Zimmer, 21%

Others, 13%

Orth

Lin

Mitek, 17%

Stryker, 12%

Arthrocare, 7% Oth

En

Convatec, 1

3M, 8%

Others, 31%

Woun


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Average

annualAverage annual

growth

rate (%)

population

change Correlation with orthopeadic industry sales

2000 6,079,603,571 1.21 74,198,390 0.96574404

2001 6,153,801,961 1.18 73,131,957

2002 6,226,933,918 1.16 72,829,4872003 6,299,763,405 1.15 73,034,337

2004 6,372,797,742 1.14 73,333,658 Correlation with Endoscopy industry sales

2005 6,446,131,400 1.13 73,513,683

2006 6,519,645,083 1.12 73,671,901 0.611746778

2007 6,593,316,984 1.12 73,955,357

2008 6,667,272,341 1.11 74,218,880

2009 6,741,491,221 1.1 74,400,969

2010 6,815,892,190 1.09 74,590,249 Correlation with Wound management sales

2011 6,890,482,439 1.08 74,702,291

2012 6,965,184,730 1.06 74,506,473

2013 7,039,691,203 1.05 74,049,210 0.988351098

2014 7,113,740,413 1.03 73,343,8502015 7,187,084,263 1 72,593,761

2016 7,259,678,024 0.99 71,875,898

2017 7,331,553,922 0.96 71,047,770

2018 7,402,601,692 0.94 70,110,075

2019 7,472,711,767 0.92 69,061,986

2020 7,541,773,753 0.9 68,023,169

2021 7,609,796,922 0.88 67,010,972

2022 7,676,807,894 0.86 65,920,173

2023 7,742,728,067 0.83 64,783,424

2024 7,807,511,491 0.81 63,631,955

2025 7,871,143,446 0.79 62,592,242

2026 7,933,735,688 0.77 61,681,249

2027 7,995,416,937 0.76 60,783,813

2028 8,056,200,750 0.74 59,888,248

2029 8,116,088,998 0.72 58,986,484

2030 8,175,075,482 0.71 58,162,483

2031 8,233,237,965 0.7 57,424,718

2032 8,290,662,683 0.68 56,676,979

2033 8,347,339,662 0.67 55,903,654

2034 8,403,243,316 0.65 55,100,548

2035 8,458,343,864 0.64 54,337,753

2036 8,512,681,617 0.63 53,623,551

2037 8,566,305,168 0.62 52,888,158

2038 8,619,193,326 0.6 52,126,1772039 8,671,319,503 0.59 51,326,750

2040 8,722,646,253 0.58 50,548,728

2041 8,773,194,981 0.57 49,792,881

2042 8,822,987,862 0.55 48,986,027

2043 8,871,973,889 0.54 48,129,896

2044 8,920,103,785 0.53 47,232,506

Year Population


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2045 8,967,336,291 0.52 46,351,263

2046 9,013,687,554 0.5 45,489,262

2047 9,059,176,816 0.49 44,599,804

2048 9,103,776,620 0.48 43,693,726

2049 9,147,470,346 0.47 42,782,186


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ORTHOPAEDICS

SUMMARY OUTPUT

Regression Statistics population and sales

Multiple R 0.96574404

R Square 0.932661551

Adjusted R Square 0.910215402

Standard Error 210.4513945

Observations 5

ANOVA

df SS MS F Significance F

Regression 1 1840288.183 1840288.183 41.55107091 0.007571708

Residual 3 132869.3684 44289.78946

Total 4 1973157.551

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95

Intercept -30972.12559 5659.007136 -5.473067067 0.011992211 -48981.62884 -12962.6223 -48981.6

X Variable 1 5.85763E-06 9.08721E-07 6.446012016 0.007571708 2.96567E-06 8.74959E-06 2.9657E

5.858

0

1000

20003000

4000

5000

6000

7000

6,000 6,100 6,200 6,300 6,400

sales

Population

Millions

Sales Orthopaedics


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ENDOSCOPY

SUMMARY OUTPUT

Regression Statistics population and sales

Multiple R 0.611746778

R Square 0.374234121

Adjusted R Square 0.165645494

Standard Error 263.209279

Observations 5

ANOVA

df SS MS F Significance F

Regression 1 124295.4263 124295.4263 1.794125246 0.272858371

Residual 3 207837.3737 69279.12455

Total 4 332132.8

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 9

Intercept -6163.656238 7077.658913 -0.870860876 0.447915003 -28687.94683 16360.63435 -28687.

X Variable 1 1.52232E-06 1.13653E-06 1.339449605 0.272858371 -2.09462E-06 5.13926E-06 -2.0946

1.522

2900

3000

3100

3200

3300

3400

3500

3600

6,000 6,100 6,200 6,300 6,400

Sales

Population

Millions

Sales Endoscopy


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Smith & Nephew 1999 2000 2001 2002

Income Statement

mi l l ion

Net Revenue 1,119.9 1,134.7 1,081.7 1,109.9

%Growth 1.32% -4.67% 2.61%

Cost of Sales 479.6 456.8 350.2 329.9Cost of Sales as a % o f sales 42.83% 40.26% 32.37% 29.72%

Gross Prof i t 640.3 677.9 731.5 780.0

Gross Margin 57.17% 59.74% 67.63% 70.28%

Marketing, Sel l ing & Distr ibut io n (304.7) (314.3) (357.6) (375.7)

Marketing, Selling & Distribution as a % of sales 27.21% 27.70% 33.06% 33.85%

Admin is t ra t ion (112.2) (100.0) (112.2) (115.3)

Administration as a % of Sales 10.02% 8.81% 10.37% 10.39%

Research & developm ent (40.4) (40.7) (46.4) (55.6)

Research & development as a % of Sales 3.60% 3.59% 4.29% 5.01%

Other (11.2) 2.2 (1.0) (8.4)

Other as a % of Sales 1.00% -0.19% 0.09% 0.76%

EBITDA 171.9 225.0 214.3 224.9EBITDA Margin 15.35% 19.83% 19.81% 20.26%

Depreciat ion and Am ort isat ion (56.1) (62.9) (60.3) (74.2)

Depreciation Rate 20.74% 25.05% 24.61% 29.01%

Operat ing prof i t 115.8 162.1 154.0 150.7

Share of Operat ing prof i t o f jo int venture 0 0 7.8 21.9

Net prof i t on disposals 62.9 106.3 49.2 18.0

EBIT 178.7 268.4 211.0 190.6

Interest rec ievable 10.3 4.4 2.5 6.6

in terest expense/ payable (6.9) (11.4) (19.9) (19.3)

Interest rate 5.94% 3.60% 5.55% 4.70%

EB T 182.1 261.4 193.6 177.9

Tax expense 77.3 56.2 64.0 65.8

Tax Rate 42.44% 21.50% 33.06% 36.99%Net prof i t 104.8 205.2 129.6 112.1

Net Margin 9.36% 18.08% 11.98% 10.10%

Unappropr iated prof i t brought forward 259.5 321.3 91.5 155.4

Prior year Re-Adju stm ent 0.0 0.0 (61.6) 0.0

Other 29.5 21.9 38.8 36.8

Profi t Avai lable for Appro pr iat ion 393.8 548.4 198.3 304.3

Less Div idends

Ordinary 72.5 41.3 42.9 44.6

Special 0.0 415.6 0.0 0.0

Total Div idends 72.5 456.9 42.9 44.6

Payout Ratio 69.17% 222.66% 33.10% 39.79%

Unappropr iated prof i t carr ied forward 321.3 91.5 155.4 259.7Numb er of Shares '000 1,117,814 919,458 925,081 929,029

Earnings Per Share 0.09 0.22 0.14 0.12

Div idend Per Share 0.06 0.50 0.05 0.05


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2003 2004 2005 2006 2007 2008 2009 2010 2011

1,178.9 1,248.5 1,403.8 1,626.2 1,869.7 2,109.6 2,369.1 2,649.9 2,953.6

6.22% 5.90% 12.44% 15.84% 14.97% 12.83% 12.30% 11.85% 11.46%

345.1 334.8 376.45 436.08 501.38 565.71 635.32 710.61 792.0429.27% 26.82% 26.82% 26.82% 26.82% 26.82% 26.82% 26.82% 26.82%

833.8 913.7 1,027.4 1,190.1 1,368.3 1,543.9 1,733.8 1,939.3 2,161.6

70.73% 73.18% 73.18% 73.18% 73.18% 73.18% 73.18% 73.18% 73.18%

(387.4) (435.6) (489.82) (567.40) (652.36) (736.07) (826.63) (924.60) (1,030.56)

32.86% 34.89% 34.89% 34.89% 34.89% 34.89% 34.89% 34.89% 34.89%

(110.5) (122.4) (137.50) (159.27) (183.12) (206.62) (232.04) (259.54) (289.29)

9.37% 9.81% 9.79% 9.79% 9.79% 9.79% 9.79% 9.79% 9.79%

(58.8) (60.7) (84.23) (97.57) (112.18) (126.58) (142.15) (159.00) (177.22)

4.99% 4.86% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

(19.0) (59.4) (9.18) (10.63) (12.22) (13.79) (15.49) (17.32) (19.31)

1.61% 4.76% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65%

258.1 235.6 306.7 355.2 408.4 460.8 517.5 578.9 645.221.89% 18.87% 21.84% 21.84% 21.84% 21.84% 21.84% 21.84% 21.84%

(78.3) (84.6) (75.2) (93.6) (111.0) (128.1) (145.0) (161.9) (179.4)

30.40% 29.95% 26.63% 26.63% 26.63% 26.63% 26.63% 26.63% 26.63%

179.8 151.0 231.4 261.7 297.4 332.7 372.6 416.9 465.8

24.8 23.8 23.8 23.8 23.8 23.8 23.8 23.8 23.8

31.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

236.1 174.8 255.2 285.5 321.2 356.5 396.4 440.7 489.6

11.0 13.9 9.8 11.3 13.0 14.7 16.5 18.4 20.5

(17.0) (10.8) (14.3) (16.5) (19.0) (21.4) (24.1) (26.9) (30.0)

5.75% 3.43% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70%

230.1 177.9 250.7 280.3 315.3 349.8 388.8 432.2 480.1

82.0 52.7 75.2 84.1 94.6 104.9 116.6 129.7 144.0

35.64% 29.62% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

148.1 125.2 175.5 196.2 220.7 244.8 272.2 302.6 336.1

12.56% 10.03% 12.50% 12.06% 11.80% 11.61% 11.49% 11.42% 11.38%

259.7 376.8 457.1 557.2 669.0 794.8 934.4 1,089.5 1,261.9

2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

12.3 2.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0

422.9 504.9 632.7 753.4 889.7 1,039.6 1,206.5 1,392.1 1,598.0

46.1 47.8 75.5 84.4 94.9 105.3 117.0 130.1 144.5

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

46.1 47.8 75.5 84.4 94.9 105.3 117.0 130.1 144.5

31.13% 38.18% 43.00% 43.00% 43.00% 43.00% 43.00% 43.00% 43.00%

376.8 457.1 557.2 669.0 794.8 934.4 1,089.5 1,261.9 1,453.5933,526 937,136 937,674 937,674 937,674 937,674 937,674 937,674 937,674

0.16 0.13 0.19 0.21 0.24 0.26 0.29 0.32 0.36

0.05 0.05 0.08 0.09 0.10 0.11 0.12 0.14 0.15


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2012 2013 2014

3,281.7 3,635.8 4,017.9

11.11% 10.79% 10.51%

880.02 974.98 1,077.4426.82% 26.82% 26.82%

2,401.6 2,660.8 2,940.4

73.18% 73.18% 73.18%

(1,145.02) (1,268.59) (1,401.90)

34.89% 34.89% 34.89%

(321.42) (356.10) (393.52)

9.79% 9.79% 9.79%

(196.90) (218.15) (241.07)

6.00% 6.00% 6.00%

(21.45) (23.77) (26.27)

0.65% 0.65% 0.65%

716.9 794.2 877.721.84% 21.84% 21.84%

(197.7) (216.9) (237.3)

26.63% 26.63% 26.63%

519.2 577.3 640.3

23.8 23.8 23.8

0.0 0.0 0.0

543.0 601.1 664.1

22.8 25.3 27.9

(33.3) (36.9) (40.8)

4.70% 4.70% 4.70%

532.5 589.5 651.3

159.7 176.8 195.4

30.00% 30.00% 30.00%

372.7 412.6 455.9

11.36% 11.35% 11.35%

1,453.5 1,666.0 1,901.2

0.0 0.0 0.0

0.0 0.0 0.0

1,826.3 2,078.6 2,357.1

160.3 177.4 196.0

0.0 0.0 0.0

160.3 177.4 196.0

43.00% 43.00% 43.00%

1,666.0 1,901.2 2,161.0937,674 937,674 937,674

0.40 0.44 0.49

0.17 0.19 0.21


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Smith & Nephew 1998 1999 2000 2001 2002 2003

Balance Sheet

mi l l ion

Fixed assets

Intangible assets 28.3 74 163 187.8 317.2 269.4

Tangible assets 291.7 270.5 251.1 245 255.8 257.6

inves tments 14.4 16.6 24 139.7 131.7 126.6Total f ixed assets 334.4 361.1 438.1 572.5 704.7 653.6

Current assets

Stocks 242.4 237.6 228.2 232.2 229.5 230.6

Debtors 278.6 281.1 277.8 266.8 280.7 334.5

Cash and bank 49.9 100.5 24.6 26.4 22.5 26

Total current assets 570.9 619.2 530.6 525.4 532.7 591.1

Total Assets 905.3 980.3 968.7 1097.9 1237.4 1244.7

Liabi l i t ies

Trade creditors 289 312.4 322 334.5 309.6 308.4Short term loans 86.6 58 82 94 151.9 96.9

Long term loans 44.2 58.2 235.1 264.8 258.6 198.6

Total l iabi l i t ies 419.8 428.6 639.1 693.3 720.1 603.9

Equity

Equity sh are capita l 111.4 111.8 112.4 113.1 113.5 114.1

non equity sh are capita l 0.3 0.3 0.3 0.3 0.3 (2.10)

Retained earnings 259.5 321.3 91.5 155.4 259.7 376.8

Reserves 114.3 118.3 125.4 135.8 143.8 152

Total equity 485.5 551.7 329.6 404.6 517.3 640.8

Total l iabi l i t ies and equity 905.3 980.3 968.7 1097.9 1237.4 1244.7

Balancing 0 0 0 0 0 0


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2013 2014

798.2 882.0

891.4 973.4

414.5 458.12,104.1 2,313.5

760.8 840.7

946.3 1,045.8

755.8 910.2

2,462.9 2,796.7

4,567.0 5,110.2

1,036.1 1,145.0497.8 581.7

785.5 868.0

2,319.5 2,594.8

114.5 114.5

0.3 0.3

1,901.2 2,161.0

231.6 239.6

2,247.6 2,515.4

4,567.0 5,110.2

0 0


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Smith & Nephew 2005 2006 2007 2008

Cash Flows

mi l l ion

CASH FLOW FROM OPERATING ACTIVITIES

Net income 175.5 196.2 220.7 244.8

Depreciat ion and amort izat ion 75.2 93.6 111.0 128.1

Loss /(Prof i t) on sale of tangible f ixed assets 0.0 0.0 0.0 0.0Others non cash expenses 0.0 0.0 0.0 0.0

Decrease/(increase) in stoc k (8.8) (46.5) (50.9) (50.2)

Decrease/(increase) in debto rs (3.6) (57.9) (63.4) (62.4)

(Decrease)/incr ease in credit ors 22.2 63.4 69.4 68.4

Net Working capita l 9.7 (41.0) (44.9) (44.3)

Net cash flow from o perat ing act iv i t ies 260.5 248.7 286.7 328.7

CASH FLOW FROM INVESTING ACTIVITIES

CAPEX (94.1) (109.0) (125.3) (141.4)

Acqu is i t ion and d isposa ls (50.0) (50.0) (50.0) (50.0)

t rade Investments (34.1) (25.4) (27.8) (27.4)

Net cash flows from invest ing act iv i t ies (178.2) (184.3) (203.1) (218.7)

CASH FLOW FROM FINANCING ACTIVITIES

Issuance of stocks 0.0 0.0 0.0 0.0

Decrease / increase in long term loans 20.2 48.0 52.6 51.8

Div idends (75.5) (84.4) (94.9) (105.3)

Increase / Decrease in Reserves 8 8 8 8

Increase / Decrease in Non-Equity Share Capita l 4.5 0 0 0

net cash flows from financing act iv i t ies (42.8) (28.3) (34.3) (45.4)

Net increase / decrease in cash 39.5 36.0 49.4 64.5


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Smith & Nephew

Ratio Analys is

1999 2000 2001 2002 2003

Profi tabi l i ty Ratios

Gross Margin 57.17% 59.7% 67.6% 70.3% 70.7%Operat ing Margin 15.96% 23.7% 19.5% 17.2% 20.0%

Net Margin 9.36% 18.1% 12.0% 10.1% 12.6%

Liquid i ty Ratios

Current Ratio 1.67 1.31 1.23 1.15 1.46

Quick Acid Ratio 1.03 0.75 0.68 0.66 0.89

Net Working Capita l 248.8 126.6 96.9 71.2 185.8

Net work ing Capita l to Asset 0.40 0.24 0.18 0.13 0.31

Cash rat io 0.27 0.06 0.06 0.05 0.06

Activ i ty Ratios

Inventory Turnover 4.71 4.97 4.66 4.84 5.11

Inventory Days 76.4 72.4 77.3 74.4 70.4Receivables Turno ver 3.98 4.08 4.05 3.95 3.52

Average Col lect ion Per iod 90.4 88.1 88.8 91.0 102.1

Payables Turnover 3.58 3.52 3.23 3.58 3.82

Average Payable Per iod 100.4 102.2 111.3 100.4 94.2

Operat ing Cycle 166.7 160.5 166.1 165.5 172.6

Net Operat ing Cycle 66.3 58.4 54.7 65.1 78.4

Profi tabi l i ty Ratios

Return on Assets(ROA) 10.3% 21.9% 13.4% 10.1% 12.4%

Return on Investment(ROI) 27.4% 38.1% 24.5% 22.0% 30.4%

Return on Equity(ROE) 19.0% 62.3% 32.0% 21.7% 23.1%

Return on Equi ty wi th Dupont

Operat ing Margin 16.0% 23.7% 19.5% 17.2% 20.0%

Earnings Retention 57.6% 78.5% 66.9% 63.0% 64.4%

Interest Bu rden 1.02 0.97 0.92 0.93 0.97

Asset Turnover 1.14 1.17 0.99 0.90 0.95

Leverage 1.78 2.94 2.71 2.39 1.94

ROE 19.0% 62.3% 32.0% 21.7% 23.1%

Financial Leverage Ratios

Short- term + Long-term Debt to As sets Ratio 0.12 0.33 0.33 0.33 0.24

Long -term Debt to Ass ets Ratio 0.06 0.24 0.24 0.21 0.16

Equity to Lo ng Term Capita l rat io 0.90 0.58 0.60 0.67 0.76

Long -term Debt to Lon g Term Capita l rat io 0.10 0.42 0.40 0.33 0.24Long -term Debt to Equity rat io 0.11 0.71 0.65 0.50 0.31

Interest Coverage Ratio(Times Interest Earned) (52.6) 38.3 12.1 15.0 39.4

Other Ratios

Degree of Op erat ing Leverage(DOL) 16.0% 23.7% 19.5% 17.2% 20.0%

Degree of Financial Leverage(DFL) 58.7% 76.5% 61.4% 58.8% 62.7%

Plowback Ratio 30.8% -122.7% 66.9% 60.2% 68.9%

CAPEX/Sales Ratio 6.0% 5.6% 6.7% 7.7% 6.1%


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Earnings per share 0.09 0.22 0.14 0.12 0.16

P/E ratio 22.18 13.89 29.61 31.53 29.47

Revenue per share 1.00 1.23 1.17 1.19 1.26

Interest/revenue (0.00) 0.01 0.02 0.01 0.01

Interest/expense (0.01) 0.01 0.03 0.02 0.01

Div idend per Net prof i t 0.69 2.23 0.33 0.40 0.31

Div idend per Share 0.06 0.50 0.05 0.05 0.05Equity per share 0.49 0.36 0.44 0.56 0.69

LT Debt/sales 0.05 0.21 0.24 0.23 0.17

Investments/sales 2.1% 12.9% 11.9% 10.7%

in tangible assets as % age of sales 14.37% 17.36% 28.58% 22.85%


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2004 2005 2006 2007 2008 2009 2010 2011 2012

73.2% 73.2% 73.2% 73.2% 73.2% 73.2% 73.2% 73.2% 73.2%14.0% 18.2% 17.6% 17.2% 16.9% 16.7% 16.6% 16.6% 16.5%

10.0% 12.5% 12.1% 11.8% 11.6% 11.5% 11.4% 11.4% 11.4%

1.66 1.79 1.68 1.61 1.59 1.58 1.58 1.58 1.59

0.96 1.07 1.02 1.00 1.01 1.02 1.04 1.06 1.09

269.5 323.3 351.5 392.4 448.5 517.3 599.1 694.5 804.1

0.40 0.44 0.40 0.38 0.37 0.37 0.37 0.37 0.37

0.08 0.18 0.21 0.24 0.29 0.34 0.38 0.42 0.46

4.38 4.78 4.78 4.78 4.78 4.78 4.78 4.78 4.78

82.1 75.3 75.3 75.3 75.3 75.3 75.3 75.3 75.33.45 3.84 3.84 3.84 3.84 3.84 3.84 3.84 3.84

104.3 93.7 93.7 93.7 93.7 93.7 93.7 93.7 93.7

3.30 3.51 3.51 3.51 3.51 3.51 3.51 3.51 3.51

109.0 102.6 102.6 102.6 102.6 102.6 102.6 102.6 102.6

186.5 169.0 169.0 169.0 169.0 169.0 169.0 169.0 169.0

77.5 66.4 66.4 66.4 66.4 66.4 66.4 66.4 66.4

8.6% 11.6% 11.0% 10.6% 10.2% 10.0% 9.7% 9.6% 9.4%

18.5% 25.6% 24.7% 24.2% 23.8% 23.6% 23.4% 23.3% 23.3%

17.2% 20.9% 20.4% 20.2% 19.7% 19.4% 19.1% 18.8% 18.6%

14.0% 18.2% 17.6% 17.2% 16.9% 16.7% 16.6% 16.6% 16.5%

70.4% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0% 70.0%

1.02 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98

0.88 0.91 0.89 0.87 0.86 0.84 0.83 0.82 0.81

1.95 1.85 1.91 1.96 1.98 2.00 2.02 2.02 2.03

17.2% 20.9% 20.4% 20.2% 19.7% 19.4% 19.1% 18.8% 18.6%

0.22 0.20 0.22 0.24 0.25 0.26 0.27 0.27 0.28

0.20 0.20 0.19 0.19 0.19 0.18 0.18 0.18 0.17

0.72 0.73 0.73 0.73 0.73 0.73 0.73 0.74 0.74

0.28 0.27 0.27 0.27 0.27 0.27 0.27 0.26 0.260.39 0.36 0.37 0.37 0.37 0.36 0.36 0.36 0.35

(56.4) 56.8 54.9 53.7 52.8 52.3 52.0 51.8 51.7

14.0% 18.2% 17.6% 17.2% 16.9% 16.7% 16.6% 16.6% 16.5%

71.6% 68.8% 68.7% 68.7% 68.7% 68.7% 68.7% 68.6% 68.6%

61.8% 57.0% 57.0% 57.0% 57.0% 57.0% 57.0% 57.0% 57.0%

8.1% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7%


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0.13 0.19 0.21 0.24 0.26 0.29 0.32 0.36 0.40

39.67 29.00

1.33 1.50 1.73 1.99 2.25 2.53 2.83 3.15 3.50

(0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(0.00) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.38 0.43 0.43 0.43 0.43 0.43 0.43 0.43 0.43

0.05 0.08 0.09 0.10 0.11 0.12 0.14 0.15 0.170.78 0.90 1.02 1.17 1.32 1.50 1.69 1.90 2.14

0.23 0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22

10.1% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4%

26.61% 21.95% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0% 22.0%


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2013 2014

73.2% 73.2%16.5% 16.5%

11.3% 11.3%

1.61 1.62

1.11 1.13

928.9 1,070.0

0.38 0.38

0.49 0.53

4.78 4.78

75.3 75.33.84 3.84

93.7 93.7

3.51 3.51

102.6 102.6

169.0 169.0

66.4 66.4

9.3% 9.2%

23.3% 23.3%

18.4% 18.1%

16.5% 16.5%

70.0% 70.0%

0.98 0.98

0.80 0.79

2.03 2.03

18.4% 18.1%

0.28 0.28

0.17 0.17

0.74 0.74

0.26 0.260.35 0.35

51.7 51.7

16.5% 16.5%

68.6% 68.6%

57.0% 57.0%

6.7% 6.7%


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0.44 0.49

3.88 4.28

0.00 0.00

0.01 0.01

0.43 0.43

0.19 0.212.40 2.68

0.22 0.22

11.4% 11.4%

22.0% 22.0%


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Date Open High Low Close Avg Vol Adj Close* x - axis

9-May-05 4,918.90 4,929.10 4,868.20 4,893.20 ########## 4,893.20 -0.00522

3-May-05 4,801.70 4,924.60 4,801.70 4,918.90 ########## 4,918.90 0.024408

25-Apr-05 4,849.30 4,879.60 4,773.70 4,801.70 ########## 4,801.70 -0.00982

18-Apr-05 4,891.60 4,891.60 4,794.80 4,849.30 ########## 4,849.30 -0.00865

11-Apr-05 4,983.60 4,983.60 4,891.60 4,891.60 ########## 4,891.60 -0.01846

4-Apr-05 4,914.00 4,994.10 4,877.00 4,983.60 ########## 4,983.60 0.014164

29-Mar-05 4,922.50 4,942.00 4,886.50 4,914.00 ########## 4,914.00 -0.00173

21-Mar-05 4,923.30 4,952.20 4,887.20 4,922.50 ########## 4,922.50 -0.00016

14-Mar-05 4,982.00 5,006.10 4,920.00 4,923.30 ########## 4,923.30 -0.01178

7-Mar-05 5,036.30 5,041.30 4,956.80 4,982.00 ########## 4,982.00 -0.01078

28-Feb-055,006.80 5,042.00 4,965.90 5,036.30 ########## 5,036.30

0.00589221-Feb-05 5,057.20 5,077.80 4,970.80 5,006.80 ########## 5,006.80 -0.00997

14-Feb-05 5,044.20 5,077.60 5,030.50 5,057.20 ########## 5,057.20 0.002577

7-Feb-05 4,941.50 5,045.00 4,941.50 5,044.20 ########## 5,044.20 0.020783

31-Jan-05 4,832.80 4,947.40 4,832.80 4,941.50 ########## 4,941.50 0.022492

24-Jan-05 4,803.30 4,860.40 4,770.10 4,832.80 ########## 4,832.80 0.006142

17-Jan-05 4,820.80 4,852.80 4,783.30 4,803.30 ########## 4,803.30 -0.00363

10-Jan-05 4,854.10 4,858.90 4,765.40 4,820.80 ########## 4,820.80 -0.00686

4-Jan-05 4,814.30 4,863.50 4,806.00 4,854.10 ########## 4,854.10 0.008267

29-Dec-04 4,798.10 4,826.20 4,787.40 4,814.30 529,168,138 4,814.30 0.003376

20-Dec-04 4,696.80 4,807.80 4,696.80 4,798.10 ########## 4,798.10 0.021568

13-Dec-04 4,694.00 4,755.00 4,688.70 4,696.80 ########## 4,696.80 0.000597

6-Dec-04 4,747.90 4,747.90 4,675.00 4,694.00 ########## 4,694.00 -0.01135

29-Nov-04 4,741.50 4,791.00 4,696.80 4,747.90 ########## 4,747.90 0.00135

22-Nov-04 4,760.80 4,767.70 4,713.60 4,741.50 ########## 4,741.50 -0.00405

15-Nov-04 4,793.90 4,823.80 4,756.50 4,760.80 ########## 4,760.80 -0.0069

8-Nov-04 4,739.80 4,798.70 4,706.40 4,793.90 ########## 4,793.90 0.011414

1-Nov-04 4,624.20 4,761.90 4,624.20 4,739.80 ########## 4,739.80 0.024999

25-Oct-04 4,615.40 4,663.40 4,551.60 4,624.20 ########## 4,624.20 0.001907

18-Oct-04 4,622.70 4,675.80 4,592.20 4,615.40 ########## 4,615.40 -0.00158

11-Oct-04 4,698.90 4,706.90 4,605.80 4,622.70 ########## 4,622.70 -0.01622

4-Oct-04 4,659.60 4,732.90 4,659.60 4,698.90 ########## 4,698.90 0.008434

27-Sep-04 4,578.10 4,663.90 4,528.10 4,659.60 ########## 4,659.60 0.017802

20-Sep-04 4,591.00 4,630.70 4,557.20 4,578.10 ########## 4,578.10 -0.00281

13-Sep-04 4,545.00 4,602.10 4,539.00 4,591.00 ########## 4,591.00 0.010121

6-Sep-04 4,550.80 4,574.00 4,529.60 4,545.00 ########## 4,545.00 -0.0012731-Aug-04 4,490.10 4,553.40 4,458.80 4,550.80 ########## 4,550.80 0.013519

23-Aug-04 4,369.20 4,490.10 4,369.20 4,490.10 ########## 4,490.10 0.027671

16-Aug-04 4,301.50 4,381.40 4,283.00 4,369.20 ########## 4,369.20 0.015739

9-Aug-04 4,337.90 4,356.90 4,289.60 4,301.50 ########## 4,301.50 -0.00839

2-Aug-04 4,413.10 4,432.50 4,337.90 4,337.90 ########## 4,337.90 -0.01704

26-Jul-04 4,326.30 4,425.30 4,283.20 4,413.10 ########## 4,413.10 0.020063

19-Jul-04 4,339.20 4,391.50 4,297.50 4,326.30 ########## 4,326.30 -0.00297

FTSE 100 PRICES


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y - axis Date Open High Low Close Avg Vol Adj Close*

-0.00218 9-May-05 538.5 542 528.5 534.79 6,536,170 531.59

-0.00329 3-May-05 543 549.45 528.5 535.96 8,687,257 532.76

0.025165 25-Apr-05 525.5 543 520 537.73 8,111,408 534.51

0.002925 18-Apr-05 514 529.17 513.06 524.53 5,603,070 521.39

-0.01505 11-Apr-05 528 561.16 519.45 523 6,201,258 519.87

0.062511 4-Apr-05 497 535.5 493.5 530.99 12,448,892 527.81

-0.07282 29-Mar-05 528 549.5 490.5 499.75 14,431,155 496.76

-0.00462 21-Mar-05 540 544.5 527 539 7,789,392 535.77

0.01215 14-Mar-05 534 547.5 528 541.5 8,330,094 538.26

-0.00794 7-Mar-05 539.5 541.15 523 535 6,090,996 531.8

0.009755 28-Feb-05539 547 533.5 539.28 7,442,232 536.05

-0.02 21-Feb-05 547.77 547.77 532.25 534.07 6,110,284 530.88

-0.01184 14-Feb-05 552.5 557 536 544.97 6,286,006 541.71

0.009149 7-Feb-05 549.5 561.5 543 551.5 9,535,250 548.2

0.054816 31-Jan-05 514 555.45 514 546.5 16,962,330 543.23

-0.0084 24-Jan-05 517.5 527.18 513.47 518.1 10,264,930 515

0.022485 17-Jan-05 510.5 528.13 510 522.49 8,305,832 519.36

-0.01902 11-Jan-05 523 529.5 508 511 10,669,335 507.94

-0.02725 4-Jan-05 535 539.5 508.45 520.91 6,617,212 517.8

0.013245 29-Dec-04 527.5 535.5 525.5 535.5 2,790,195 532.3

0.016346 20-Dec-04 525 539.5 510.05 528.5 5,568,532 525.34

-0.03256 13-Dec-04 536.5 559.13 519 520 8,682,932 516.89

0.011289 6-Dec-04 530 546.5 526 537.5 4,739,120 534.28

-0.01391 29-Nov-04 536 548 530 531.5 4,653,940 528.32

0.016981 22-Nov-04 526.5 539 520.5 539 6,092,760 535.77

0.015442 15-Nov-04 522 550 519.95 530 6,377,406 526.83

0.01842 8-Nov-04 514.5 527 503 521.94 7,822,760 518.82

0.098889 1-Nov-04 466 528.13 458.13 512.5 19,542,872 507.56

-0.02939 25-Oct-04 476 476 450 466.38 14,652,362 461.88

0.010515 18-Oct-04 477.5 499.88 475 480.5 6,789,768 475.87

-0.05842 11-Oct-04 501 511 468.5 475.5 11,232,026 470.91

-0.01584 4-Oct-04 521 525.5 502 505 7,673,232 500.13

0.05691 27-Sep-04 482.5 520 482.5 513.13 9,806,682 508.18

-0.01949 20-Sep-04 496 497 482 485.5 8,725,754 480.82

-0.03604 13-Sep-04 510.5 517 474.5 495.15 10,191,964 490.37

0.014216 6-Sep-04 512.5 522.75 503 513.66 4,966,078 508.710.031739 31-Aug-04 489 516.25 488.5 506.46 8,009,202 501.58

0.015726 23-Aug-04 490 502.51 479.5 490.88 7,114,848 486.15

0.007106 16-Aug-04 473.45 487.5 464 483.28 7,178,312 478.62

-0.02067 9-Aug-04 487 523.56 471.5 479.87 7,027,802 475.24

-0.11712 2-Aug-04 556.5 557.5 450 490 27,941,631 485.27

-0.00735 26-Jul-04 559 561.5 533.5 555 7,483,418 549.65

-0.02053 19-Jul-04 560 577.5 547 559.11 8,377,538 553.72

PRICES SMITH & NEPHEW


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smith nephew pharma equity analysis

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