$SMIN – selling half @1419 +50% profit

Sold half my Smiths a few days ago…

Original post here https://deepvalueinvestments.wordpress.com/2015/12/28/smiths-industries-large-conglomerate-discount/

Price has risen about 50% making it a much less attractive idea.  They are also considering aquisitions – something I instinctively dont like.

Continue reading “$SMIN – selling half @1419 +50% profit”


Smiths Industries – large conglomerate discount

I have put in about 12% of the portfolio into Smith’s Industries at 932  This is a FTSE100 listed Engineer involved in oil and gas, medical, detection and interconnect related businesses amongst others…

It has a market cap of £3.7bn with 818m of debt the pension deficit is circa 108m .  In 2013 Smiths got a £3.1bn offer for the medical division, in 2012 an offer of £2.45bn was made.  Both were turned down.  The medical division is earning more now and multiples are higher across most medical device producers.   Continue reading “Smiths Industries – large conglomerate discount”