Smith Nephew Pharma Equity Analysis
Transcript of 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%
Smith & Nephew share ( in millions ) 216.4 252.8 291.8
Endoscopy industry growth
Population growth rate
Correlation of Population growth rate with endoscopy market
Increase in industry sales due to increase in population ( millions )
WOUND MANAGEMENT
Total Market Value ( in millions ) 1004 1300 1500
Smith & Nephew share % 21% 22% 21.44%
Smith & Nephew share ( in millions ) 210.9 285.6 321.7
Wound management growth
Population growth rate
Correlation of Population growth rate with Wound management market
Increase in industry sales due to increase in population ( millions )
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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