Increasing Our Fair Value Estimate on Smiths Group to Adjust for Pending Morpho Acquisition
We are increasing our fair value estimate for Smiths Group to GBX 1650 from GBX 1300 on the local shares and to $21.40 from $17.50 on the ADR. We think the current share price undervalues the upside potential from Smith’s Detection business. Our new valuation incorporates the $710 million pending acquisition of Morpho Detection, which is on track to close in early 2017, as well as higher growth and margin expectations for Smith’s Medical business. Morpho’s core technology, Computed Tomography Ex...Smiths Group is a global technology company. Co. is organized into five divisions: John Crane, which provides mechanical seals, seal support systems, engineered bearings and power transmission couplings; Smiths Medical, which provides infusion systems and vascular access products; Smiths Detection, which provides sensors and systems that detect and identify explosives narcotics, weapons, chemical agents, biohazards and contraband; Smiths Interconnect, which provides electronic and radio frequency board-level and waveguide devices; and Flex-Tek, which provides engineered components flexible hosing and tubing that heat and move fluids and gases.
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