Smith & Nephew

Building your investment thesis

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Analysis in progress

Fetching financial statements

5 years of income, balance sheet, and cash flow data

Reviewing 10-K disclosures

Pulling earnings call transcripts

Gathering news and analyst views

Sharpening the investment thesis

Understanding how they make money

Analysing financial performance

Stress-testing the moat

Assessing the people running this

Sizing the opportunity ahead

Building a valuation framework

Weighing up the evidence

Tallying up the evidence