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Smith & Nephew PLC

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
GBX 1,863.00MbvbfwYbyzmwpw

Smith & Nephew Makes Significant Progress With Its CORI Robot; No Change to Our FVE

Narrow-moat Smith & Nephew posted decent third-quarter trading results that largely fell within our expectations, and we’re leaving our fair value estimate unchanged. The company delivered quarterly 5% underlying revenue growth, thanks to strength in advanced wound care, as well as the sports medicine and arthroscopy segment. The orthopedic business offered more muted 2% growth in the quarter. As seen with the firm’s key orthopedic rivals, Smith & Nephew racked up robust growth in knees and hips in the U.S., while revenue growth outside the U.S. remained under pressure.

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