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  "documentTitle": "Smiths Group plc (SMIN)",
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  "authorName": "Arnaud Ajdler",
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      "text": "We believe that Smiths has significant value that is currently unrealized due to its conglomerate structure, and that it is time for the Board to announce a strategic alternatives process to maximize value for shareholders.",
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      "text": "During the 2021 Analyst Day, the Company was asked whether it would ever achieve fair value for the quality of its businesses without a breakup.",
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      "text": "Engine Capital LP (together with its affiliates, “Engine” or “we”) is a meaningful shareholder of Smiths Group plc (“Smiths” or the “Company”), with an economic ownership close to 2% of the Company’s outstanding shares.",
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      "text": "We note, however, that the group's reaffirmed commitment to its existing four-segment portfolio has resulted in a number of investors reappraising the scope for crystallization of the SOTP value. — Goldman Sachs research report dated 1 November 2024.",
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      "text": "Smiths’ Improved Operating Performance Has Not Closed its Valuation Gap",
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