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Smiths Group plc (SMIN) · page 4 of 7

Page 4 of a shareholder letter; focuses on capital allocation and strategic direction.

Shareholder letter · key_messages · propose_solution · dense density

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Slide schematic 6/7
callout 0/1 paragraph 3/3 title 3/3
1 without position callout 1
callout
Components 7
callout paragraph paragraph paragraph headline headline subtitle
Tools 1
Thesis: Activist defense (for management) slide · 90%

It Is Time for the Board to Announce a Strategic Alternatives Process Aimed at Maximizing Value for Shareholders
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Frameworks 1
capital-allocation-framework 90%

Argues against M&A in favor of share repurchases and strategic alternatives.