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  "documentTitle": "Smiths Group plc (SMIN)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
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  "presentationDate": "2025-01-17 00:00:00",
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  "notes": "Includes a line chart showing the valuation discount of UK equities relative to the US over time.",
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      "text": "We estimate that John Crane would trade at a premium multiple in a range of 13-14x forward EBITDA if it were separately listed in the U.S.",
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      "kind": "paragraph",
      "text": "There are a number of U.K.-listed companies that have material market presences in the U.S. and have successfully relisted their shares in the U.S. Two recent examples in the industrials space are Ferguson and CRH plc.",
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      "kind": "paragraph",
      "text": "Outside of John Crane, Smiths' three other businesses should be sold to realize the SOTP value.",
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      "text": "John Crane has a large operating exposure to the U.S. and a number of its peers trade in the U.S. at a significant premium. We estimate that John Crane would trade at a premium multiple in a range of 13-14x forward EBITDA if it were separately listed in the U.S.",
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      "text": "Goldman Sachs research dated 13 December 2024; Ferguson and CRH listing data; Capital IQ.",
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      "kind": "title",
      "text": "U.K. 12-Month Forward P/E Relative to the U.S.",
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