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CREDIT UPDATE: Smith & Nephew (SNLN: Baa2 / BBB+): Relisting In US ?

CREDIT UPDATE
  • Smith and Nephew earn 53% of their revenue in the US.  
  • Cevian could simply lobby to have the company relist and benefit from a higher P/E multiple in the American markets.
  • Other names with large US exposure are:
  • Diageo 35% (DGELN: A3 / A-)   equity has been weak
  • BATS 44% (BATSLN: Baa2 pos/BBB+)  equity has been weak
  • Experian 65% (EXPNLN: Baa1/A-)
  • Compass 68% (CPGLN: A2/A)
  • RELX 58% (RELLN: A3/BBB+)  very strong equity so unlikely to attract activist
  • Glaxo 52% (GSK: A2 / A) 
  • Unlikely to relist but could see Activist investor if it weakens LSE 36% US (LSELN: A3/A)

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