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HEALTHCARE: Smith & Nephew (SNLN: Baa2/BBB+): Accounting Concerns

HEALTHCARE
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  • Small negative: Accused of inflating profit margins by 1.7% to 17.5%
  • Clearly, this doesn't look good if true but it is not a massive credit concern either
  • The Sunday Times reported that Dragoneye (short-seller research firm) is accusing the company of using aggressive accounting techniques to boost the profit-margin of the firm
  • 40% of the annual bonus paid to CEO Deepak Nath is tied to profitability
  • The report was first published on 1st October - but reached the press over the weekend
  • Activist investor Cevian took a c.5% stake back in July
  • Moody's recently affirmed with Stable outlook

Sunday Times Link

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  • Small negative: Accused of inflating profit margins by 1.7% to 17.5%
  • Clearly, this doesn't look good if true but it is not a massive credit concern either
  • The Sunday Times reported that Dragoneye (short-seller research firm) is accusing the company of using aggressive accounting techniques to boost the profit-margin of the firm
  • 40% of the annual bonus paid to CEO Deepak Nath is tied to profitability
  • The report was first published on 1st October - but reached the press over the weekend
  • Activist investor Cevian took a c.5% stake back in July
  • Moody's recently affirmed with Stable outlook

Sunday Times Link