Contrarian Corpus
Engine Capital vs. Smiths Group plc

Smiths Group plc · SMIN

1 deck published between 2025-01-17 and 2025-01-17 — 7 pages, 7 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2025-01-17 initial thesis

    2025 01 Engine Capital Letter to Smiths January 17 2025 1

    7pp · letter

    Smiths' four-segment conglomerate structure masks a ~50-60% SOTP discount; the Board should launch a strategic review to sell the company or spin John Crane into a U.S. listing.