Buy SNN by Sep 20, 2026.

I’ve been looking into Smith & Nephew recently and am considering starting a position at around the current price (\~1113p). A few things stand out to me. The share price is still well below where it was in 2021, yet the valuation doesn’t look demanding. Forward P/E is around 13x, Price/FCF is roughly 15x, and FCF yield is close to 7%. They also seem pretty shareholder friendly at the moment. There’s the dividend (about 2.6%) and the new £400m+ buyback, …