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BUZZ-Smiths Group: earnings under pressure

Reuters - UK Focus

** Smiths Group (Other OTC: SMGKF - news) is the top loser & easily the most actively traded stock on the FTSE on Wednesday morning.

** Shares (Frankfurt: DI6.F - news) poised for biggest one-day drop since last July.

** Company reports 10 pct drop in annual profit, hurt by a stronger pound, and highlights caution over sectors reliant on government funding (healthcare, defense).

** Smiths segments: http://link.reuters.com/vat82w

** At 15.2 times forward earnings stock trades at a near-record multiple & a 28.1% premium to its 10-year median valuations.

** Stock has run up over past month counter to analysts cutting estimates. 4 of the last 5 estimate changes in the run-up to results were cuts.

** Wednesday's earnings could spur more downgrades keeping pressure on the stock. (RM (LSE: RM.L - news) :vikram.subhedar.thomsonreuters.com@reuters.net)