CME Smiths is hosting a hybrid Capital Markets Event from today, which will highlight the Group's plan for accelerating growth via its ‘Smiths Value Engine’. In particular, the Group will discuss its route to its newly defined medium-term financial targets. This afternoon (17 November), pre-recorded video presentations are available on its website while tomorrow (18 November), from 3pm, there will be an in-person product expo and live Q&A with the CEO and the senior management team. Medium-term targets New(ish) CEO, Paul Keel, today has set out the medium-term targets for the Group. These include: 4-6% organic revenue growth (with additional M&A upside), 7-10% EPS growth (plus M&A upside), a 15-17% ROCE, 18-20% operating profit margins, and operating cash conversion of 100%+. We believe that these are positive targets and provide good upside to market expectations if achieved – we currently estimate 3-4% organic revenue growth over the FY22-FY24E forecast horizon, and an operating profit margin of 17.7% by FY24E (note: FY21A was 15.5%). Sale of Smiths Medical The proposed sale of Smiths Medical to ICU, for an EV of c$2.7bn, received 99.97% votes for approval at the GM today. The Board expects that, subject to the satisfaction and/or waiver of certain regulatory and antitrust conditions, completion of the ICU Transaction is expected to occur in early 2022. £737m share buyback programme Also at the GM today, the £737m share buyback programme received 95.75% votes for approval. We expect share buybacks to commence from Friday 19 November.