7 August 2026 | 6:26AM BST Equity Research GS EUROPEAN EXPRESS: Smiths Group | Airbus | Deutsche Telekom | Harbour Energy | Macro | Global | Corporate Access Smiths Group (SMIN.L): Buyback supports earnings ahead of a potential O&G capex recovery: reinstate at Buy - We reinstate our Buy rating on Smiths as its simplified structure — following the divestment of Detection and Interconnect — should result in higher margins, an upper-quartile 26% 2027 ROIC, and a more focused equity story around structurally at ...