Estratégia de investimento de Terry Smith

A estratégia, em linguagem simples

• ROCE ≥ 20% - Smith's hard floor. Sustained 5-year ROCE ≥ 18%.
• Gross margin ≥ 45% AND operating margin ≥ 20% - pricing power that survives a downturn.
• FCF / Net income ≥ 95% - Smith's 'owner earnings = reported earnings' rule.
• Net margin ≥ 15% - real bottom-line profitability, not accounting.
• Almost no debt - net debt / EBITDA ≤ 1.5×.
• Revenue CAGR ≥ 7% and EPS CAGR ≥ 10% - compounding, not just defending.
• P/E ≤ 35 - pay up for quality, but not at any price.

From Fundsmith Annual Shareholder Letters (2010–) and Smith's Investing for Growth (2020).

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