Despite Smiths News’ share price more than doubling in the last year, the stock still trades on an undemanding P/E of c 5x. In this interview, Smiths News CEO, Jonathan Bunting, highlights the competitive advantages the company enjoys and discusses the lessons learnt from the ill-fated Tuffnells acquisition and subsequent disposal. He goes on to discuss the key changes he has introduced since becoming CEO of the group in 2020, and how he sees the newspaper and magazine market embracing the online world more closely. Of course, the long-term contracts now signed give the company space to consider the future and plan the next phase of the long-term cost-saving story. Finally, Jonathan discusses how Smiths will reinvest its strong cashflows outside the core business and the potential for ordinary and special dividends, with a couple of interesting, but little-known Smiths News facts to conclude.