Growth is finally picking up, with a 5.3% increase in consolidated sales. Caution is called for, however, with the so-called 5% organic growth performance: Medtronic calculates this excluding currency effects, which have been very favorable over the past six months.

The group spent $1.9 billion on its external growth strategy over the past six months, i.e. its entire operating cash flow. This has not prevented it from paying out $1.8 billion in dividends, financed by fresh debt. A point to watch.

Medtronic's valuation has remained extremely stable and constant over the past eight years. In the meantime, neither sales nor profits have risen. After a 2020-2023 sequence marked by breakneck taming chains across the entire sector, analysts are watching for the long-hoped-for sign of inflection in 2024.

The American group, still in the process of restructuring, is holding on to its status as a "dividend aristocrat". For the time being, it's just about the only thing it has going for it. Nevertheless, whereas in the past it was very well covered, distribution now absorbs almost all net income.

For their part, the $18 billion invested in acquisitions over the last decade have produced disappointing, if not downright dubious returns; they have served to ensure the stability of the business rather than its growth. The same goes for the $22 billion spent on share buy-backs, which have so far had no effect on earnings per share.

The question of value creation - or rather, its probable destruction - therefore remains central, especially when set against the rather high valuation levels.