WH Smith (SMWH.L): Updating estimates post FY23 results; PT to 1,700p; 2023 | 5:17PM GMT We update our estimates for WH Smith's broadly in-line FY23 results and the latest industry trends/FX. Overall, our estimate changes are minor: we lower our FY24 pre-IFRS 16 PBT estimate marginally to £170mn (from £173mn previously), but we remain slightly ahead of company consensus compiled ahead of the print (£168mn). For FY25-27E, our estimates remain broadly unchanged (revised down by c.1% on average) and we remain c.2% above company consensus for FY25E PBT. Reflecting a lower target multiple in our valuation, as described below, leads us to lower our 12-month price target to 1,700p (from 1,980p). We remain Buy rated with c.29% upside to our new price target.