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CSL Ltd CSL

Morningstar Rating
A$280.00 −6.95 (2.42%)
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Company Report

CSL Earnings: Strong Performance in CSL Behring

Narrow-moat CSL reiterated fiscal 2024 guidance for constant-currency group net profit after tax before amortization of USD 2.9 billion to USD 3.0 billion, implying 13%-17% growth on fiscal 2023. The guidance factors in continued gross margin recovery in CSL Behring and constant-currency group revenue growth of 9%-11%, largely driven by immunoglobulins, or Ig. We keep our estimates broadly unchanged and maintain our AUD 310 fair value estimate. Shares remain slightly undervalued.

Price vs Fair Value

CSL is trading at a 250% premium.
Price
A$280.00
Fair Value
A$766.00
Uncertainty
Medium
1-Star Price
A$457.30
5-Star Price
A$667.00
Economic Moat
Fryhfz
Capital Allocation
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Bulls Say, Bears Say

Bulls

CSL is investing in both physical capacity and R&D, leaving it well-positioned to take advantage of growth opportunities in the key immunoglobulins market.

Bears

Areas of the plasma industry could be replaced by newer therapies, which would leave CSL overinvested in plasma collection and fractionation capacity that will be hard to repurpose.

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News

Trading Information

Previous Close Price
A$286.95
Day Range
A$279.66285.54
52-Week Range
A$228.65312.99
Bid/Ask
A$279.99 / A$281.00
Market Cap
A$135.31 Bil
Volume/Avg
1.4 Mil / 664,696

Key Statistics

Price/Earnings (Normalized)
28.89
Price/Sales
6.43
Dividend Yield (Trailing)
1.36%
Dividend Yield (Forward)
1.36%
Total Yield
1.36%

Company Profile

CSL is one of the largest global biotech companies and has two main segments. CSL Behring either uses plasma-derived proteins or recombinants to treat conditions including immunodeficiencies, bleeding disorders and neurological indications. Seqirus is now the world’s second largest influenza vaccination business and was acquired in fiscal 2015. CSL has a strong R&D track record, and the product portfolio and pipeline include nonplasma products as the firm continues to broaden its scope. Originally formed in Australia as a government-owned entity, CSL now earns roughly half its revenue in North America and a quarter in Europe.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Large Growth
Total Number of Employees
30,000

Competitors

Valuation

Metric
CSL
4502
SNY
Price/Earnings (Normalized)
28.8915.6810.71
Price/Book Value
5.370.891.60
Price/Sales
6.431.532.42
Price/Cash Flow
33.537.5011.94
Price/Earnings
CSL
4502
SNY

Financial Strength

Metric
CSL
4502
SNY
Quick Ratio
0.950.460.83
Current Ratio
2.151.061.27
Interest Coverage
7.211.938.40
Quick Ratio
CSL
4502
SNY

Profitability

Metric
CSL
4502
SNY
Return on Assets (Normalized)
8.11%2.86%
Return on Equity (Normalized)
18.17%6.13%
Return on Invested Capital (Normalized)
10.94%4.78%
Return on Assets
CSL
4502
SNY
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