CSL Ltd

CSL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$286.00	Xvvrvr	Ghmgsbtwb

CSL Earnings: Strong Performance in CSL Behring

Shane Ponraj

Feb 13, 2024

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.

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