CSL LIMITED (CSL)
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CSL - CSL LIMITED

FNArena Sector : Pharmaceuticals & Biotech/Lifesciences
Year End: June
GICS Industry Group : Pharmaceuticals, Biotechnology & Life Sciences
Debt/EBITDA: 3.28
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

CSL is a global biotechnology company that researches, develops, manufactures and markets products for the treatment of human diseases. With a market cap of over $138bn it is one of Australia's top three largest index weights. The former Commonwealth Serum Laboratory listed in June 1994 and has generated an average annual return of 28% since (up until mid-2020). CSL is the world's largest collector of plasma and the second largest producer of vaccines.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$310.39

24 Jul
2024

-1.760

OPEN

$311.30

-0.56%

HIGH

$313.55

500,616

LOW

$310.06

TARGET
$322.95 4.0% upside
Franking for last dividend paid out: 0%
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FNARENA'S MARKET CONSENSUS FORECASTS
CSL: 1
Title FY24
Forecast		 FY25
Forecast
EPS (cps) 936.9 xxx
DPS (cps) 403.9 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 32.6 xxx
Dividend Yield 1.3% xxx
Div Pay Ratio(%) 43.1% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 1.24%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.18

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 11/03 - ex-div 182.57c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx691.9
DPS All xxxxxxxxxxxxxxx362.9
Sales/Revenue xxxxxxxxxxxxxxx19,585.3 M
Book Value Per Share xxxxxxxxxxxxxxx4,916.4
Net Operating Cash Flow xxxxxxxxxxxxxxx3,866.8 M
Net Profit Margin xxxxxxxxxxxxxxx17.03 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx14.86 %
Return on Invested Capital xxxxxxxxxxxxxxx9.64 %
Return on Assets xxxxxxxxxxxxxxx6.98 %
Return on Equity xxxxxxxxxxxxxxx14.86 %
Return on Total Capital xxxxxxxxxxxxxxx10.85 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx428.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx1,585 M
Long Term Debt xxxxxxxxxxxxxxx16,784 M
Total Debt xxxxxxxxxxxxxxx18,369 M
Goodwill - Gross xxxxxxxxxxxxxxx12,137 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,326 M
Price To Book Value xxxxxxxxxxxxxxx5.64

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx2,515.4 M
Capex % of Sales xxxxxxxxxxxxxxx12.84 %
Cost of Goods Sold xxxxxxxxxxxxxxx10,120 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx5,105 M
Research & Development xxxxxxxxxxxxxxx1,836 M
Investments - Total xxxxxxxxxxxxxxx260 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

20/06/2024

1

Overweight

$310.00

-0.13%

Morgan Stanley believes CSL's "Horizon 2" plans will result in a step-change in Ig yield. As a result, a step change is expected for the gross margin that could exceed 60% compared to the consensus forecast peak of around 58% in FY28.

The analysts expect details regarding the Ig-yield revolution ("Horizon 2") will be provided by CSL in 12-24 months. It's conservatively felt Ig yield could improve by around 25%. This outcome is still well shy of 100% Ig recovery within starting plasma, notes the broker.

Assuming Horizon 2 success was fully pro-rated in FY28 (i.e. a further 6.8ppt added to consensus FY28 plasma gross margin), Morgan Stanley entertains the thought of a 91% share price increase to around $561.

Morgan Stanley makes no changes at this stage. Overweight and $310 target retained. Industry view: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY24 dividend of 424.04 cents and EPS of 942.04 cents.
Morgan Stanley forecasts a full year FY25 dividend of 535.54 cents and EPS of 1078.40 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Wilsons

21/05/2024

3

Market Weight

$297.02

-4.31%

Wilsons commissioned expert insights into the potential for IG margin improvements for CSL driven by the HORIZON I & II initiatives.

These initiatives could enhance the CSL Behring margins to 61%-64%, compared to the previous target of 58%, and improve free cash flows, the analyst highlights.

Wilsons forecasts EPS growth for the next three years at around 13% with potential for market share gains in plasma-derived therapies and successful R&D projects like GARDA.

However, the broker views there are several short term sentiment headwinds, such as competition and regulatory challenges.

Wilsons forecasts have been slightly adjusted to reflect these changes. Market weight rating unchanged. Target price lifted to $297.02 from $253.29.

FORECAST
Wilsons forecasts a full year FY24 dividend of 410.31 cents and EPS of 932.73 cents.
Wilsons forecasts a full year FY25 dividend of 460.65 cents and EPS of 1063.30 cents.
Access Stockbroker Research History >

CSL STOCK CHART

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