COCHLEAR LIMITED (COH)
Share Price Analysis and Chart

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COH - COCHLEAR LIMITED

FNArena Sector : Medical Equipment & Devices
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 0.4
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Cochlear is a medical device company that designs, manufactures and supplies hearing implants to the global market. Formed in 1981 with finance from the Australian government, it became a listed entity in 1995, and has grown to become the global leader in its field.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$293.12

18 Nov
2024

-1.820

OPEN

$294.21

-0.62%

HIGH

$294.33

113,193

LOW

$290.60

TARGET
$293.004 0.0% downside
Franking for last dividend paid out: 80%
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FNARENA'S MARKET CONSENSUS FORECASTS
COH: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 544.4 636.5 xxx
DPS (cps) xxx 410.0 448.5 xxx
EPS Growth xxx 19.1% 16.9% xxx
DPS Growth xxx 24.2% 9.4% xxx
PE Ratio xxx N/A 47.3 xxx
Dividend Yield xxx N/A 1.5% xxx
Div Pay Ratio(%) xxx 75.3% 70.5% xxx

Dividend yield today if purchased 3 years ago: 1.79%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.36

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: 17/09 - ex-div 210c (franking 80%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx544.4
DPS All xxxxxxxxxxxxxxx410.0
Sales/Revenue xxxxxxxxxxxxxxx2,258.2 M
Book Value Per Share xxxxxxxxxxxxxxx2,817.3
Net Operating Cash Flow xxxxxxxxxxxxxxx388.8 M
Net Profit Margin xxxxxxxxxxxxxxx15.80 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx19.88 %
Return on Invested Capital xxxxxxxxxxxxxxx18.05 %
Return on Assets xxxxxxxxxxxxxxx13.43 %
Return on Equity xxxxxxxxxxxxxxx19.88 %
Return on Total Capital xxxxxxxxxxxxxxx25.85 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx80.7 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx42 M
Long Term Debt xxxxxxxxxxxxxxx202 M
Total Debt xxxxxxxxxxxxxxx244 M
Goodwill - Gross xxxxxxxxxxxxxxx258 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx514 M
Price To Book Value xxxxxxxxxxxxxxx11.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx89.8 M
Capex % of Sales xxxxxxxxxxxxxxx3.98 %
Cost of Goods Sold xxxxxxxxxxxxxxx562 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,175 M
Research & Development xxxxxxxxxxxxxxx277 M
Investments - Total xxxxxxxxxxxxxxx185 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

-0.2

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Citi

04/10/2024

3

Upgrade to Neutral from Sell

$305.00

4.05%

After a period of share price underperformance since the FY24 results, Citi upgrades Cochlear to Neutral from Sell, highlighting the stock's valuation has retreated to historical average levels of around 39x FY26 earnings.

The analyst expects the company will generate revenue and earnings growth of 10% going forward equal to the record achieved over the last 10-years.

From a macro perspective, Citi points to the circa 6m person total addressable market in developed countries, largely adults and seniors, as well as the opportunities in emerging markets for children and adults with awareness campaigns and ongoing R&D spend.

Due to a change in the cost of capital, the target price rises to $305 from $255. Neutral.

FORECAST
Citi forecasts a full year FY25 dividend of 460.00 cents and EPS of 639.90 cents.
Citi forecasts a full year FY26 dividend of 510.00 cents and EPS of 728.50 cents.

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
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

3

xxxxxxx

$xx.xx

xx.xx%

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Wilsons

19/08/2024

1

Overweight

$345.00

17.70%

Wilsons maintains an Overweight rating on Cochlear, revising its target to $345 from $365. The stock had a -7% down-day because FY24 market estimates, including the broker's, became overheated, following the February upgrade (as per the broker's admission).

Wilsons sees nothing "sinister", and FY25 guidance and commentary had some of the strongest implant & acoustics language the broker has seen in years. We forget how spectacular the N8 launch was through calendar 2023, says Wilsons.

The market knocked a valuation point off Cochlear’s valuation, but may yet give it back, the broker suggests.

FORECAST
Wilsons forecasts a full year FY25 dividend of 444.00 cents and EPS of 639.00 cents.
Wilsons forecasts a full year FY26 dividend of 393.00 cents and EPS of 705.00 cents.
Access Extra Coverage Research History >

COH STOCK CHART

FNArena News on COH

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2
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Nov 07 2024 - Rudi's View
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Weekly Ratings, Targets, Forecast Changes – 01-11-24

Nov 04 2024 - Weekly Reports
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Rudi’s View: US Earnings & The Election

Oct 31 2024 - Rudi's View

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