COCHLEAR LIMITED (COH)
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COH

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

$313.86

07 Aug
2025

0.390

OPEN

$313.59

0.12%

HIGH

$315.19

95,789

LOW

$312.24

TARGET
$290.977 -7.3% 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 544.4 616.2 xxx
DPS (cps) xxx 410.0 432.0 xxx
EPS Growth xxx 19.1% 13.2% xxx
DPS Growth xxx 24.2% 5.4% xxx
PE Ratio xxx N/A 50.8 xxx
Dividend Yield xxx N/A 1.4% xxx
Div Pay Ratio(%) xxx 75.3% 70.1% xxx

Dividend yield today if purchased 3 years ago: 1.82%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.31

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 © 2025 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

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

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

18/06/2025

3

Hold

$281.36

-10.35%

Cochlear downgraded FY25 net profit guidance to $390-400m vs previous guidance targeting the lower end of the $410-430m range. Slower growth in services and Cochlear Implant uptake in developed markets were cited as the reasons.

The company expects services revenue to grow from FY26 on the launch of the new Kanso 3 sound processor. Additionally, the company will soon launch the Cochlear Nucleus Nexa System in the EU and APAC.

Morgans has a cautious view about new product launches, noting improvements in the Nucleus Nexa System are incremental vs technological improvements in hearing capabilities.

The broker also believes the Kanso 3 sound processor would be seen more as a convenience than a medical necessity from a reimbursement point of view.

FY25-27 net profit forecasts cut by up to -3.9% on lower services revenue and margins. Target price trimmed to $281.36 from $285.55.

Hold maintained.

FORECAST
Morgans forecasts a full year FY25 dividend of 426.00 cents and EPS of 608.00 cents.
Morgans forecasts a full year FY26 dividend of 509.00 cents and EPS of 671.00 cents.

UBS

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$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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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

17/02/2025

3

Downgrade to Market Weight from Overweight

$280.00

-10.79%

Cochlear missed 1H services sales by -14% despite Wilsons' forecasts already factoring in weaker services growth for FY25.

The broker reckons two consecutive services misses suggests the market may have misjudged growth following the first spectacular 18 months of the N8 processor product cycle.

The company's 1H25 net profit and revenue missed also Wilsons' forecast, by -3%. Management reiterated FY25 underlying net profit guidance but with expectations to the low end of guidance, which signals a miss to Wilsons' forecast.

The broker cut FY25-26 EPS forecast by -2%. Target price lowered to $280 and rating downgraded to Market Weight from Overweight.

FORECAST
Wilsons forecasts a full year FY25 dividend of 433.40 cents and EPS of 625.40 cents.
Wilsons forecasts a full year FY26 dividend of 485.60 cents and EPS of 693.40 cents.
Access Extra Coverage Research History >

COH STOCK CHART

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