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: 0.41
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

$335.58

25 Jul
2024

-7.080

OPEN

$339.90

-2.07%

HIGH

$341.16

140,126

LOW

$335.58

TARGET
$278.35

+7.50 change from previous day

 -17.1% downside
Franking for last dividend paid out: 70%
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FNARENA'S MARKET CONSENSUS FORECASTS
COH: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 457.1 603.6 xxx
DPS (cps) xxx 330.0 420.1 xxx
EPS Growth xxx 4.0% 32.0% xxx
DPS Growth xxx 10.0% 27.3% xxx
PE Ratio xxx N/A 56.3 xxx
Dividend Yield xxx N/A 1.2% xxx
Div Pay Ratio(%) xxx 72.2% 69.6% xxx

Dividend yield today if purchased 3 years ago: 1.36%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.97

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: 21/03 - ex-div 200c (franking 70%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx457.1
DPS All xxxxxxxxxxxxxxx330.0
Sales/Revenue xxxxxxxxxxxxxxx1,955.7 M
Book Value Per Share xxxxxxxxxxxxxxx2,662.9
Net Operating Cash Flow xxxxxxxxxxxxxxx362.4 M
Net Profit Margin xxxxxxxxxxxxxxx15.37 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx17.50 %
Return on Invested Capital xxxxxxxxxxxxxxx15.94 %
Return on Assets xxxxxxxxxxxxxxx11.94 %
Return on Equity xxxxxxxxxxxxxxx17.50 %
Return on Total Capital xxxxxxxxxxxxxxx21.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx115.0 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 xxxxxxxxxxxxxxx39 M
Long Term Debt xxxxxxxxxxxxxxx163 M
Total Debt xxxxxxxxxxxxxxx202 M
Goodwill - Gross xxxxxxxxxxxxxxx256 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx556 M
Price To Book Value xxxxxxxxxxxxxxx8.60

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx95.9 M
Capex % of Sales xxxxxxxxxxxxxxx4.90 %
Cost of Goods Sold xxxxxxxxxxxxxxx488 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,055 M
Research & Development xxxxxxxxxxxxxxx245 M
Investments - Total xxxxxxxxxxxxxxx99 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

-0.7

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

20/02/2024

3

Hold

$290.50

-13.43%

First half results for Cochlear held few surprises given they had been pre-released. Morgans notes Cochlear implants (CI) and Services drove greater than 10% top and bottom line growth and strong operating cash flow (OCF).

The gross profit margin (GPM) fell by -100bps partly because of a -$15.6m write-down of older inventory, explain the analysts.

The dividend increased by 29% to $2.00/share and management reaffirmed FY24 guidance.

The Hold rating and $290.5 target are maintained.

FORECAST
Morgans forecasts a full year FY24 dividend of 418.00 cents and EPS of 598.10 cents.
Morgans forecasts a full year FY25 dividend of 463.00 cents and EPS of 659.70 cents.

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$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

Wilsons

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Jarden

26/02/2024

3

Neutral

$237.17

-29.33%

Having pre-released first half revenue and net profit earlier in February, the big surprise of Cochlear's more detailed update was continuing implant market share gains despite an expectation of stabilisation, says Jarden.

Implant revenue grew 26% in the half, comprised of 15% volume growth in developed markets and 10% volume growth in emerging markets.

Jarden explains implant market share gains are the 'best type of growth' for the company, as it locks consumers into a life cycle of upgrades. The broker anticipates earnings per share growth of 31.8%, 21.2% and 11.6% through to FY26.

The Neutral rating is retained and the target price increases to $244.35 from $237.17.

FORECAST
Jarden forecasts a full year FY24 dividend of 396.80 cents and EPS of 610.20 cents.
Jarden forecasts a full year FY25 dividend of 512.30 cents and EPS of 739.50 cents.
Access Stockbroker Research History >

COH STOCK CHART

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