In today’s briefing:
- Cochlear Ltd (COH AU): Underlying Business Strength Justifies Superior Valuation
Cochlear Ltd (COH AU): Underlying Business Strength Justifies Superior Valuation
- Cochlear Ltd (COH AU) shares rallied 30%+ over the last six months. Shares are trading at NTM P/E of 51.3x, versus other Australia-listed medical devices companies’ P/E of 23–32x.
- The underlying business strength depicted by strong financial performance and guidance raise, and superior product offerings justify the pricey valuation.
- Cochlear lifted FY24 net profit guidance to A$385–400M (+26–31% YoY) from A$355–375M. The company expects FY24 cochlear implant volume growth of 10–15% YoY.
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