bullish

Cochlear Ltd

Cochlear Ltd (COH AU): Underlying Business Strength Justifies Superior Valuation

440 Views05 Apr 2024 18:27
SUMMARY
  • 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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Tina Banerjee
Global Healthcare Analyst
Health CareEquity Bottom-UpThematic (Sector/Industry)
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