Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi guys, after CSL's huge drop after its results I've seen a lot of commentators come out saying its a buy. I note that you don't plan to average down but if you weren't holders would you be buying? Notwithstanding some of the uncertainty, its trading at the bottom of its range of the past 5 years and I'm looking for reasons as to why this isn't a screaming buy? All the best, Josh
Hi Josh,
While we aren’t planning to average our CSL position, we have no plans to exit at this stage. We thought CSL was harshly dealt with after last week’s result:
We reiterate that this wasn’t a particularly bad result, and in relative terms, a good one compared to many this earnings season:
The market’s key gripe was the complexity of the result… with restructuring and the spin-out of their vaccine business presenting unknowns – with the initial reaction being ‘too hard’. We’re sitting patiently on the other side of the fence.
If we had no position, we would be considering CSL around $210 but leaving room to average if it tests $200.
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