22/02/2022 17:37

Cochlear (COH) $207.37

COH +9%: A stronger than expected sect of 1H22 results from the hearing implant company today driving the share price sharply higher. While there has been intermittent restrictions impacting operating conditions around the world, Cochlear have still managed to grow both revenue and margins, particularly in developed markets, with a surprise fall in operating expenses. Guidance...

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01/02/2022 09:21

Cochlear Ltd (COH) $192.55

MM has been bearish COH for a number of months as we questioned its valuation, not quality, in a higher interest rate environment i.e. we already saw an illustration of the stocks susceptibility to rising bond yields back in 2018. With COH now under $200 we’ve evolved our view to amore neutral stance but it’s unlikely MM will consider buying the hearing...

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16/12/2021 09:40

Cochlear (COH) $211.99

Hearing implant stock COH has been struggling for the last few months and we still wouldn’t be surprised to see a dip well under $200 hence it’s not for us.

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01/12/2021 09:48

Cochlear (COH) $217.80

As most people know COH is a global leader in implantable hearing devices but while the stocks quality is not in question, its value could be.  It already has around 60% of the hearing device market which begs the question, how difficult is it to expand an already dominant position? This is yet another stock which has failed (so far) after popping to...

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19/10/2021 09:33

Cochlear (COH) $215.24

COH suffered along with many growth names back in 2018 when they were unceremoniously thrown into the naughty corner for 3-months as rate hike fears rolled through stocks – COH corrected 30%. While MM likes this business we don’t find the risk / reward attractive in today’s economic environment.

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29/09/2021 09:07

Cochlear (COH) $219.88

COH along with healthcare heavyweight CSL illustrated its dislike of rising bond yields back in 2018 when it endured a painful albeit fairly short “taper tantrum” when it significantly underperformed the index. Interesting just as rising bond yields have started to create a headwind for COH the shares experienced a failed breakout to new highs i.e. selling...

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31/08/2021 09:25

The healthcare sector will have varied influences

COVID has clearly provided a strong tailwind for vaccine producers overseas while pathology operators locally have seen a huge boost in demand which has flowed through to strong profits, Healius (HLS) and Sonic (SHL) are examples here.

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20/08/2021 16:27

Cochlear (COH) $238.05

FY21 Results: COH reported revenue of $1.493bn (inline), Underlying NPAT of $237m (~2.5% miss), FY21 Dividend of $2.55 (inline), however guidance for FY22 NPAT of $265-$285m (+12-20%) is below current market expectations by ~8%. Overall, the result was a miss today with shares trading down 7% nearing the close.

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20/08/2021 08:16

Reporting Today (CWY, COH, ING, SIQ, SGP, SYD, TPG)

Companies reporting today on MM’s radar include: Cleanaway (CWY) FY21 Results: Expectations for revenue of $2.36bn, EBITDA of $535m, NPAT of $161m (up 58% on FY20), EPS of $0.08, FY Dividend $2.50. Market currently pricing NPAT for FY22 of $181m, a jump of ~12%. Cochlear (COH) FY21 Results: Expectations for revenue of $1.5bn, EBIT of $337.5m, NPAT of $243m (up 7% on FY20), EPS of $3.74, FY

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11/06/2021 09:28

Cochlear (COH) $234.65

Hearing implant company COH has been in a holding pattern for most of 2021 but we believe it will follow any sector strength to make all-time highs later in 2021.

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