30/11/2023 09:11

Cochlear Ltd (COH) $267.00

The Healthcare Sector has embraced the advance by bonds through November, and we anticipate this improvement over the last 5-weeks will continue into 2024. However, it's still likely to be patchy, as we’ve witnessed through most of 2023. Our preferred scenario is a “risk on” style Christmas rally that will see some less popular names enjoy a rare period of outperformance.

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07/11/2023 09:11

Cochlear Ltd (COH) $US247.29

COH is up +21% so far this year, but interestingly, it hasn’t caught our attention as much as more battered names over the last week's turnaround – one week doesn’t make a summer. If we are correct and bond yields drift/fall into Christmas we believe the best performance within the Healthcare Secxtor will be enjoyed by stocks that really struggled in the first three quarters.

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13/10/2023 09:41

Cochlear Ltd (COH) $US257.35

COH has bucked the sector trend, rising +26% in 2023 after reporting strongly in August – FY23 sales revenue beat expectations by ~6% and FY24 earnings guidance was very strong, looking for growth of 16-23% YoY. This is a great company doing well, but it’s not cheap, leaving little room for error as investors seek refuge in the perceived pocket of safety amongst the healthcare debris.

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31/08/2023 09:41

Cochlear Ltd (COH) $273.26

Hearing implant manufacturer COH delivered FY23 sales revenue that was 6% ahead of consensus, although underlying NPAT of $305m (+14% CC) was in line. Also, FY24 guidance was for underlying NPAT to increase 16-23% YoY, the result was firmly embraced by the market as it searches for “safe” options in the embattled Healthcare Sector. This is a case of a good company but a stock that we believe is arguably fully valued trading on a Est P/E of 48.8x for FY24.

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15/06/2023 09:21

Cochlear Ltd (COH) $237.47

COH has performed strongly through 2023 and even after it slipped back under $240 it’s up over +16% year to date. We liked the hearing aid operators’ 1H23 result with revenue of $892m beating expectations while Net Profit After Tax (NPAT) of $142m was 8% ahead of consensus, plus they rewarded loyal shareholders with a supportive buy-back as they deploy cash on their balance sheet.

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17/03/2023 09:11

Cochlear Ltd (COH) $230.25

Hearing aid company Cochlear has tread water for the last few years which in comparison to many of its growth peers is a great result when interest rates soared higher. We particularly liked their 1H23 result with revenue of $892m, above the $850m expected while Net Profit After Tax (NPAT) of $142m was 8% ahead of consensus.

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15/02/2023 16:57

Cochlear (COH) $225.28

COH +7.72%: A good result here with 1H23 revenue of $892m, above the $850m expected while Net Profit After Tax (NPAT) of $142m was 8% ahead of consensus.

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19/08/2022 17:00

Cochlear (COH) $218.86

COH +2.18%: FY22 results from the hearing implant company missed the mark today, however, outlook comments helped to lift the share price. Revenue climbed 10%, however, profit fell 11% to $289m with margins being squeezed on surgery restrictions. The company noted a strong pipeline of sales and improving margins with new product launches expected to lift profit by around 10% in FY23, ahead of market expectations. They said all regions and products are performing ahead of pre-COVID levels.

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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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