16/08/2024 08:47

Cochlear Ltd (COH) $313.00

COH -7.3%: FY24 NPAT of $387mn was a relatively small miss compared to consensus at $399mn, but it caught an optimistic market wrong-footed and sent the hearing implant stock spiralling lower—investors are used to COH beating, not missing.

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16/05/2024 09:19

Cochlear Ltd (COH) $331.80

We haven’t looked at COH since February. At the time, we were neutral, and the stock hasn’t moved since. Moving into the EOFY, we believe the stock will advance with the market and valuation expansion but it's not on our radar following its stellar advance since early 2023, i.e. the best could be behind COH for the foreseeable future.

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19/02/2024 16:56

Cochlear (COH) $327.82

COH -2.01%: the hearing implants company’s 1H was largely pre-announced at a trading update last week, Cochlear pulled back from all-time highs hit on Friday on slight cracks showing in the numbers.

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09/02/2024 09:30

Cochlear Ltd (COH) $304.74

We discussed COH earlier in the week after it was downgraded to a “Sell” by UBS who made some interesting points around the potential for Moderna getting a vaccine approved to treat ~20% of child deafness.

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07/02/2024 09:24

Cochlear Ltd (COH) $287.29

COH uncharacteristically fell almost 7% on Tuesday after influential UBS downgraded the stock to a sell on competition fears after the stock's ~50% advance since 2023. Their main discussion reminded us of the Ozempic et al. fears that sent ResMed (RMD) tumbling in August/September of last year0

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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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