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.
- We are bullish COH although valuations do feel stretched above $270.
MM remains cautiously bullish COH
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