COG Financial Services (COG), CSL Ltd (CSL) & EBR Systems (EBR)
Hi team, why has COG gone up so much? Do you think it may be as good as it can get? Do you think CSL is now a bargain buy? Is EBR a long-term investment? Thanks
Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi team, why has COG gone up so much? Do you think it may be as good as it can get? Do you think CSL is now a bargain buy? Is EBR a long-term investment? Thanks
Hi Sidney,
COG Financial Services (COG) is Australia’s largest asset finance aggregator, supporting over 8,500 brokers with access to a wide panel of lenders. The company which is based just around the corner from MM, has a market cap of ~~$425mn, also offers novated leasing and provides financing and asset management solutions to small and medium-sized enterprises.
We like COQ but its fully priced in the $2.10-2.20 region, we would call it an accumulate below $2.
CSL Ltd (CSL) is not a bargain buy, in our opinion, its more like good solid relative value based a few recent misteps. We topped up our holding this week believing it represented reasonable buying ~$200 but the sellers still remain in control following their disappointing result in August. We moved from a 4% target to a 5% target, which is now mildly overweight relative to the index of 3.7%.
EBR Systems (EBR) is a California-based medical device company developing the WiSE CRT System, the world’s first leadless cardiac resynchronization therapy for heart failure patients. With a market cap of around $550 million, the company has secured FDA approval but remains pre-revenue and continues to burn significant cash. This has weighed on sentiment, leaving EBR shares under pressure in 2025 despite the regulatory milestone.
We are 50-50 on EBR, along with biotech’s its not the space MM often ventures into.
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