CSL Ltd: Moving in the right direction

About the author:

Dr Derek Jellinek
Author name:
By Dr Derek Jellinek
Job title:
Senior Analyst
Date posted:
16 August 2023, 7:00 AM
Sectors Covered:

  • CSL Ltd's (ASX:CSL) FY23 results were in line with the pre-release at the top of guidance, with underlying net profit up double-digits on strong sales growth across all segments.
  • While plasma collections have recovered to record levels, with covid challenges well and truly in the rearview mirror, Behring cost per litre (CPL) (while improving slightly) remains elevated, pressuring GM.
  • Management remain confident in modest near term GM improvements, returning to pre-covid levels over the medium term, driven via numerous initiatives (eg op efficiencies; yield improvement; new products; mix shift; and scale benefits).
  • We adjust FY24-25 forecasts modestly, with our PT increasing to (login to view). Add.

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