“Financial year 2023 constant currency (cc) guidance is now targeting the top end (NPATA US$2.7-2.8bn, +13-18%), but increased foreign exchange (FX) headwinds look to shave US$250 million off statutory profit (US$2,550 million),” Raymond said.
“Financial year 2024 guidance was provided (NPATA +13-18%) below market expectations (consensus +28%, but in line with Morgans +16%), as Behring margins are expected to improve only “modestly” in the near term and return to pre-COVID levels over the medium term.
“While resetting expectations has seen shares weaker, we view it as a buying opportunity and remain confident in improving margins and earnings trajectory. We adjusted financial year 2023-2025 forecasts lower with our PT decreasing to A$323.
“that’s why we view CSL as an add to a portfolio,” Raymond said.
CSL
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