"csl has always appeared at relatively high pe yet always delivered superior subsequent total returns"
The stock's P/E has always been higher than the market; that much is true.
But the premium-to-market has historically been between 120% and 150%.
Justifiably so, I'd argue.
But over the past 12 months, that premium shot above 200%, and peaked above 300% recently [*]
There is precedent for it delivering superior investment returns when the P/E multiple was, say, 150% of the market P/E, but there is no precedent for that happening from a starting point of 300% premium-to-market valuation multiple.
[*] Following its 27% under-performance against the S&P ASX200 Index, the premium-to-market has subsequently eased back to around 220%.
CSL has more downside...and chat, page-598
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Last
$292.00 |
Change
-1.690(0.58%) |
Mkt cap ! $141.3B | |||
| Open | High | Low | Value | Volume |
| $292.05 | $294.47 | $290.89 | $107.0M | 366.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 278 | $291.50 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $292.00 | 366 | 1 |
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| Last trade - 16.10pm 28/10/2024 (20 minute delay) ? |
| CSL (ASX) Chart |