Ann: Results Announcement, page-70

I wonder if Vifor was NOT purchased, would the company trade on a higher multiple? Earnings would be a little lower, but so would the share count, and the metrics of the business, margins and ROIC would be so much better. The entire driver of quality and growth of CSL is Behring, which they already owned.

If CSL instead engaged in consistent buy backs rather than a questionable acquistion outside of their wheelhouse, maybe even taking on debt to buy back shares like what is commonly done in the US, it's easy to see it punching out 10%+ EPS growth. Underlying organic growth of Behring mid to high single digits, margin improvements, and reduction in share count of a 1 or 2% per annum.

Its all hindsight, but honestly even when it was announced people were scratching their heads about Vifor and the shares were marked down. The market is in the process of being proved right.

Woodside's latest acquisition looks similarly value destructive.