Birdman, do you actually ever read any of the documents you link to?
You seem to have missed this bit:
"As the company transforms into a service business, we expect Cochlear to be bigger and better ten years from now. The problem is the price. At a forward price-earnings ratio of 36 you’re already paying for that growth. There’s little room for error, and the soon-to-be-released Advanced Bionics model risks derailing Mr Market's optimism if its a hit. This is a great business with an unattractive price. You’ll find better opportunities on our Buy list."
I agree with their analysis in that a P/E of 36 is not sustainable
COH Price at posting:
$121.40 Sentiment: Sell Disclosure: Held
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