Ann: CSL Results Presentation, page-20

This commentary from the outlook caught my attention:

“At the half-year results, we foreshadowed margin easing as a result of
increased plasma costs, this will continue into FY22. We see FY22 as a
transitional year as we continue to invest and deliver against our long term
strategy.”

GP margin is clearly being eroded by increased plasma costs; HY2021 60.5%, FY2021 56.7%.

I,'m a relative newcomer and have now seen three reporting periods. As @peejay2 has pointed out there are many different investment styles and needs. Unfortunately CSL has not lived up to my expectations or the high multiples it dictates. With margin pressures forecast to continue and FY22 now deemed as a 'transitional year', I am reviewing my holding and alternatives.