Ann: CSL Half Year Results Investor Presentation, page-95

Sure is a lot of fuss about a company missing EPS by 1% for 1 half. Some would call that variation almost random.
Defensive earnings stream, still growing at 10-13%.
Can go and buy Breville in a cylical industry with the same earnings growth on a 50% higher valuation multiple.
I'll sleep fine tonight.

Hey, don't knock Breville; it's quite the opposite of a cyclical business:

In fact, its EPS over the past decade has grown at a CAGR of 8.5%pa; very similar to CSL.

Of course what is strikingly different is the respective P/E multiples of the two stocks which, while obviously totally different business models, demonstrate almost identical long-term growth:

CSL's prospective P/E multiple is around 25x; BRG's is 40x

I think some clear conclusions can be drawn from that wide spread.

(Actually, on second thoughts, maybe the two business models aren't so different, after all: both companies are R&D businesses, investing significant shareholder capital into developing unique and differentiated products which confer meaningful pricing power and hence, operating margins.)

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