Ann: CSL Notice of Research & Development Investor Briefing, page-16

A very positive outcome from the CSL112 trial PLUS a reduction in interest rates late next year might get CSL to $400. To be safe I wouldn't bet on much more than earnings growth equivalent movement in the share price. So, from here maybe circa $300 to $350 late next year which is roughly 30 to 35 times FY24 consensus. $400 a share are we're back to PEs at 40 which seems a stretch with rates still possible 3%+ late next year, so obviously will need some blockbuster CSL112 projections built into the price to get there.