Ann: CSL Results Presentation, page-13

"Nervy hands now left the building. Reckon we will end the day neutral or in green. Pretty good report all things considered."

Seemingly, those nervy hands were nervy for a reason.

I suspect that they, unlike you, actually analysed the result instead of just taking their investment cues from looking at the headline; and in that analysis they found the compositional quality in the second half to have been decidedly sub-par for a company priced for near-perfection.

[Hint: Do what I'm almost certain they did: Strip out the second-half result to see what happened to the GP Margin, and then ask yourself whether anything has changed to alter that margin outcome for the current year.]


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