You definitely have a valid argument; even at $215 CSL would be -35% from its high and its P/E would be ~35. It may get there if you're lucky but it likely won't given how much this company has going for it.
Those who think it's expensive need to firstly get it through their heads that market theorem has changed. Growth stocks trade on growth multiples - they will hardly ever (except in a market crash) get down to the same P/E as the broader market or value stocks.
Unless there's some accounting fraud or magical aliens come out of Stargate and purge disease and cancer from the human race, you'll never find CSL trade on the same P/E or P/B etc. as Telstra. If that's something you're waiting for, you'll be waiting till your grave and it still won't happen. I've always regretted not buying CSL when it's 10-15% off, so this is a great opportunity. The same applies for other booming companies - good luck waiting on some of the other WAAAX or FAANG stocks to become "cheap", outside of once in a decade moments like 23 March it just won't happen.
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