The last time CSL was a great buy was in Nov 2016 when the SP...

The last time CSL was a great buy was in Nov 2016 when the SP hit a low of around $90. At the point, it was trading at a PE of 23.7 of FY17 earnings - let's round to 24. Based on this historical measure and also looking at the growth profile and safety of earnings, I think a PE of 24 on FY24 earnings would make this a great buy.
Going by the midpoint NPAT guidance supplied by the company, EPS for FY24 should come in around $9.5 per share. Applying a PE of 24 gives a SP of $228.
One thing to note though is the US Fed rate in 2017 was near 0.5% and are approximately 10 times higher at this point with no sign of a slow down. To my way of thinking, an equivalently good bargain as 2017 would be at a lower PE than 24. The question is how much lower can it go than 24. I think that a PE of 22 or even 20 or 18 are not outside the realms of possibility. A PE of under 20 would make this a delightfully juicy buy. However, I'm not holding my breath till it gets there so have entered at the current price.