Inflation Impact on CSL?, page-48

I think the rerate may be explained in part by investors applying more duration to the cash flows as the business has growth in quality. More intial years of growth combined with low rates will increase the present value. In 2013 investors may have been less willing ti project as much upfront growth before applying the terminal value component. So in other words rerating on increased quality combined with even lower rates.

Maybe an argument for the structure of the ASX as well. Aus investors jave limited options for defensive growth and CSL is arguably a crowded stock. Doubt that will change unless a bunch of FAANG stocks list on the ASX in the future!

I mostly disagree with you on the R&D.