macquarie haemophilia market research, page-7

I have always viewed CSL as a growth stock, not a dividend stock, and bought the shares with that understanding.

If people want a big divi, sell CSL and buy bank shares.

Coogee is correct.

CSL management and board have done outstanding work and the sp reflects this. If the board thinks that a buyback is the best way to use excess cash, based on all their other calls, why would I doubt this one?

Comments on P/E. A p/e of 25 today could be a p/e of 15 in one year's time. A current p/e is backward looking, and can be quite misleading. 5 years ago CSL was trading on a p/e of 25 at $50 per share. That share is now worth $162. In hindsight, the p/e then was justified.

HT1