Yes, lot of investors and analysts got carried away including...

Yes, lot of investors and analysts got carried away including myself. The way I look at it as follows.

The point I like to make out is CSL still expected to grow at 18% next year, not many around that kind of growth in the current high interest rate and slowing economy.
The pipeline of products they talk about very impressive, if they get one correct.
The gene therapy Hemgenix will be administered within next few weeks and it is supposed to be the first of its kind which has been approved by FDA. Garadacimb is another product they talk about a lot which is around corner too.
Apparently the biggest catch is CSL 112 in stage3 at the moment. The potential revenue is around 2 to 3B from what I have read. They have spent vast amount of money on this one for R&D in the range of 400M cumulative over last few years.
if one of these are successful the same analysts will change their view back to high multiple PE.
The current PE is around 30 on 2024 FCST of 3B. As CFO explained once currency impact is baked in that becomes the starting point for next year FCST. It will be a tailwind for 2024 as A$,£,€ except CNY are all in recovery path with US $ run due to high US interest rate is over.
We have to make a call on holding for longer based on CSL past performance and what is in the pipeline. Also the infrastructure, knowledge they have accumulated over the years is difficult to recreate.