UBS - CSL no need to worry about Argenx, page-13

just because a share hasn't been 'cheap' for a long time doesn't mean it is a buy.
And then there are variations of 'cheapness'.

I dont think CSL has been a value hunters 'cheap, ever since it listed.!!!
For many years CSL traded at a PE around 20, in more recent times that PE expanded into the nearly40's.

Hence my comment on 'cheapness'.

Others have commentated that as a company grows larger, its harder to keep generating the same rate of EPS % growth.
This makes sense.
But the converse of this is that the PE can re-rate lower over time.

We shall see, but for me this is still a sit on the sidelines and watch.
I have generated fanstaic returns on other positions, whilst CSL has been dead money for the last 3 years. That's an abosolute fact.