Stock Review: CSL (CSL:AUD282.37) rises for a second consecutive day, a two-day rise of 0.7%


Dateline: Friday July 10, 2020
CSL Limited (ASX:CSL), Australia's largest Pharmaceuticals & biotechnology company by market cap, has risen AUD1.62 (0.6%) for a second consecutive day on Friday. This brought its two-day rise to AUD1.87 (0.7%). Cumulative volume in the 2 days was 0.7 times the average 2-day volume of 1 million shares. CSL's stock last traded at AUD282.37. There were 589,008 shares worth AUD166.3 million traded today.

Stock Summary
Currency1 AUD = 0.69 USD Dividend Yield1%
Jul 10 closeAUD282.37SectorPharmaceuticals & Biotechnology
Ave Daily Volume1,029,703 sharesShares Outstanding453,882,387
52-Week Range212.93 - 341.18Market CapAUD128.2 billion [USD88.8 billion]
P/E46.2EPS Growth (FY2019 vs FY2018)10.8%


Financials Summary: EPS up 10.8% to USD4.24 in FY2019
+ Net profit was up 9.3% from USD1.7 billion in FY2018 to USD1.8 billion in FY2019.
+ Earnings Per Share (EPS) was up 10.8% from USD3.82 in FY2018 to USD4.24 in FY2019.
Year ended JunFY2019FY2018FY2017
Sales (USD B)8.57.96.9
Pretax (USD B)2.32.31.7
Net (USD B)1.81.71.5
EPS (USD)4.2363.8222.94


LINKS TO FURTHER INFORMATION ON CSL:

EXCEL TABLES ARE AVAILABLE TO EXPORT AS FOLLOWS:

+ LATEST FINANCIALS [FY 2019]:
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/PDF/quarterly/xls/CSL_Financials.xls
+ NEWS ARCHIVES PAST 4 YEARS IN HTML
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/Daily/Html/CSL_Corporate_Wire.html
+ 5-YEARS CATEGORISED LIST OF 20 PATENTS
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/PDF/quarterly/xls/CSL_History_Patents.xls

INDEX

SECTION 1 News In The Past Quarter

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Top shareholders

SECTION 4 Today's Bullish Signals

SECTION 5 Ongoing Bullish Parameters

SECTION 6 Today's Bearish Signals

SECTION 7 Ongoing Bearish Parameters

SECTION 8 Patents

SECTION 9 CSL Board of Directors

SECTION 10 Dividend

SECTION 11 Financials H1/2019, FY 2019, Past 10 Years

SECTION 12 Peer Group Analysis & Ranking

SECTION 13 News Archives (Aug 2018 - Feb 2020)

Glossary

SECTION 1 News In The Past Quarter

1.1 People's News
Wed Jul 01, 2020
Paul Perreault was appointed CEO of CSL (ASX:CSL) seven years ago on July 01, 2013. The present value of AUD1,000 (PV1000) invested on the appointment date is AUD5,788, for a capital gain of AUD4,194 and dividend reinvested of AUD594. In the same period the shares were up 419.4% from AUD54.8 to AUD284.4.

Wed Jun 03, 2020
Paul McKenzie was appointed COO of CSL (ASX:CSL) one year ago on June 03, 2019. The shares were up from $A202.4 to $A283.6 and the total annualized return to shareholders (TRS) since appointment is 41.6%. The present value of AUD1,000 (PV1000) invested on the appointment date is now worth $A1,416, a gain of $A401 and dividend reinvested of $A15.

Fri Apr 17, 2020
Megan Clark's performance as Chairman of CSL (ASX:CSL) is ranked in the top 6% of BuySellSignals performers for the past one year; a percentile ranking of 94.9. In the last 1 year the average annualized return to shareholders was 54.8%. The 1-year average return is ranked 2,169 out of 42,380 public companies traded globally. The present value of US$1,000 (PV1000) invested 1 year ago is now worth US$1,548; a capital gain of US$531 and dividend reinvested of US$17.

1.2 Stock Buzz
News DateHeadlinePublisher
Jun 25, 2020CSL pays $656m for haemophilia therapyAustralian Associated Press
Jun 15, 2020CSL drags ASX into negative territoryThe bull


SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities
CSL Limited (CSL) is a global biotechnology company that develops and delivers innovative medicines that save lives, protectpublic health and help people with life-threatening medical conditions live full lives. The operational businesses include CSL Behring and Seqirus provides life saving products to more than 60 countries and employs 22,000 people. The Group operates predominantly in Australia, the USA, Germany, the United Kingdom and Switzerland.

2.2 Contact Details
Websitehttp://www.csl.com.au/
Physical Address45 Poplar Road, PARKVILLE, VIC, AUSTRALIA, 3052
Phone(03) 9389 1911
Fax(03) 9389 1434
Emailmark.dehring@csl.com.au


2.3 Industry & Sector
Classification LevelName of Sector
Economic SectorHealthcare
Business SectorPharmaceuticals & Medical Research
Industry GroupPharmaceuticals
IndustryPharmaceuticals


2.4 Independent Ratings
+ Newsweek 500:
CSL Limited was ranked 240 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 4.7% in Carbon productivity, 2.8% in Water productivity.
+ Industryweek 1000:
CSL Limited is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 667.
+ FT 500:
It is the 334th largest by revenue in the FT Global 500.
+ Forbes 2000:
It is the 1338th largest by revenue in the Forbes Global 2000.

SECTION 3 Top shareholders

DateName of the Share Holder% of Capital
07-04-2020HSBC Custody Nominees (Australia) Limited33.7
07-04-2020J P Morgan Nominees Australia Limited18.0
07-04-2020Citicorp Nominees Pty Limited6.1
07-04-2020National Nominees Limited3.1
07-04-2020BNP Paribas Nominees Pty Ltd1.9
07-04-2020Citicorp Nominees Pty Limited i1.1
07-04-2020BNP Paribas Noms Pty Ltd1.0
07-04-2020HSBC Custody Nominees (Australia) Limited i0.6
07-04-2020Australian Foundation Investment Company Limited0.4
07-04-2020HSBC Custody Nominees (Australia) Limited ii0.3
07-04-2020Custodial Services Limited0.3
07-04-2020Amp Life Limited0.3
07-04-2020Argo Investments Limited0.2
07-04-2020Netwealth Investments Limited0.2
07-04-2020D W S Nominees Pty Ltd0.2
07-04-2020Mutual Trust Pty Ltd0.2
07-04-2020Navigator Australia Ltd0.1
07-04-2020Milton Corporation Limited0.1
07-04-2020Diversified United Investment Ltd0.1
07-04-2020BNP Paribas Noms (Nz) Ltd0.1


SECTION 4 Today's Bullish Signals

4.1 Undervaluation
Dividend Yield > Bond Yield of 0.89%:
The dividend yield of 1.03% is 1.16 times the triple-A bond yield of 0.89%. The times factor of 1.16 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
Dividend Yield1.03
Bond Yield0.89
Spread0.14


4.2 Other Bullish Signals
- Return on Equity of 36.5% versus sector average of 16.9% and market average of 7.9%.
- Total Liabilities/EBITDA of 3 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.
- Return on Assets of 15.6% versus sector average of 8.1% and market average of 1.6%.
- Return on Capital Employed of 23.1% versus sector average of 13.3% and market average of 5.2%.
- Net profit margin has averaged 21.8% in the last 3 years. This is considered superior and suggests a high margin of safety.
- As per the Du Pont analysis, Return on Equity is high at 36.5%. This is computed as net profit margin of 23.4% times asset turnover [sales/assets] of 0.69 times leverage factor [total assets/shareholders' equity] of 2.3.

4.3 Oversold/Bullish Signals:
- The stock is oversold according to the Williams % R indicator of -82.3, suggesting the price is close to its 14-day low of AUD279.0.

SECTION 5 Ongoing Bullish Parameters

5.1 Past four-years
- CSL rose for a fourth consecutive year. In the past four years it has risen AUD177.43 (169.1%).

5.2 Rank in the top 2% by Size in the Australian market
DescriptionValueRank
Ave daily TurnoverAUD166.3 millionIn Top 1%
MCapUSD88.8 billionIn Top 1%
Annual RevenueUSD8.5 billionIn Top 2%


5.3 Rank in the top 14% by Productivity in the Australian market
DescriptionValueRank
Return on Equity [ROE] %36.5In Top 4%
Return on Assets [ROA] %15.6In Top 10%
Return on Capital Employed [ROCE] %23.1In Top 14%


5.4 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 24.9%
TSR %1 yr3 yrs5 yrs10 yrs
CSL.ASX31.130.929.825


5.5 Present Value of AUD1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PVAUD1000 > 1,310
PVAUD1,0001 yr ago3 yrs ago
CSL.ASXAUD1,311AUD2,263
Pharmaceuticals & Biotechnology sectorAUD1,428AUD2,317
All Ordinaries IndexAUD891AUD1,047


5.6 The Best Periods [1 Yr, 3 Yrs] with Price Change % > 29.5
3-Year price change of 118.2% for CSL outperformed the change of 5.1% in the All Ordinaries index for a relative price change of 113.1%.
Price Change %Year3 Years
CSL29.6118.2
Pharmaceuticals & Biotechnology sector43130.1
All Ordinaries index-10.65.1


5.7 Moving Annual Return of 31.0% in the past year:
Moving Annual Return was 31.0% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 30%. The Moving Annual Return has consistently exceeded 14%.
CSLClose (AUD)Dividends (AUD)Capital Gain %% YieldAnnual Return %
Jul 10282.372.8929.61.331.0
1 Yr ago217.832.48131.314.3
2 Yrs ago192.721.9248.91.550.4
3 Yrs ago129.441.7223.31.625.0
4 Yrs ago104.941.7127.22.129.3


Close 5 years ago AUD82.50

5.8 Buybacks and 5-Years Decrease of 6.4% in Total Shares on Issue
In the past 5 years total shares on issue have decreased by 30.9 million (6.4%) from 483.8 million to 452.9 million. Buybacks have averaged 7.7 million shares [1.6%] per financial year. Based on a dynamic start date of 5 years ago, there have been declines in issued capital in 4 out of 5 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Jun 30)Total Shares on IssueFYBuybacksBuyback %
2019452,919,4862019--
2018452,353,22120182,977,9750.7%
2017455,331,19620176,668,3771.4%
2016461,999,57320169,817,6662.1%
2015471,817,239201512,005,7012.5%
2014483,822,940201414,783,6323%
Total  46,253,351 
Average per FY  7,708,892 


5.9 Created Market Value [CMV] past 5 yrs of AUD80.7 billion
- Market Capitalization has increased by AUD87 billion from AUD41.2 billion to AUD128.2 billion in the last 5 years. This increase comprises cumulative retained earnings (RETE) of AUD6.3 billion and Created Market Value of AUD80.7 billion. The Created Market Value multiple, defined by the change in MCap for every AUD1 of retained earnings is exemplary at AUD13.73.

5.10 EPS growth [FY2019 vs FY2018] of 10.8%:
There have been four rises and one decline in the past 5 years. Average Annual Compounded rate of growth in EPS for the 5 years was 9.5%.
FYEPS (USD)Growth %
20194.2410.8
20183.8230.0
20172.949.3
20162.69-7.7
20152.918.3


5.11 A 452.8% Increase in Insider Buying
In the past 5 years a total of 87,528 CSL shares worth AUD11.1 million were bought by insiders. Based on a dynamic start date of 5 years ago, insider buying has averaged 17,506 shares per year. In the past year, insiders bought 31,084 shares, an increase of 452.8% from the previous year.
YearNo. of SharesValue, AUD
1 Yr ago31,0846,425,816
2 Yrs ago5,62383,278
4 Yrs ago50,8214,565,811
Total87,52811,074,906


5.12 Increased VWAP, up 196% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 195.7% to AUD280.24. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.
Past five years, 12 months ended Jul 10 (AUD)
YearHigh PriceVWAPLow Price
2020341.18280.24212.93
2019227.42194.28170.11
2018195.36146.2114.81
2017139.89110.1287.79
2016111.794.7781.25


5.13 Increased share turnover, up 174% in 5 years
In the past five years, average daily share turnover has increased 173.7% to AUD269.7 million. This suggests increased liquidity.
Past five years, 12 months ended Jul 10 (AUD million)
YearAverage Daily Turnover
2020269.7
2019149.1
2018106.9
2017108.1
201698.5


5.14 Satisfies four criteria of Benjamin Graham
- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 2.2% is 2.4 times the triple-A bond yield of 0.9%.
- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 1.2 times the triple-A bond yield of 0.9%.
-"Current ratio of two or more"; current assets are 2.5 times current liabilities.
-"Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-end earnings";there has been only 1 decline in earnings in the last 5 years.

SECTION 6 Today's Bearish Signals

6.1 Momentum Down 1.2% Past Month
In the past quarter the steepest fall of 5.1% took place in the week beginning Monday July 06.
The Worst 3 weeks in the past quarter:
Mon-FriChange %All Ordinaries index Change %RPC %Vol Ind [1 is avg]
Jul 06-10-5.1-2.1-30.8
May 25-29-5.14.7-9.82
Apr 27-May 01-4.80.5-5.20.9


6.2 Rank in the bottom 15% by Relative Valuation in the Australian market
DescriptionValueRank
Price to Sales10.5In Bottom 15%
Price/Earnings/Growth4.3In Bottom 8%
Price/Earnings46.2In Bottom 8%
Dividend Yield %1%In Bottom 5%
Price to Book Value26.6In Bottom 2%


6.3 Rank in the bottom 20% by Price Performance in the Australian market
DescriptionValueRank
1-week Price Change %5.1In Bottom 20%


6.4 Downtrend
Beta < 1 combined with price fall. The Beta of the stock is 0.7.

Negative MACD:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 286.62 minus the 26-day EMA of 288.59 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

6.5 Overvaluation
Earnings Yield of 2.2% < Australian ave of 4.2% > Bond Yield of 0.9%:
- Earnings yield of 2.2% is less than the Australian average earning yield of 4.2%.
- The earnings yield of 2.2% is 2.4 times the 10-year bond yield of 0.9%.
(All figures in %)
Earnings Yield2.2
Australian avg4.2
Dividend Yield1.0
Bond Yield0.9


Dividend Yield of 1% < Index avg of 4.2%:
- The relative yield of the stock, defined by its yield of 1%, divided by average yield of dividend yielding stocks in the All Ordinaries Index of 4.2% is 24.7%. This suggests the stock is overvalued in dividend yield terms.
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 7.3. Compared with the rest of the market the stock is overvalued and ranks in the bottom 9% of stocks by value of Q Ratio.

SECTION 7 Ongoing Bearish Parameters


7.1 Rank in the bottom 14% by Gearing in the Australian market
DescriptionValueRank
Total Debt to Equity0.9In Bottom 14%

7.2 Present Value of AUD1000 Invested in the Past 3 Months; The Worst Period with PVAUD1000 < 867
PVAUD1,0003 mo ago
CSL.ASXAUD866
Pharmaceuticals & Biotechnology sectorAUD985
All Ordinaries IndexAUD1,113


7.3 Past quarter: price fall of 13.4%
3-Month price change of -13.4% for CSL underperformed the change of 11% in the All Ordinaries index for a relative price change of -24.3%.
Price Change %Quarter
CSL-13.4
Pharmaceuticals & Biotechnology sector-0.9
All Ordinaries index11


7.4 P/E/G > 1
The price earnings ratio of 46.2 divided by trailing twelve months eps growth of 10.8% corresponds to P/E/G of 4.3 times.
EPS Growth (%)10.83
P/E/G4.3
P/E46.21


7.5 High Debt to Equity (%)
The debt to equity ratio of 88.8% is above a safe benchmark figure of 70%. However, it has improved in the past two years.
YearsDebt to Equity (%)
Jun 201988.79
Jun 2018107.51
Jun 2017125.65
Jun 2016122.44
Jun 201583.04


7.6 Declining Volume Past five Years
In the past five years, Average Daily Volume of Trading (ADVT) has decreased 0.2% to 1 million shares.
Avg. Daily Volume Traded 12 months ended Jul 10, million shares
YearADVT
20201.0
20190.76
20180.72
20170.97
20161.0


7.7 Satisfies 2 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Improvement in long-term debt to total assets from 0.3 to 0.3.
- Improvement in gross margin [from 57.8% to 58.2%].

SECTION 8 Patents


8.1 Number of Patents Issued to CSL by the US Patent Office and the European Patent Office (Past 12 Months)
There were a total of 6 patents issued to CSL in the past 12 months. The highest number (2) were issued in January, 2020.
MonthNo. of Patents Issued
April1
March1
January2
September2
Total (Past 12 Months)6


8.2 Rank by patents issued in the past 12 months: CSL vs AUSTRALIA stocks
CSL's ranked 1 by US Patents issued in the past year out of 1,949 Australia listed companies. A total of 351 US patents were issued to Australia listed companies in the past year, an average of 0.2 patents per company. CSL received 6 US Patents in the past 12 months, 33 times average.

SECTION 9 CSL Board of Directors

9.1 Board and Management
NameDesignationSince Appointment
Paul PerreaultChief Executive Officer, Managing Director7 Yrs
Megan ClarkIndependent Non-Executive Chairman-
Brian McNameeNon-Executive Independent Chairman-
David LamontChief Financial Officer4 Yrs, 6 Mos
David AnsticeDirector-
Tadataka YamadaDirector3 Yrs, 10 Mos
Marie McDonaldIndependent Director-
Christine OReillyIndependent Director-
Abbas HussainIndependent Non-Executive Director2 Yrs, 4 Mos
Bruce BrookIndependent Non-Executive Director-
Carolyn HewsonIndependent Non-Executive Director7 Mos
Paul McKenzieChief Operating Officer1 Yr, 1 Mo
Ed BaileyCompany Secretary-
Fiona MeadCompany Secretary2 Yrs, 1 Mo


9.2 Resignations in the past 2 years
NameDesignationDate of Resignation
David LamontChief Financial Officer30 October 2020
Edward BaileyCompany Secretary21 December 2017
Maurice RenshawNon-Executive Director18 October 2017


9.3 Profiles
Paul Perreault
CEO & Managing Director
Mr. Paul Perreault was appointed to the CSL Board in February 2013 and was appointed as the Chief Executive Officer and Managing Director in July 2013. He joined a CSL predecessor company in 1997 and has held senior roles in sales, marketing and operations with his most recent prior position being President, CSL Behring. Mr. Perreault has also worked in senior leadership roles with Wyeth, Centeon, Aventis Bioservices and Aventis Behring. He was previously Chairman of the Global Board for the Plasma Protein Therapeutics Association. Mr. Perreault has had more than 30 years experience in the global healthcare industry.
In early 2018, Mr. Perreault was named Australian Financial Review's 2017 CEO of the Year.
Mr. Perreault is a member of the Innovation and Development Committee.
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as MD: The present value of AUD1,000 invested on the appointment date of July 01, 2013 at close price of AUD54.76 is AUD5,746, including a capital gain of AUD4,157 and dividend reinvested of AUD590.

Megan Clark
Independent Non-Executive Chairman
Dr Megan Clark AC was appointed to the CSL Board in February 2016. She is currently a Director of Rio Tinto and a member of the Australian advisory board of the Bank of America Merrill Lynch. Dr Clark was Chief Executive of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) from 2009 to 2014. Prior to CSIRO, she was a Director at NM Rothschild and Sons (Australia) and was Vice President Technology and subsequently Vice President Health, Safety and Environment at BHP Billiton from 2003 to 2008.
Dr Clark is a member of the Innovation and Development Committee, the Human Resources and Remuneration Committee and the Nomination Committee.

David Lamont
CFO
David was appointed as Chief Financial Officer in January 2016. As Chief Financial Officer, he is responsible for managing the financial aspects of CSL's strategy which includes financial planning and reporting, capital management, tax, treasury and investor relations. Immediately prior to joining CSL, he was the Chief Financial Officer and an Executive Director at MMG since 2010. Prior to this, David served as CFO for several leading multi-national public companies across a range of industries since 1999 - including MMG Limited, Oz Minerals Limited, PaperlinX Limited, BHP Billiton's energy & coal and carbon steel materials divisions, and Incitec Pivot Limited. He is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants (Australia).
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as CFO: The present value of AUD1,000 invested on the appointment date of January 02, 2016 at close price of AUD99.22 is AUD2,846, for a capital gain of AUD1,846.

David Anstice
Director
Mr David Anstice was appointed to the CSL Board in September 2008. He was a longtime member of the Board of Directors and Executive Committee of the US Biotechnology Industry Organisation, and has over 45 years' experience in the global pharmaceutical industry. Until his retirement in August 2008, Mr Anstice was for many years a senior executive of Merck & Co., Inc., serving at various times as President of Human Health for US/Canada/ Latin America, Europe and Asia, and at retirement was an Executive Vice President. He is a Director of Alkermes Plc, Dublin, Ireland, and a Director of the United States Studies Centre at the University of Sydney.
Mr David Anstice is Chair of the Human Resources and Remuneration Committee and a member of the Innovation and Development Committee and the Nominations Committee.

Tadataka Yamada
Director
Dr Tadataka Yamada was appointed to the Board in September 2016. He is presently a Venture Partner at Frazier Healthcare Partners, a leading provider of growth capital to healthcare companies, a position that he has held since 2015. Prior to this, he was the Chief Medical and Scientific Officer at Takeda Pharmaceuticals, as well as a member of the Board. Prior to Takeda, Dr Yamada was President of the Bill & Melinda Gates Foundation Global Health Program and prior to that was Chairman of Research and Development at GlaxoSmithKline. He currently serves as a director of Agilent Technologies, Inc. and the Clinton Health Access Initiative and a member of the Council of the National Academy of Medicine. Dr Yamada is also a Fellow of the Imperial College of Medicine, a Master of the American College of Physicians, a Fellow of the Royal College of Physicians.
Dr Yamada is a member of the Innovation and Development Committee and the Nomination Committee.
The Board has determined that Dr Yamada is an independent Director.
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as Director: The present value of AUD1,000 invested on the appointment date of September 01, 2016 at close price of AUD101.91 is AUD2,921, including a capital gain of AUD1,771 and dividend reinvested of AUD150.

Christine OReilly
Independent Director
BBus - (Age 56)
Finance and Infrastructure (resident in Victoria) Independent: Yes Ms Christine O'Reilly was appointed to the CSL Board in February 2011. She is a Director of Transurban, Energy Australia, Medibank Private Limited and Baker Heart & Diabetes Institute. Ms O'Reilly has in excess of 30 years financial and operational business experience in domestic and off-shore organisations. During her executive career, she was Co-Head of Unlisted Infrastructure Investments at Colonial First State Global Asset Management and prior to that was the Chief Executive Officer of the GasNet Australia Group.
Ms O'Reilly is a member of the Audit and Risk Management Committee, the Human Resources and Remuneration Committee, and the Nomination Committee.

Marie McDonald
Independent Director
BSc (Hons), LLB (Hons) - (Age 61)
Law (resident in Victoria) Independent: Yes Ms Marie McDonald was appointed to the CSL Board in August 2013. For many years she has practised in company and commercial law and she was a partner of Ashurst (formerly Blake Dawson) until July 2014. Ms McDonald is currently a Director of Nanosonics Limited, The Walter and Eliza Hall Institute of Medical Research and Nufarm Limited. She was Chair of the Corporations Committee of the Business Law Section of the Law Council of Australia from 2012 to 2013, having previously been the Deputy Chair, and was also a Member of the Australian Takeovers Panel from 2001 to 2010.
Ms McDonald is a member of the Audit and Risk Management Committee and the Nomination Committee.

Carolyn Hewson
Independent Non-Executive Director
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as Independent Non-Executive Director: The present value of AUD1,000 invested on the appointment date of December 09, 2019 at close price of AUD276.68 is AUD1,025, including a capital gain of AUD21 and dividend reinvested of AUD5.

Bruce Brook
Independent Non-Executive Director
Mr Bruce Brook was appointed to the CSL Board in August 2011. He is currently Chairman of Programmed Maintenance Services Limited and a Director of Newmont Mining Corporation. Mr Brook has previously been Chairman of Energy Developments Limited and a Director of Boart Longyear Limited, Lihir Gold Limited and Consolidated Minerals Limited. During his executive career, he was Chief Financial Officer of WMC Resources Limited and prior to that the Deputy Chief Financial Officer of the ANZ Banking Group.
Mr Brook is Chairman of the Audit and Risk Management Committee and a member of the Nomination Committee.

Abbas Hussain
Independent Non-Executive Director
Mr Abbas Hussain was appointed to the CSL Board in February 2018. He is currently a Director of Immunocore Limited. Mr Hussain has previously been Global President, Pharmaceutical at GlaxoSmithKline (GSK) and a Director of ViiV Healthcare Limited, as well as previously serving on the Board of Aspen Healthcare and the Duke/National University of Singapore Medical School.
Mr Hussain is a member Innovation and Development Committee and the Human Resources and Remuneration Committee.
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as Independent Non-Executive Director: The present value of AUD1,000 invested on the appointment date of February 14, 2018 at close price of AUD145.03 is AUD2,005, including a capital gain of AUD947 and dividend reinvested of AUD58.

Paul McKenzie
Chief Operating Officer
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as COO: The present value of AUD1,000 invested on the appointment date of June 03, 2019 at close price of AUD202.44 is AUD1,410, including a capital gain of AUD395 and dividend reinvested of AUD15.

Fiona Mead
Company Secretary
Shareholder Value:
Creation of shareholder value in CSL:
Since appointment as Company Secretary: The present value of AUD1,000 invested on the appointment date of June 04, 2018 at close price of AUD183.92 is AUD1,571, including a capital gain of AUD535 and dividend reinvested of AUD36.

SECTION 10 Dividend

10.1 Dividend History
In the past 5 years annual dividends have increased by AUD1.2 from AUD1.7 to AUD2.9. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.
Date PaidValue (AUD)Type
11 Mar 20201.42Interim
10 Sep 20191.48Final
Tr 12 Months2.9 
13 Mar 20191.2Interim
11 Sep 20181.28Final
2018 - 20192.48 
14 Mar 20181Interim
12 Sep 20170.92Final
2017 - 20181.92 
15 Mar 20170.84Interim
13 Sep 20160.89Final
2016 - 20171.73 
23 Mar 20160.81Interim
07 Sep 20150.9Final
2015 - 20161.71 


SECTION 11 Financials H1/2019, FY 2019, Past 10 Years

11.1 Half-Yearly Report: Key Parameters
CSL reports 7.5% rise in Half-Yearly Net Profit
Release Date: February 12, 2020
CSL (ASX:CSL), announced net profit of $US1.2b for the half year-ended 31 December 2019, up 7.5% from the previous corresponding period.

Compared with the previous corresponding period [PCP; H/31 Dec 2018], year-over-year [y.o.y.] Revenue was up 9% and Net Profit was up 7.5%.
Half year-ended31 Dec 201931 Dec 2018
EPS, $US2.82.6
PCP growth in EPS %7.46.7
Revenue, $US billion4.94.5
PCP growth in Revenue %9.08.6
Net Profit, $US billion1.21.2
PCP growth in Net Profit %7.55.4


11.2 Financial Results as reported (Half Year)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In $US Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED
Description$US Million$US Million 
Dec 3120192018Change %
Continuing operations   
Sales and service revenue4,709.44,342.6Up 8.4
Pandemic Facility Reservation fees72.365.3Up 10.7
Royalties and License revenue94.485.3Up 10.7
Other Income34.511.6Up 197.4
Total Operating Revenue4,910.64,504.8Up 9.0
Cost of sales-2,069-1,881.9Deterioration 9.9
Gross profit2,841.62,622.9Up 8.3
Research and development expenses-445.5-391Deterioration 13.9
Selling and marketing expenses-434.7-422.8Deterioration 2.8
General and administration expenses-329.3-256.1Deterioration 28.6
Total Expenses-1,209.5-1,069.9Deterioration 13.0
Operating profit1,6321,553Up 5.1
Finance costs-74.7-96.1Improved 22.3
Finance income43.5Up 14.3
Profit before income tax expense1,561.31,460.4Up 6.9
Income tax expense-313.3-299.7Deterioration 4.5
Net profit for the period1,2481,160.7Up 7.5
Other comprehensive income   
Items that may be reclassified subsequently to profit or loss   
Exchange differences on translation of foreign operations net of hedges on foreign investments19.9-37.8Recovery
Items that will not be reclassified subsequently to profit or loss   
Actuarial gains (losses) on defined benefit plans net of tax14-54.4Recovery
Total of other comprehensive income/(loss)33.9-92.2Recovery
Total comprehensive income for the period1,281.91,068.5Up 20.0
Earnings per share (based on net profit for the period)   
Basic earnings per share$US2.75$US2.56Up 7.4
Diluted earnings per share$US2.74$US2.55Up 7.5
Weighted average number of Ordinary Shares Basic453,750,076452,867,327Up 0.2
Weighted average number of Ordinary Shares Diluted455,411,362454,519,609Up 0.2


BALANCE SHEET AS REPORTED
Description$US Million$US Million 
 Dec 31, 2019Jun 30, 2019Change %
CURRENT ASSETS   
Cash and cash equivalents669.2657.8Up 1.7
Receivables and contract assets1,973.61,821.7Up 8.3
Inventories3,226.63,038.8Up 6.2
Current tax assets35.321.4Up 65.0
Other financial assets2.80.4Up 600.0
Total Current Assets5,907.55,540.1Up 6.6
NON-CURRENT ASSETS   
Property plant and equipment4,931.94,484.3Up 10.0
Intangible assets1,885.51,878.3Up 0.4
Right-of-use assets936.3  
Deferred tax assets380.9378.7Up 0.6
Other receivables16.521.6Down 23.6
Other financial assets12.69.9Up 27.3
Retirement benefit assets3.41.5Up 126.7
Total Non-Current Assets8,167.16,774.3Up 20.6
TOTAL ASSETS14,074.612,314.4Up 14.3
CURRENT LIABILITIES   
Trade and other payables1,359.81,407.7Down 3.4
Interest-bearing liabilities929420.6Up 120.9
Current tax liabilities246.5162.2Up 52.0
Provisions155.1194.9Down 20.4
Deferred government grants2.82.8Steady
Total Current Liabilities2,693.22,188.2Up 23.1
NON-CURRENT LIABILITIES   
Interest-bearing liabilities4,680.44,242.2Up 10.3
Retirement benefit liabilities315.6307Up 2.8
Deferred tax liabilities177.4168.7Up 5.2
Provisions55.935.9Up 55.7
Deferred government grants33.534.6Down 3.2
Other non-current liabilities39.386.5Down 54.6
Total Non-Current Liabilities5,302.14,874.9Up 8.8
TOTAL LIABILITIES7,995.27,063.1Up 13.2
NET ASSETS6,079.45,251.3Up 15.8
EQUITY   
Contributed equity-4,575.9-4,603Improved 0.6
Reserves299.8242Up 23.9
Retained earnings10,355.59,612.3Up 7.7
TOTAL EQUITY6,079.45,251.3Up 15.8


CASH FLOW AS REPORTED
Description$US Million$US Million 
Dec 3120192018Change %
Cash Flows from Operating Activities   
Profit before income tax expense1,561.31,460.4Up 6.9
Adjustments for:   
Depreciation amortisation and impairment charges204.3165.9Up 23.1
Inventory provisions86.757Up 52.1
Share-based payments expense37.825.5Up 48.2
Finance costs74.796.1Down 22.3
Loss (gain) on disposal of property plant and equipment3.8-3.2Recovery
Changes in assets and liabilities:   
Increase in trade and other receivables-156.7-453.4Improved 65.4
Increase in inventories-278.5-242Deterioration 15.1
Increase/(decrease) in trade and other payables63.5-104Recovery
Increase/(decrease) in provisions and other-35.94.9Deterioration
Income tax paid-230.2-399.6Improved 42.4
Finance costs paid-85.9-72.4Deterioration 18.6
Net cash inflow from operating activities1,244.9535.2Up 132.6
Cash flows from Investing Activities   
Payments for property plant and equipment-615.4-454.5Deterioration 35.4
Payments for intangible assets-88.6-84.8Deterioration 4.5
Receipts/(payments) from other investing activities18.1-1.1Recovery
Net cash outflow from investing activities-685.9-540.4Deterioration 26.9
Cash flows from Financing Activities   
Proceeds from issue of shares26.919.5Up 37.9
Dividends paid-453.9-420.3Deterioration 8.0
Proceeds from borrowings227.2762.9Down 70.2
Repayment of borrowings-346.4-503.5Improved 31.2
Other financing activities-7.8-5.5Deterioration 41.8
Net cash (outflow) / inflow from financing activities-554-146.9Deterioration 277.1
Net (decrease)/increase in cash and cash equivalents5-152.1Recovery
Cash and cash equivalents at the beginning of the financial year657.8812.7Down 19.1
Exchange rate variations on foreign cash and cash equivalent balances-3.1-15.7Improved 80.3
Cash and cash equivalents at the end of the period659.7644.9Up 2.3


11.3 Annual Report (FY 2019): Key Parameters
CSL EPS Growth slows to 10.8%
Release Date: September 06, 2019
CSL (ASX:CSL), announced EPS of $US4.24 for the year-ended 30 June 2019 [FY2019], up 10.8% from $US3.82 in the previous year-ended 30 June 2018 [FY2018]. EPS growth from the year-ended 30 June 2017 [FY2017] to the year-ended 30 June 2018 [FY2018] was 30%.

FYPeriod-endedEPS in $USEPS growth %
201930 June 20194.2410.8
201830 June 20183.8230


Major changes compared with previous year (FY2019 vs FY2018):
Favourable Changes:
- Net profit up 9.3% from $US1.7b to $US1.8b
- Total revenue up 7.9% from $US7.9b to $US8.5b
- EPS up 11% from $US3.82 to $US4.24
- Debt to Equity down 17.6% from 1.1 to 0.9
- Total non-current assets to Total Assets up from 53.7% to 55%
- Fixed Assets to Total Assets up from 33% to 36.4%
- Total Liabilities to EBITDA of 3.0 compares favourably with the Joseph Piotroski benchmark of <5. However, it has deteriorated by 3.1% from the previous year's ratio of 2.9.
- Total Liabilities to Operating Cash Flow of 4.3 compares favourably with the Joseph Piotroski benchmark of <4. However, it has deteriorated by 22.2% from the previous year's ratio of 3.5.
Unfavourable Changes:
- EBIT Margin down from 30.1% to 28.5%
- EBIT to total assets down from 21.2% to 19.0%
- Profit before tax to Sales down from 30.1% to 28.5%
- Sales and marketing expenses to Sales up from 10.4% to 10.6%
- Administration expenses to Sales up from 6.8% to 7%
- Current ratio down 3.1% from 2.6 to 2.5
- Working capital to total assets down from 28.6% to 27.2%
- Total current assets to Total Assets down from 46.3% to 45%
Note:
- Total revenue to total assets steady at 0.7
- Cost of Goods Sold to Sales down from 46.5% to 45.8%
- Total liabilities to Total assets steady at 0.6
- Retained earnings to total assets steady at 78.1%
- Current Inventory to Total Assets down from 25% to 24.7%
- Intangibles to Total Assets down from 16.7% to 15.3%

Year-on-year comparison of Performance Ratios [FY2019 vs FY2018]
June 30FY2019FY2018Change (%)
Return on Equity (%)36.542.4Down 13.9
Return on Assets (%)15.616Down 2.5
Total debt to net tangible assets (%)138.2192.6Down 28.2
Total Liabilities to Operating Cash Flow4.33.5Up 22.2
Debt/Equity0.91.1Down 17.6
Total Liabilities/Total Assets (Down 8.1% from 0.62 to 0.57)0.60.6Down 8.1
Current Ratio2.52.6Down 3.1
Common Size Ratios by Assets %   
Total non-current assets to Total Assets 55.0 53.7 Up 2.5
Total current assets to Total Assets 45.0 46.3 Down 2.9
Fixed Assets to Total Assets 36.4 33.0 Up 10.4
Current Inventory to Total Assets 24.7 25.0 Down 1.2
Intangibles to Total Assets 15.3 16.7 Down 8.5
Common Size Ratios by Sales %   
Cost of Goods Sold to Sales 45.8 46.5 Down 1.6
Profit before tax to Sales 28.5 30.1 Down 5.2
Sales and marketing expenses to Sales 10.6 10.4 Up 2.3
Administration expenses to Sales 7.0 6.8 Up 3.2
Tax expenses to Sales (5.1) (7.3) Up 29.9


Three-year record of growth and performance:
In the last 3 years Total Revenue averaged $US7.8B, EBITDA averaged $US2.1B and Net Profit averaged $US1.7B. Compound Annual Growth Rate (CAGR) averaged 10.3% for Total Revenue, 13.5% for Net Profit and 12.9% for EBITDA.
DescriptionAnnual ($US B)3-year Avg ($US B)3-year CAGR %
Total Revenue8.57.810.3
EBITDA2.32.112.9
Operating Profit2.32.112.9
Net Profit1.81.713.5


Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2019 Net Profit Margin of 23.4% was above its 3-year Avg of 21.8% (All Figures in %)
Description20193-year Avg
EBITDA Margin28.527.6
Operating Profit Margin28.527.6
Net Profit Margin23.421.8
Return on Equity36.540.4
Return on Assets15.615.4
Return on Capital Employed23.123.8


11.4 Financial Results as reported (FY 2019)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In $US Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2019)
Description$US Million$US Million 
Jun 3020192018Change %
Continuing operations   
Sales and service revenue8,205.47,587.9Up 8.1
Pandemic Facility Reservation fees133.4117.7Up 13.3
Royalties and License revenue171.1144.8Up 18.2
Other Income28.764.9Down 55.8
Total Operating Revenue8,538.67,915.3Up 7.9
Cost of sales-3,761.2-3,531.6Deterioration 6.5
Gross profit4,777.44,383.7Up 9.0
Research and development expenses-831.8-702.4Deterioration 18.4
Selling and marketing expenses-866.8-786.2Deterioration 10.3
General and administration expenses-574.8-514.8Deterioration 11.7
Operating profit2,5042,380.3Up 5.2
Finance costs-176.7-108.4Deterioration 63.0
Finance income13.89.3Up 48.4
Profit before income tax expense2,341.12,281.2Up 2.6
Income tax expense-422.4-552.3Improved 23.5
Net profit for the period1,918.71,728.9Up 11.0
Other comprehensive income   
Items that may be reclassified subsequently to profit or loss   
Exchange differences on translation of foreign operations net of hedges on foreign investments-34.8-96.9Improved 64.1
Items that will not be reclassified subsequently to profit or loss   
Actuarial (losses)/gains on defined benefit plans net of tax-67.129.6Deterioration
Total of other comprehensive income/(loss)-101.9-67.3Deterioration 51.4
Total comprehensive income for the period1,816.81,661.6Up 9.3
Earnings per share (based on net profit for the period)   
Basic earnings per share$US4.24$US3.82Up 10.8
Diluted earnings per share$US4.23$US3.81Up 10.9
Weighted average number of Ordinary Shares Basic452,919,486452,353,221Up 0.1
Weighted average number of Ordinary Shares Diluted454,027,808453,876,613Up


BALANCE SHEET AS REPORTED (FY 2019)
Description$US Million$US Million 
Jun 3020192018Change %
CURRENT ASSETS   
Cash and cash equivalents657.8814.7Down 19.3
Receivables and contract assets1,821.71,478Up 23.3
Inventories3,038.82,692.8Up 12.8
Current tax assets21.46.6Up 224.2
Other financial assets0.41.6Down 75.0
Total Current Assets5,540.14,993.7Up 10.9
NON-CURRENT ASSETS   
Property plant and equipment4,484.33,551.4Up 26.3
Intangible assets1,878.31,802.5Up 4.2
Deferred tax assets378.7401.3Down 5.6
Other receivables21.615.3Up 41.2
Other financial assets9.96.2Up 59.7
Retirement benefit assets1.54.1Down 63.4
Total Non-Current Assets6,774.35,780.8Up 17.2
TOTAL ASSETS12,314.410,774.5Up 14.3
CURRENT LIABILITIES   
Trade and other payables1,407.71,256.8Up 12.0
Interest-bearing liabilities420.6225.7Up 86.4
Current tax liabilities162.2248.4Down 34.7
Provisions194.9180.7Up 7.9
Deferred government grants2.83.1Down 9.7
Total Current Liabilities2,188.21,914.7Up 14.3
NON-CURRENT LIABILITIES   
Interest-bearing liabilities4,242.24,160.6Up 2.0
Retirement benefit liabilities307226.6Up 35.5
Deferred tax liabilities168.7193.7Down 12.9
Provisions35.934.7Up 3.5
Deferred government grants34.637.7Down 8.2
Other non-current liabilities86.5126.6Down 31.7
Total Non-Current Liabilities4,874.94,779.9Up 2.0
TOTAL LIABILITIES7,063.16,694.6Up 5.5
NET ASSETS5,251.34,079.9Up 28.7
EQUITY   
Contributed equity-4,603-4,634.5Improved 0.7
Reserves242224.2Up 7.9
Retained earnings9,612.38,490.2Up 13.2
TOTAL EQUITY5,251.34,079.9Up 28.7


CASH FLOW AS REPORTED (FY 2019)
Description$US Million$US Million 
Jun 3020192018Change %
Cash flows from Operating Activities   
Receipts from customers (inclusive of goods and services tax)8,603.28,003.4Up 7.5
Payments to suppliers and employees (inclusive of goods and services tax)-6,304.5-5,570.4Deterioration 13.2
 2,298.72,433Down 5.5
Income taxes paid-527.7-424.6Deterioration 24.3
Interest received14.19Up 56.7
Borrowing costs-140.7-115.3Deterioration 22.0
Net cash inflow from operating activities1,644.41,902.1Down 13.5
Cash flows from Investing Activities   
Payments for property plant and equipment-1,117.6-778.8Deterioration 43.5
Payments for intangible assets-167.2-213.8Improved 21.8
Payments for business acquisitions (Net of cash acquired) -539.7 
Payments for other financial assets and liabilities-2.5-1.8Deterioration 38.9
Net cash outflow from investing activities-1,287.3-1,534.1Improved 16.1
Cash flows from Financing Activities   
Proceeds from issue of shares31.815.7Up 102.5
Dividends paid-806.8-672.2Deterioration 20.0
Proceeds from borrowings898.51,898.9Down 52.7
Repayment of borrowings-610.2-1,475.5Improved 58.6
Payment for shares bought back -138.4 
Other Financing Activities-4.8  
Net cash outflow from financing activities-491.5-371.5Deterioration 32.3
Net (decrease)/increase in cash and cash equivalents-134.4-3.5Deterioration 3,740.0
Cash and cash equivalents at the beginning of the financial year812.7843Down 3.6
Exchange rate variations on foreign cash and cash equivalent balances-20.5-26.8Improved 23.5
Cash and cash equivalents at the end of the financial year657.8812.7Down 19.1


11.5 Download CSL Financials Past 10 Years

Description (June 30)2019201820172016201520142013201220112010
Income Statement          
Revenue per share 18.8117.4415.2613.6111.9311.4210.299.278.596.96
Other Revenue (M)333.2327.4 176.1169.4189.5179.1197.2  
EBIT (B)   1.61.81.7 1.31.31.2
Interest (M)   71.659.653 40.515.615.5
Profit before tax (B)   1.61.71.6 1.31.31.2
Tax (M)(422.4)(552.3)(352.4)313.5335297.3249.9246.1276.5278.3
Net profit 1.8 B1.7 B1.5 B1.2 B1.4 B1.3 B1.2 B1 B1 B897.4 M
EPS 4.243.822.942.692.912.692.421.971.871.58
Balance Sheet          
Equity Share Capital (B)5.34.13.22.62.73.233.5  
Retained Earnings 9.6 B8.5 B7.4 B6.6 B6 B5.2 B4.4 B96.3 M4.1 B2.8 B
Total Debt 4.7 B4.4 B4 B3.1 B2.3 B1.9 B 1.3 B447 M371.8 M
Total Assets (B)12.310.89.17.66.46.365.95.44.9
Current Asset (B)5.554.63.83.33.23.33.432.8
Fixed Asset (B)4.53.62.92.41.81.81.61.41.31
Working Capital (B)3.43.132.42.42.42.42.522.2
Cash Flow          
Operating Cash Flow 1.6 B1.9 B1.2 B 1.4 B1.4 B1.3 B1.2 B1.1 B995.9 M
Investing Cash Flow (1.3 B)(1.5 B)(862.9 M)(810.1 M)(413.3 M)(401.5 M)(449.5 M)(322.2 M)(225.1 M)(249.7 M)
Financing Cash Flow (491.5 M)(371.5 M)(103.4 M)(362.4 M)(828.1 M)(1.1 B)(1.2 B)(194.7 M)(1.4 B)(2 B)
Net Cash Flow (134.4 M)(3.5 M)280.3 M 122.2 M(177.9 M)(356.3 M)688.9 M(515.6 M)(1.3 B)


SECTION 12 Peer Group Analysis & Ranking

12.1 Global Peer Group (all figures in USD): Key Financials
In its Global Peer Group of 9 companies CSL is ranked fourth by Net Profit, fifth by MCap, sixth by Relative Str. (6 mo), PV $1000 (1 yr) and seventh by Revenue, Total Assets.
Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of CSL656747
CSL (CSL)6488.8B1,305.48.5B1.8B12.3B
AstraZeneca (AZN)77139.6B1,392.924.4B1.3B61.4B
Bristol Myers Squibb (BMY)55131.5B1,323.226.1B3.5B129.9B
Sanofi (SAN)71127.3B1,251.142.8B3.2B128.1B
GlaxoSmithKline (GSK)51100.3B1,069.838.7B4.5B72.9B
Chugai Pharmaceutical (4519)9485.9B2,345.26.4B1.5B9.9B
Daiichi Sankyo (4568)8656.3B1,478.09.2B1.2B19.6B
Takeda Pharmaceutical (4502)6053.8B1,071.830.7B412.4M119.5B
Samsung Biologics (A207940)9440.2B2,395.8447.9M184.9M5B

Global Peer Group: Relative Value Indicators
CSL is ranked fourth by P/E, P/Book, Turnover Rate and sixth by P/S.
Name (Code)Country CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w Hi
Rank of CSL  4644 
CSL (CSL)AUAUD282.3746.310.426.250.917.7
AstraZeneca (AZN)GBGBX8,480.0 5.7 39.59.1
Bristol Myers Squibb (BMY)USUSD58.1170.94.2 165.014.3
Sanofi (SAN)FREUR89.1814.93.0 51.35.8
GlaxoSmithKline (GSK)GBGBX1,592.8021.6  48.012.0
Chugai Pharmaceutical (4519)JPJPY5,488.052.013.011.226.07.9
Daiichi Sankyo (4568)JPJPY8,512.043.16.25.849.315.0
Takeda Pharmaceutical (4502)JPJPY3,690.0 1.8 87.214.6
Samsung Biologics (A207940)KRKRW731,000.0  11.847.014.4


12.2 BuySellSignals Fundamentals Valuation Ranking: CSL vs Australian Market
Out of 1,500 stocks and 21 units in the Australian Market, CSL is ranked third by Market Cap AUD, thirteenth by Net Profit, twentieth by Revenue and Seventy-fourth by ROA.
 Australian AvgCSLRankRank 1Rank 2Rank 3Lowest Rank
Market Cap AUD1.5 B128.2 B3183.5 B BHP158.5 B RIO128.2 B CSL107,213 MAN
Net Profit46.7 million1.8 B138.4 B CBA8.3 B BHP8 B RIO 
Revenue AUD583.8 M12.3 B2063.9 B BHP62.3 B RIO60 B WOW 
ROA (%)1.615.674170.9 NZS168.2 TLM55.7 RND0.02 VIA
EBITDA Margin10.928.511189.8 RND89.1 EGF88.6 WHF(88.9) IME
P/Earnings Growth9.5x4.3x1590.1x MGG0.1x PL80.1x MWY35.5x IRE
Premium to 52-Wk Low (%)53.232.62891.6 WCG1.9 VG12.6 AGR4852.4 ZNO
Free Cash Flow(161.7 M) 40010.6 B CBA2.2 B STO1.8 B WPL 
P/Earnings24.04x46.2x4311.5x RTE1.6x HZN1.7x SGH-
Yield (%)3.991.0348416.7 AIZ16.7 JMS16.4 SMR0.1 CUV
Total Debt/Equity (the lower the better)0.6x0.9x811KINTNEFWD8.9x SIV
Price/Net Tangible Assets2.5x26.6x11900.1x VIA0.1x PNN0.1x ATS-
Discount to 52-Wk High (%)9.817.2128396.2 JPR95.5 EXL92.8 JXT0.6 NWL

Negative values are shown in brackets.

12.3 Market Share
CSL has a position of market dominance in the Pharmaceuticals & Biotechnology sector.
CSL vs Pharmaceuticals & Biotechnology sector [Pharmaceuticals & Biotechnology sector Total in Brackets]
Revenue of USD12.3 billion[91.2% of aggregate sector revenue of AUD13.5 billion; up from 90.9% in the previous year.]

12.4 Share in Index
CSL is a constituent of the following indices. Its market capitalisation accounts for 53.1% of the combined MCap of the S&P/ASX 200 Health Care Index.
Index NameMCap of Index (USD B)MCap as % of Index
S&P/ASX 200 Health Care Index167 53.1
S&P/ASX 20 Index792 11.2
S&P/ASX All Australian 501,010 8.8
S&P/ASX 50 Index1,016 8.7
S&P/ASX 100 Index1,232 7.2
S&P/ASX All Australian 2001,294 6.9
S&P/ASX 200 Index1,388 6.4
S&P/ASX 300 Index1,435 6.2
All Ordinaries Index1,491 6.0


12.5 Global Rank [out of 47,757 stocks] and Rank of CSL in the Asia Pacific Region [out of 1,981 stocks]
DescriptionValueGlobal RankIn APAC Region
MCap (US$)88.8B1223
Total Assets (US$)12.3B2,50629
Revenue (US$)8.5B1,58324
Net Profit (US$)1.8B67311
Return on Equity %36.597040
Net Profit Margin %23.45,012214
Price to Book26.235,1171,539
Price/Earnings46.319,600581
Yield %1.017,611559
PV1000 (1Year) USD*1,3058,268435
US$* Change (1Year) %29.57,976425


* 1 year ago AUD 1 = USD 0.69
Jul 10, 2020: AUD 1 equals USD 0.69

12.6 Rank of CSL in the All Ordinaries Index [out of 460 stocks], in the Total Australian Market [out of 1767 stocks] and in the Pharmaceuticals & biotechnology sector [out of 86 stocks]
DescriptionValueIn All Ordinaries IndexIn Total Australian MarketIn Pharmaceuticals & biotechnology sector
MCap (AUD)128.2B331
Total Assets (AUD)17.8B29291
Revenue (AUD)12.3B20201
Net Profit (AUD)2.6B11111
Return on Equity %36.518393
Net Profit Margin %23.4771914
Price to Book26.63591,46064
Price/Earnings46.22925178
Yield %1.03094954
PV1000 (1Year) AUD1,3117040727


12.7 Long-Term Fundamental Ranking: 5 out of 5 [5 is best]
CSL is ranked number 1 out of 90 listed pharmaceuticals & biotechnology companies in the Australia with a market capitalization of AUD128.2 billion.

It has a strong relative ROE of 36.5% and ROA of 15.6%. Finally, its earnings growth in the past 12 months has been a comparatively high 10.8%.
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 13 News Archives (Aug 2018 - Feb 2020)

13.1 Changes in Board (TTM)
December 09 2019: CSL appoints Independent Non-Executive Director
CSL has appointed Carolyn Hewson as Independent Non-Executive Director. The effective date is Monday, December 09.

May 16 2019: CSL will appoint Chief Operating Officer
CSL will appoint Paul McKenzie as Chief Operating Officer. The effective date is Monday, June 03.

13.2 Dividends
February 13: CSL announces dividend
CSL today announced an interim dividend of $A1.42 per share, franked to 0%. The ex-dividend date is Wednesday, March 11, 2020 and the record date is Thursday, March 12, 2020 and it is payable on Thursday, April 09.

August 16 2019: CSL announces dividend
CSL today announced a final dividend of $A1.48 per share, franked to 0%. The ex dividend date is Tuesday, September 10, 2019 and the record date is Wednesday, September 11, 2019 and it is payable on Friday, October 11.

February 15 2019: CSL announces dividend
CSL today announced an interim dividend of $A1.20 per share, franked to 0%. The ex dividend date is Wednesday, March 13, 2019 and the record date is Thursday, March 14, 2019 and it is payable on Friday, April 12.

August 16 2018: CSL announces dividend
CSL today announced a final dividend of $A1.28 per share, franked to 0%. The ex dividend date is Tuesday, September 11, 2018 and the record date is Wednesday, September 12, 2018 and it is payable on Friday, October 12.

13.3 Share Capital
January 21: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 10,930 shares (or 0.002%) in total shares on issue from 453,871,457 to 453,882,387. The effective date is Friday, January 17.

December 10 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 3,059 shares (or 0.001%) in total shares on issue from 453,868,398 to 453,871,457. The effective date is Friday, December 06.

October 29 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 9,291 shares (or 0.002%) in total shares on issue from 453,859,107 to 453,868,398. The effective date is Friday, October 25.

October 08 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 4,818 shares (or 0.001%) in total shares on issue from 453,854,289 to 453,859,107. The effective date is Friday, October 04.

September 17 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 597,946 shares (or 0.1%) in total shares on issue from 453,256,343 to 453,854,289. The effective date is Friday, September 13.

August 27 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 117,711 shares (or 0.03%) in total shares on issue from 453,138,632 to 453,256,343. The effective date is Friday, August 23.

April 02 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 6,253 shares (or 0.001%) in total shares on issue from 453,094,772 to 453,101,025. The effective date is Friday, March 29.

March 12 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 104,060 shares (or 0.02%) in total shares on issue from 452,990,712 to 453,094,772. The effective date is Friday, March 08.

February 19 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 26,161 shares (or 0.01%) in total shares on issue from 452,964,551 to 452,990,712. The effective date is Friday, February 15.

January 29 2019: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 6,464 shares (or 0.001%) in total shares on issue from 452,958,087 to 452,964,551. The effective date is Friday, January 25.

September 25 2018: CSL increases issued capital
CSL (CSL.AU) has announced an increase of 278,427 shares (or 0.1%) in total shares on issue from 452,679,660 to 452,958,087. The effective date is Friday, September 21.

September 04 2018: CSL increases issued capital by 0.1%
CSL (CSL.AU) has announced an increase of 278,876 shares (or 0.1%) in total shares on issue from 452,400,784 to 452,679,660. The effective date is Friday, August 31.

13.4 Meetings
August 06 2019: CSL: Notice of 2019 Full Year Result meeting
CSL Limited (ASX:CSL; USOTC:CSLLY) will announce its 201 9 full year r esult on Wednesday 14 August 2019.
A briefing for investors and analysts will be held at 11.00 am Australian Eastern Standard Time on the same day. This briefing will be webcast on the Company website at www.csl.com.au in the ' Investors' section. An archived copy of the webcast will be uploaded to the site later that day
Source: Australian Securities Exchange

September 14 2018: CSL: Notice of Annual General Meeting/Proxy Form
NOTICE IS GIVEN that the 2018 Annual General Meeting (AGM) of CSL Limited (ABN 99 051 588 348) will be held at the Melbourne Convention and Exhibition Centre - Clarendon Auditorium, Level 1, 2 Clarendon St, South Wharf, Melbourne on Wednesday 17 October 2018 at 1.00pm (AEDT).
Source: Australian Securities Exchange

August 24 2018: CSL announces AGM
CSL has announced its Annual General Meeting will take place on Wednesday, October 17.

13.5 Press Releases
February 12: CSL Statutory Accounts for the Half Year Ended 31/12/2019
The remainder of the information requiring disclosure to comply with Listing Rule 4.2 A is contained in the attached Half - year Report (which includes the Directors' Report) and Media Release.
Source: Australian Securities Exchange

February 12: CSL Half Year Results Announcement
CSL Limited (ASX:CSL ; USOTC:CSLLY ) today announce d a reported net profit after tax of $ 1, 248 million for the six months ended 3 1 December 201 9, up 8 %, or 1 1 % on a constant currency (CC 4 ) basis.
Source: Australian Securities Exchange

February 05: CSL: Notice of Half Year Results Briefing 2020
CSL Limited (ASX:CSL; USOTC:CSLLY) will announce its 2020 half year r esult on Wednesday 12 February 2020
Source: Australian Securities Exchange

August 14 2019: CSL Results Announcement
CSL Limited (ASX:CSL ; USOTC:CSLLY ) today announce d a reported net profit after tax of $ 1,919 million for the twelve months ended 3 0 June 201 9, up 11 %, or 17 % on a constant currency (CC 2 ) basis.
Source: Australian Securities Exchange

July 17 2019: CSL: Anjana Narain to Lead Seqirus Influenza Vaccines Business
CSL Limited today named Ms. Anjana Narain, a seasoned leader in vaccines and biopharmaceuticals, as Executive Vice President and General Manager of its Seqirus business, one of the world's largest influenza vaccines providers, effective 1 August.
Source: Australian Securities Exchange

February 06 2019: CSL: Notice of Investor/Analyst Briefing - Half Year Results 2019
CSL Limited (ASX:CSL; USOTC:CSLLY) will announce its 201 9 half year r esult on Wednesday 13 February 2019.
A briefing for investors and analysts will be held at 11.00 am Australian Eastern Daylight Time on the same day. This briefing will be webcast on the Company website at www.csl.com.au in the 'Investors' section. An archived copy of the webcast will be uploaded to the site later that day.
Source: Australian Securities Exchange

August 08 2018: CSL: Notice of Investor and Analyst Briefing 2018 FY Results
CSL Limited (ASX:CSL; USOTC:CSLLY) will announce its 201 8 full year r esult on Wednesday 15 August 2018.
A briefing for investors and analysts will be held at 11.00 am Australian Eastern Standard Time on the same day. This briefing will be webcast on the Company website at www.csl.com.au in the ' Investors' section. An archived copy of the webcast will be uploaded to the site later that day.
Results materials can also be accessed in the ' I nvestors' section of the Company website at www.csl.com.au.
Source: Australian Securities Exchange

Glossary

ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabiliites (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
PCP: Previous Corresponding Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Price/Sales: Share Price/Sales Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Turnover Rate: value of annual trading volume as a percentage of market capitalisation
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

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