Cochlear Limited

ASX:COH Stock Report

Market Cap: AU$8.0b

Cochlear Valuation

Is COH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of COH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

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Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: COH (A$122.2) is trading below our estimate of future cash flow value (A$179.3)

Significantly Below Future Cash Flow Value: COH is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for COH?

Key metric: As COH is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for COH. This is calculated by dividing COH's market cap by their current earnings.
What is COH's PE Ratio?
PE Ratio23.1x
EarningsAU$345.30m
Market CapAU$8.01b

Price to Earnings Ratio vs Peers

How does COH's PE Ratio compare to its peers?

The above table shows the PE ratio for COH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.1x
ANN Ansell
23.6x13.52%AU$4.7b
RHC Ramsay Health Care
37.2x18.40%AU$10.2b
SHL Sonic Healthcare
20.6x8.90%AU$11.2b
AHC Austco Healthcare
10.9x12.19%AU$83.4m
COH Cochlear
23.1x7.68%AU$8.0b

Price-To-Earnings vs Peers: COH is expensive based on its Price-To-Earnings Ratio (23.1x) compared to the peer average (23.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does COH's PE Ratio compare vs other companies in the Global Medical Equipment Industry?

14 CompaniesPrice / EarningsEstimated GrowthMarket Cap
COH 23.1xIndustry Avg. 24.3xNo. of Companies47PE01632486480+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: COH is good value based on its Price-To-Earnings Ratio (23.1x) compared to the Global Medical Equipment industry average (24.3x).

Price to Earnings Ratio vs Fair Ratio

What is COH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

COH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.1x
Fair PE Ratio32.6x

Price-To-Earnings vs Fair Ratio: COH is good value based on its Price-To-Earnings Ratio (23.1x) compared to the estimated Fair Price-To-Earnings Ratio (32.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst COH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$122.20
AU$125.19
+2.45%
15.25%AU$170.00AU$100.00n/a16
Jul ’27AU$118.45
AU$125.39
+5.86%
15.87%AU$170.00AU$95.00n/a16
Jun ’27AU$101.07
AU$124.60
+23.28%
14.98%AU$170.00AU$95.00n/a15
May ’27AU$98.77
AU$126.08
+27.65%
15.97%AU$170.00AU$95.00n/a15
Apr ’27AU$175.04
AU$244.58
+39.73%
12.77%AU$302.00AU$194.00n/a15
Mar ’27AU$199.01
AU$251.42
+26.33%
12.53%AU$304.00AU$210.00n/a14
Feb ’27AU$269.10
AU$303.04
+12.61%
9.40%AU$350.00AU$240.00n/a15
Jan ’27AU$260.66
AU$303.38
+16.39%
9.25%AU$356.00AU$240.00n/a15
Dec ’26AU$275.27
AU$303.38
+10.21%
9.25%AU$356.00AU$240.00n/a15
Nov ’26AU$287.16
AU$304.71
+6.11%
9.30%AU$356.00AU$240.00n/a15
Oct ’26AU$278.99
AU$305.38
+9.46%
9.32%AU$356.00AU$240.00n/a15
Sep ’26AU$300.65
AU$309.91
+3.08%
10.02%AU$356.00AU$240.00n/a16
Aug ’26AU$312.33
AU$290.68
-6.93%
9.72%AU$354.00AU$234.00n/a16
Jul ’26AU$304.56
AU$288.25
-5.36%
8.43%AU$335.26AU$234.00AU$118.4516
Jun ’26AU$271.50
AU$286.83
+5.65%
7.69%AU$331.34AU$235.00AU$101.0716
May ’26AU$273.60
AU$286.83
+4.83%
7.69%AU$331.34AU$235.00AU$98.7716
Apr ’26AU$265.01
AU$287.60
+8.53%
7.68%AU$331.34AU$235.00AU$175.0416
Mar ’26AU$258.86
AU$287.81
+11.18%
7.65%AU$331.34AU$235.00AU$199.0115
Feb ’26AU$319.63
AU$299.00
-6.45%
10.39%AU$345.00AU$225.00AU$269.1015
Jan ’26AU$289.88
AU$294.95
+1.75%
10.43%AU$345.00AU$225.00AU$260.6614
Dec ’25AU$304.24
AU$294.59
-3.17%
10.57%AU$345.00AU$225.00AU$275.2714
Nov ’25AU$285.05
AU$290.87
+2.04%
10.14%AU$345.00AU$225.00AU$287.1614
Oct ’25AU$291.42
AU$287.37
-1.39%
10.74%AU$345.00AU$225.00AU$278.9914
Sep ’25AU$300.37
AU$283.49
-5.62%
11.70%AU$345.00AU$225.00AU$300.6515
Aug ’25AU$344.57
AU$287.17
-16.66%
13.81%AU$365.00AU$220.00AU$312.3315
Jul ’25AU$322.56
AU$280.94
-12.90%
13.20%AU$365.00AU$220.00AU$304.5616
AU$125.19
Fair Value
2.4% undervalued intrinsic discount
16
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/30 13:55
End of Day Share Price 2026/07/30 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cochlear Limited is covered by 26 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Saul HadassinBarrenjoey Markets Pty Limited
Stuart RobertsBell Potter
Elisabeth Decou CliveBernstein