CSL Limited

DB:CSJ Stock Report

Market Cap: €83.6b

CSL Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair 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 CSJ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CSJ (€168.12) is trading below our estimate of fair value (€257.91)

Significantly Below Fair Value: CSJ is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CSJ. This is calculated by dividing CSJ's market cap by their current earnings.
What is CSJ's PE Ratio?
PE Ratio33.9x
EarningsUS$2.64b
Market CapUS$88.21b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CSJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.3x
BIO3 Biotest
15.4x29.3%€1.3b
FYB Formycon
13.8x32.4%€857.2m
MRK Merck KGaA
22.7x10.9%€61.7b
REGN Regeneron Pharmaceuticals
17.4x7.6%US$81.0b
CSJ CSL
33.9x13.0%€135.9b

Price-To-Earnings vs Peers: CSJ is expensive based on its Price-To-Earnings Ratio (33.9x) compared to the peer average (17.3x).

Price to Earnings Ratio vs Industry

How does CSJ's PE Ratio compare vs other companies in the European Biotechs Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CSJ 33.9xIndustry Avg. 26.5xNo. of Companies5PE020406080100+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CSJ is expensive based on its Price-To-Earnings Ratio (33.9x) compared to the European Biotechs industry average (26.5x).

Price to Earnings Ratio vs Fair Ratio

What is CSJ'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.

CSJ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio33.9x
Fair PE Ratio23.9x

Price-To-Earnings vs Fair Ratio: CSJ is expensive based on its Price-To-Earnings Ratio (33.9x) compared to the estimated Fair Price-To-Earnings Ratio (23.9x).

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 CSJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€168.12
€205.11
+22.0%
6.1%€221.07€176.63n/a15
Nov ’25€169.50
€198.70
+17.2%
6.3%€214.11€168.73n/a15
Oct ’25€178.08
€194.90
+9.4%
6.4%€215.77€165.96n/a14
Sep ’25€186.84
€189.73
+1.5%
9.6%€210.46€136.74n/a15
Aug ’25€182.68
€194.21
+6.3%
9.6%€221.35€140.05n/a15
Jul ’25€183.00
€190.67
+4.2%
8.2%€205.43€140.74n/a16
Jun ’25€171.86
€187.34
+9.0%
8.2%€204.04€139.79n/a16
May ’25€166.08
€185.87
+11.9%
9.4%€206.15€141.35n/a16
Apr ’25€172.75
€183.52
+6.2%
9.0%€206.08€140.70n/a16
Mar ’25€169.10
€181.68
+7.4%
9.0%€201.76€139.46n/a16
Feb ’25€178.95
€194.61
+8.8%
6.3%€213.10€168.25n/a15
Jan ’25€175.70
€189.83
+8.0%
4.3%€211.19€177.63n/a16
Dec ’24€158.00
€189.13
+19.7%
4.1%€212.21€178.48n/a16
Nov ’24€141.20
€195.74
+38.6%
4.8%€218.56€181.63€169.5016
Oct ’24€151.40
€198.75
+31.3%
4.0%€218.53€181.61€178.0816
Sep ’24€159.45
€192.45
+20.7%
5.8%€212.37€159.05€186.8418
Aug ’24€160.05
€196.06
+22.5%
6.2%€212.51€157.49€182.6818
Jul ’24€168.35
€200.17
+18.9%
6.2%€214.19€158.61€183.0018
Jun ’24€188.65
€213.97
+13.4%
6.9%€228.73€161.24€171.8618
May ’24€179.15
€208.20
+16.2%
7.1%€222.08€156.56€166.0817
Apr ’24€176.64
€209.91
+18.8%
7.0%€224.79€158.60€172.7517
Mar ’24€184.36
€215.99
+17.2%
7.1%€229.93€162.23€169.1017
Feb ’24€195.26
€204.16
+4.6%
7.7%€224.33€161.39€178.9516
Jan ’24€182.52
€201.62
+10.5%
6.4%€219.49€167.26€175.7016
Dec ’23€194.50
€200.28
+3.0%
6.2%€218.93€168.43€158.0016
Nov ’23€186.12
€204.77
+10.0%
4.6%€217.88€179.45€141.2016

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

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