• Watch our recent video insight with David and Damon Ficklin from Polen Capital as they give some insight into the strategy behind the Polen Capital Global Growth Fund here


CSL – we like what we see

CSL – we like what we see

We take a look at CSL Limited’s half-year result to 31 December 2014. CSL is a global specialty biotechnology company that researches, develops, manufactures and markets products to treat and prevent serious human medical conditions. While the market is focusing on Immunoglobulin, and the potential supply growth from competitors, the story is much bigger than this and we should avoid getting too caught-up in the short-term.


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CSL is a major holding in both The Montgomery Fund and The Montgomery Private Fund.

Russell Muldoon is the Portfolio Manager of The Montgomery [Private] Fund. To invest with Montgomery, find out more.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.


Why every investor should read Roger’s book VALUE.ABLE


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  1. Hi Roger, Russell
    Can you advise why your software Skaffold valuation is very different at $45.41
    (I appreciate half yearly has’nt been updated, yet still a big difference), is CSL
    an exception.
    The quality scores, filters, graphics etc are all very useful. Any advise would be much appreciated.

    • The model we use is almost the same but…1) We use a range of models and 2) We enter our own forecast rather than consensus analysts. this would be impossible to automate and you find our frequency of updates less than useful…

    • Stephen, If you do a manual intrinsic valuation based on the book VALUEABLE using SKAFFOLD numbers I think you may get an IV around the $85. This is the valuation I got about 12 months ago and the IV probably has not changed much since then.

      • Hi Ken
        A quick attempt gives me $89 using skaffold and value.able,
        similar to the white paper. Working towards a better understanding of how to value a company, with regards to straight-line orientation, I am reminded of a reply from Roger in a previous article.

  2. No arguments on the analysis, I’m just concerned about the metaphors.
    “CSL is a business with a long runway ahead, and the wind at its back”.

    Now as a pilot I can assure you that irrespective of the length of your runway, your takeoff is better into a headwind. The same goes for soft landings.

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