Report
Chris Kallos, CFA
EUR 147.86 For Business Accounts Only

AHA Moment for CSL with Positive Safety Data from AEGIS-I Study; Shares Remain Undervalued

We maintain our AUD 125 per share fair value estimate for CSL following encouraging development progress with CSL112, its novel therapy for reducing cardiovascular events after heart attacks. Positive safety results presented at the American Heart Association, or AHA, Scientific Sessions meeting in the United States mark a significant milestone for CSL 112. CSL112 is a novel, reconstituted, infusible, plasma-derived apolipoprotein A-I, the primary functional component of HDL.
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Underlying
CSL Limited

CSL is engaged in the research, development, manufacture, marketing and distribution of biopharmaceutical and allied products. Co.'s operations are divided into three segments: CSL Behring, Seqirus, and CSL Intellectual Property. CSL Behring is engaged in manufacturing, marketing and developing plasma therapies (plasma products and recombinants). Seqirus is engaged in manufacturing and distributing non-plasma biotherapeutic products. CSL Intellectual Property is engaged in the licensing of intellectual property of Co. to unrelated third parties. Co. operates primarily in five specific geographic areas, namely Australia, the U.S., Germany, Switzerland, and the U.K.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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