COCHLEAR LIMITED (COH)
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COH

COH - COCHLEAR LIMITED

FNArena Sector : Medical Equipment & Devices
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 0.4
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Cochlear is a medical device company that designs, manufactures and supplies hearing implants to the global market. Formed in 1981 with finance from the Australian government, it became a listed entity in 1995, and has grown to become the global leader in its field.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$288.43

19 Jun
2025

4.650

OPEN

$287.25

1.64%

HIGH

$289.06

315,484

LOW

$282.93

TARGET
$290.085 0.6% upside
Franking for last dividend paid out: 80%
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FNARENA'S MARKET CONSENSUS FORECASTS
COH: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 544.4 618.8 xxx
DPS (cps) xxx 410.0 433.8 xxx
EPS Growth xxx 19.1% 13.7% xxx
DPS Growth xxx 24.2% 5.8% xxx
PE Ratio xxx N/A 47.8 xxx
Dividend Yield xxx N/A 1.5% xxx
Div Pay Ratio(%) xxx 75.3% 70.1% xxx

Dividend yield today if purchased 3 years ago: 2.15%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.39

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 17/09 - ex-div 210c (franking 80%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx544.4
DPS All xxxxxxxxxxxxxxx410.0
Sales/Revenue xxxxxxxxxxxxxxx2,258.2 M
Book Value Per Share xxxxxxxxxxxxxxx2,817.3
Net Operating Cash Flow xxxxxxxxxxxxxxx388.8 M
Net Profit Margin xxxxxxxxxxxxxxx15.80 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx19.88 %
Return on Invested Capital xxxxxxxxxxxxxxx18.05 %
Return on Assets xxxxxxxxxxxxxxx13.43 %
Return on Equity xxxxxxxxxxxxxxx19.88 %
Return on Total Capital xxxxxxxxxxxxxxx25.85 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx80.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx42 M
Long Term Debt xxxxxxxxxxxxxxx202 M
Total Debt xxxxxxxxxxxxxxx244 M
Goodwill - Gross xxxxxxxxxxxxxxx258 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx514 M
Price To Book Value xxxxxxxxxxxxxxx11.79

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx89.8 M
Capex % of Sales xxxxxxxxxxxxxxx3.98 %
Cost of Goods Sold xxxxxxxxxxxxxxx562 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,175 M
Research & Development xxxxxxxxxxxxxxx277 M
Investments - Total xxxxxxxxxxxxxxx185 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

13/06/2025

3

Hold

$285.00

-1.19%

Cochlear downgraded FY25 earnings guidance by circa -4% due to a sharper-than-expected decline in services revenue, explains Ord Minnett.

This revenue is now expected to fall by a low double-digit percentage versus prior guidance for a single-digit decline.

The broker expects services revenue to return to growth in FY26, supported by new customer acquisitions and the launch of the Kanso 3 Sound Processor.

The analyst highlights Cochlear has also unveiled its Nucleus Nexa System, which includes firmware upgrade capability, internal memory, and all-day battery life, with rollout beginning in Asia-Pacific and Europe.

Ord Minnett considers Cochlear structurally well positioned with an $8bn addressable market by 2030, high barriers to entry, and product advantages, but views these strengths as already priced in. Unchanged Hold rating and a $285 target price.

Citi

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Wilsons

17/02/2025

3

Downgrade to Market Weight from Overweight

$280.00

-2.92%

Cochlear missed 1H services sales by -14% despite Wilsons' forecasts already factoring in weaker services growth for FY25.

The broker reckons two consecutive services misses suggests the market may have misjudged growth following the first spectacular 18 months of the N8 processor product cycle.

The company's 1H25 net profit and revenue missed also Wilsons' forecast, by -3%. Management reiterated FY25 underlying net profit guidance but with expectations to the low end of guidance, which signals a miss to Wilsons' forecast.

The broker cut FY25-26 EPS forecast by -2%. Target price lowered to $280 and rating downgraded to Market Weight from Overweight.

FORECAST
Wilsons forecasts a full year FY25 dividend of 433.40 cents and EPS of 625.40 cents.
Wilsons forecasts a full year FY26 dividend of 485.60 cents and EPS of 693.40 cents.
Access Extra Coverage Research History >

COH STOCK CHART

FNArena News on COH

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