Started looking into CSL to fill the more defensive part of my portfolio. Looking at the historical PE's their 5 year low is 31.1 and 5 year high of 42.9. Current PE of 33.7.

CSL are still spending > $1b on R&D

EPS are forecast to grow 10% this FY but only 2-3% next FY. 

For a company that has grown EPS at a CAGR of 15% over the last 5 years and still investing a huge amount of $ in R&D I think the market is looking at the short term and not the opportunity that lies ahead for CSL.

Will continue on this over the weekend, just a few early thoughts.