Cochlear – Buy

Cochlear recently completed an $850mn equity raise via an institutional placement at $140 per share. The capital raise now removes any balance sheet concerns.

Following the placement, we estimate COH will have total liquidity of
$1.0bn+  with little in the way of debt maturities until 2022.

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The pathway back to elective surgery appears to be improving and we, therefore, see the current price range as an opportunity to accumulate COH shares.


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