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.
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.