Investment Thesis
CSL Limited (CSLLY) has become the second-largest company in the Australian Stock Exchange after an excellent run in the past twelve months, where its share price shot up ~54% compared to the ~18% gain in the S&P/ASX 200 index. A global leader in plasma fractionation, and touted as an Australian success story, CSL is now facing intense competition in the U.S., its largest market. Forced to diversify its revenue stream, the recent acquisitions in China have burdened its balance sheet with debt, as the ventures outside its expertise bring in