Anthony Macdonald

We've got the actual cochlear business itself.

Yeah.

Which the CEO, Dick Howard, says needs to double down on its hearing loss is a serious problem, not something you should delay fixing message.

And then we've got the guidance issue, which just from your and my day-to-day existence in capital markets, I mean, this one's a real doozy.

You put them together, you get an ASX Darling with its wings not just clipped but torn off this week.

The stock's gone from $320 early last year to $95 today.

It's down by two-thirds.

A Cochlear, one of our best businesses.

Now, no one ever...

ever thought that would have happened.

So the earnings forecasts have been smashed now.

So it finishes this week.

Analysts are saying next year's earnings, the year after earnings, they're going to be 20% to 25% less than what we thought.

So there's no quick rebound here.

There's no reversal.

There's no silver bullets that's going to make this thing into the reliable, great, stellar performer that we've come to expect it.

The question then is, so what do you pay for that?

I mean, if this isn't as premium a business as we thought, what's the multiple you put on its earnings?

And James, it's still trading at about 25 times earnings.

All right.