CSL Limited (ASX: CSL) shares printed a record high of $235 this morning after the blood plasma and influenza products giant posted a net profit of US$1,919 million for FY 2019, which represents 17% growth on a constant currency basis.
This is an especially impressive result given CSL is no tiddler with a market cap of $106.4 billion based on the $235 share price.
In fact it's now getting closer to the valuation of the world's second-largest mining company by revenue in BHP Group Ltd (ASX: BHP).
BHP's primary listing is on the London stock exchange, which means the only other ASX-only-listed company now ahead of it by market value is the Commonwealth Bank of Australia (ASX: CBA).
CBA has a market value around $137 billion based on a $77.25 share price.
CBA just posted an FY19 net profit of $8.57 billion (CSL A$2.82b). So we can see CBA is probably worth its 30% premium for now, but given CSL is growing profits at double digit rates and CBA's fell 8% last financial year it's not ridiculous to suggest that CSL may be a more valuable company one day.
