Shares in biotech giant CSL Limited (ASX: CSL) have rerated in FY23. In fact, they have now pushed just over 8% into the green since the start of the month.
That's ahead of the 6% return for the S&P/ASX 200 Health Care Index (ASX: XHJ) over the same period.
CSL shares finished the session on Tuesday at $290.66 — down 2.02% for the day.
Following the company's announcement of its acquisition of Vifor Pharma AG last year, current global supply chain headwinds, and (hopefully) a wind back in global COVID-19 cases, let's take a look at CSL's financial position and the book value of CSL shares.
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CSL balance sheet
From its semi-annual report in December 2021, CSL reported cash & equivalents of $8.7 billion. Notably, some of this will have been allocated to the acquisition.
It had total assets of more than $32 billion, or around $24 billion minus the cash and marketable securities.
On this amount, it held debt of around $7.6 billion. The interest on this debt was covered more than 32 times from operating income.
This gives CSL a total debt ratio of around 24%. Its total capital base is financed at around 28% with debt.
Meanwhile, short-term obligations are covered 5 times from liquid assets, and around 3.4 times when separating CSL's inventory. This means it should meet its financial obligations as they come due.
As such, it had around $13.6 billion in working capital as at December 2021. That's up from $5.7 billion in the prior half.
Book value of CSL shares
With this, shareholders held equity of more than $19.3 billion in the biotech giant. That provides a book value per share of $32.
This year to date, CSL shares have fallen 1.8% but are up 1.46% over the past 12 months.
