After a 37% slide, CSL shares look cheap. Hub24's premium persists

CSL Ltd shares have fallen 37.5% since the start of 2025, hitting a 52-week low in recent sessions before a bounce. Hub24 Ltd shares sit about 7% above their own 52-week low, holding up better through the same selloff.

The divergence reflects different business models. CSL is a biotech company with a large plasma collection operation. Margins there have come under pressure as collection costs rose. Hub24 is a wealth platform that earns fees on funds under administration, a metric that continued to grow through the market volatility.

One straightforward way to value either stock is to compare its current earnings multiple to its own history. CSL now trades at about 24 times forward earnings, down from a five-year average near 30 times. That discount captures the real operational headwinds in the plasma business. Hub24 trades at roughly 35 times forward earnings, a premium the market has been willing to pay for its higher growth rate.

The August full-year result will be the next catalyst for CSL. Management will update on plasma collection volumes and Behring division margins. Investors will look for signs that cost pressure is easing. For Hub24, the July quarterly update will show whether net inflows have slowed through the volatile June quarter.

Neither stock looks cheap on an absolute basis. CSL's discount is a direct response to the challenges in its plasma unit. Hub24's premium depends on sustained fund-under-administration growth. The valuations will be tested in the coming months. The August CSL result and July Hub24 update will either confirm the current multiples or trigger a re-rating. The easy way to value both is to watch those numbers and decide whether the discount or premium is justified.

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