No-Moat ALS Limited’s AUD 3.85 FVE Unchanged, but Market Optimistically Prices-in Much More.
We make no change to our AUD 3.85 per share fair value estimate for no-moat ALS Limited. At AUD 7.60, ALS Limited shares have pulled-back only marginally from February AUD 8.20 highs and remain at almost double our fair value estimate. The share price translates to a P/E of 21 based on our fiscal 2019 earnings forecast, too high given our longer-term outlook. Our fair value estimate equates to an unchanged fiscal 2023 EV/EBITDA of 7.3, P/E of 12.8, and dividend yield of 4.7%, all discounted at W...ALS is a testing services provider. Co. operates four testing service divisions: Minerals, which provides assaying and analytical testing services and metallurgical services for mining and mineral exploration companies; Life Sciences, which provides analytical testing data to assist consulting and engineering firms, industry, and governments; Energy, which provides services to the black coal and oil and gas industries such as coal sampling, analysis and certification, hydrocarbon formation evaluation services, well services and related analytical testing; and Industrial, which provides the energy, resources and infrastructure sectors with testing, inspection and asset care services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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