We Increase No-Moat ALS' FVE by 10% to AUD 3.85 Despite Modest Profit Miss
Our fair value estimate for no-moat ALS increases by 10% to AUD 3.85 per share from AUD 3.50, despite adjusted fiscal 2018 net profit after tax, or NPAT, of AUD 125 million falling short of our AUD 142 million target. The upgrade primarily reflects the time value of money, along with approximately a 30% decrease in our forecast for corporate costs and a weaker 0.75 AUD/USD exchange rate. Corporate costs fell by 15% to AUD 25 million in fiscal 2018; we expect these cost-outs to be sustainable. Th...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.
We have operations in 27 countries.
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