ALS Fair Value Upgraded to AUD 3.50 But Price Runaway Limits Materiality
Materials tester ALS Limited's share price has continued to strengthen, up 20% since end of May to just over AUD 6.00. We increase our fair value estimate by 17% to AUD 3.50 due to a combination of increasing earnings expectations for the Minerals segment, and the time value of money. However, the change is immaterial, given the still-75% price premium to fair value, and our recommendation remains Sell. We don't believe we've underplayed the earnings recovery and growth potential for ALS. Our fo...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.
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