ALS’ Increased Share Price Reflects a Towering Growth Premium we Still Struggle to Credit
We maintain our AUD 3.50 discounted cash flow-based fair value estimate for analytical testing and inspection services provider ALS Limited, equating to a fiscal 2018 EV/EBITDA of 7.6, declining to 6.7 by fiscal 2022. As with numerous other mining services-related companies, our fair value estimate has us beginning with a growth-like multiple in fiscal 2018 and exiting with a lower multiple by fiscal 2022 as operating profit growth slows. This is in accord with our investment thesis for slowing ...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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