No-Moat ALS’ Full-Year Result Highlights Concerns and the Market Prices Perfection
We make no change to no-moat materials tester ALS Limited’s AUD 3.50 fair value estimate, despite lowering our fiscal 2018 net profit forecast by 5% to AUD 135 million. The company’s fiscal 2017 NPAT trailed our expectations, crimping fiscal 2018, but not sufficiently to impact fair value. Our fiscal 2019 NPAT forecast is AUD 148 million. We still anticipate cumulative annual average EBITDA growth from the Life Sciences segment to underpin group annual average EBITDA growth of 12% to fiscal 2022...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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