Narrow-moat-rated ALS says its first-half fiscal 2025 underlying net profit after tax is expected to be down by around 5% compared with the previous corresponding period. The market views the materials testing specialist as a growth story and was not impressed with the implication. The shares were down as much as 11% on the open, though recovering during the day.
ALS has diversified the earnings base to mitigate exposure to highly cyclical commodity markets. Expansion into food and pharma testing, as well as inspection and certification markets, should provide growth despite a significant slowdown in minerals testing.
Earnings tied to exploration are vulnerable to how quickly exploration can be switched off, either due to a lack of funding or a pullback in demand/prices making projects less attractive.
|
Metric
|
ALQ
|
ITRK
|
BVI
|
|---|---|---|---|
Price/Earnings (Normalized) | 22.30 | 21.08 | 22.17 |
Price/Book Value | 5.84 | 6.27 | 8.01 |
Price/Sales | 2.82 | 2.46 | 2.22 |
Price/Cash Flow | 19.86 | 14.99 | 15.31 |
|
Metric
|
ALQ
|
ITRK
|
BVI
|
|---|---|---|---|
Quick Ratio | 0.99 | 1.25 | 1.31 |
Current Ratio | 1.21 | 1.27 | 1.33 |
Interest Coverage | 2.64 | 10.29 | 8.83 |
|
Metric
|
ALQ
|
ITRK
|
BVI
|
|---|---|---|---|
Return on Assets (Normalized) | 9.00% | 10.62% | 8.39% |
Return on Equity (Normalized) | 23.91% | 29.30% | 33.46% |
Return on Invested Capital (Normalized) | 11.99% | 15.57% | 13.18% |
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1-Day Chart
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United States