Financials ALS Limited

Equities

ALQ

AU000000ALQ6

Business Support Services

Market Closed - Australian S.E. Other stock markets 02:10:44 2024-04-26 am EDT			5-day change	1st Jan Change
13.07 ^AUD	-2.24%		+0.23%	+1.71%

Apr. 02	Morgans Financial Downgrades ALS to Hold from Add, Price Target at AU$13.70	MT
Mar. 26	Jarden Adjusts ALS's Price Target to AU$13.70 from AU$13.80, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,683	2,682	4,669	6,481	5,984	6,327	-	-
Enterprise Value (EV) ¹	4,312	3,482	5,468	7,596	7,007	7,625	7,598	7,543
P/E ratio	24.1 x	21.1 x	27.2 x	34.1 x	20.6 x	21.1 x	19.2 x	17.8 x
Yield	2.96%	3.17%	2.39%	2.45%	3.21%	3.05%	3.22%	3.48%
Capitalization / Revenue	2.21 x	1.46 x	2.65 x	3.07 x	2.47 x	2.45 x	2.23 x	2.13 x
EV / Revenue	2.59 x	1.9 x	3.1 x	3.6 x	2.89 x	2.95 x	2.68 x	2.53 x
EV / EBITDA	12.2 x	8.07 x	12.9 x	13.9 x	10.8 x	11.4 x	10.7 x	10.1 x
EV / FCF	39.2 x	25.3 x	28.9 x	45.2 x	23.8 x	27.9 x	30.2 x	24.5 x
FCF Yield	2.55%	3.96%	3.45%	2.21%	4.19%	3.59%	3.32%	4.08%
Price to Book	3.37 x	2.44 x	4.37 x	5.77 x	4.38 x	4.66 x	4.25 x	3.89 x
Nbr of stocks (in thousands)	485,202	482,393	482,291	483,686	484,115	484,104	-	-
Reference price ²	7.590	5.560	9.680	13.40	12.36	13.07	13.07	13.07
Announcement Date	5/20/19	5/26/20	5/25/21	5/24/22	5/28/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,665	1,832	1,761	2,108	2,421	2,581	2,832	2,977
EBITDA ¹	352.9	431.5	425.1	547.2	648	666.1	708.3	745
EBIT ¹	281.1	330.6	301.4	409.4	490.7	492.8	523.8	556.1
Operating Margin	16.88%	18.05%	17.11%	19.42%	20.27%	19.1%	18.5%	18.68%
Earnings before Tax (EBT) ¹	230.3	151.1	248.5	282.4	408.5	441.6	479.5	503.3
Net income ¹	153.8	127.8	172.6	190.5	291.2	300.2	331	356.5
Net margin	9.24%	6.98%	9.8%	9.03%	12.03%	11.63%	11.69%	11.98%
EPS ²	0.3146	0.2635	0.3562	0.3926	0.5996	0.6198	0.6799	0.7331
Free Cash Flow ¹	109.9	137.9	188.9	167.9	293.8	273.8	252	308
FCF margin	6.6%	7.53%	10.72%	7.96%	12.13%	10.61%	8.9%	10.35%
FCF Conversion (EBITDA)	31.14%	31.96%	44.44%	30.68%	45.34%	41.11%	35.58%	41.34%
FCF Conversion (Net income)	71.46%	107.9%	109.44%	88.14%	100.89%	91.21%	76.13%	86.39%
Dividend per Share ²	0.2250	0.1760	0.2310	0.3280	0.3970	0.3984	0.4209	0.4554
Announcement Date	5/20/19	5/26/20	5/25/21	5/24/22	5/28/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 S2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1	2026 S2
Net sales ¹	921	910.9	838.8	922.6	515.6	515.6	1,031	-	-	1,077	1,194	1,227	1,284	652.3	652.3	1,297	724.9	724.9	1,415	737.4	1,432	1,544	1,572
EBITDA	218.2	213.3	197.9	227.2	-	-	259.7	-	-	-	331.5	-	332.9	-	-	-	-	-	-	-	-	-	-
EBIT ¹	158.5	172.1	135.2	166.2	95.1	95.1	197.1	-	-	212.3	252.3	238.4	245.2	121.2	121.2	248.8	135.3	135.3	260.5	134.5	263.7	272	276
Operating Margin	17.21%	18.89%	16.12%	18.01%	18.45%	18.45%	19.12%	-	-	19.7%	21.13%	19.43%	19.09%	18.58%	18.58%	19.18%	18.66%	18.66%	18.41%	18.24%	18.41%	17.62%	17.56%
Earnings before Tax (EBT) ¹	-	26.8	102.1	146.4	56.45	56.45	112.9	-	-	-	212	196.5	208	106.5	105.6	212	119.7	117.5	237.2	116.7	233.3	236.4	241.1
Net income ¹	-	-7.8	70.3	102.3	37.05	37.05	74.1	-	-	-	147.4	143.8	133.5	76.1	75.5	168.6	85.6	84	169.6	83.4	166.8	169	172.3
Net margin	-	-0.86%	8.38%	11.09%	7.19%	7.19%	7.19%	-	-	-	12.34%	11.72%	10.39%	11.67%	11.57%	12.99%	11.81%	11.59%	11.99%	11.31%	11.64%	10.95%	10.96%
EPS ²	-	-0.0157	0.1451	0.2111	0.0800	0.0800	0.1540	-	-	-	0.3038	0.2958	0.2741	0.1570	0.1560	0.3130	0.1770	0.1730	0.3500	0.1720	0.3440	0.3490	0.3560
Dividend per Share ²	0.1150	0.0610	0.0850	0.1460	0.0800	0.0800	0.1580	0.0900	0.0900	0.1700	0.2030	0.1940	0.1960	0.0940	0.0940	0.0940	0.1060	0.1040	0.2100	0.1030	0.2070	0.2090	0.2140
Announcement Date	11/19/19	5/26/20	11/17/20	5/25/21	11/13/22	11/16/21	11/16/21	2/24/22	5/24/22	5/24/22	11/13/22	5/28/23	11/13/23	-	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	630	800	799	1,115	1,023	1,298	1,271	1,215
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.784 x	1.854 x	1.88 x	2.037 x	1.579 x	1.949 x	1.795 x	1.631 x
Free Cash Flow ¹	110	138	189	168	294	274	252	308
ROE (net income / shareholders' equity)	16.4%	17.2%	17.1%	24.3%	23.4%	23.2%	23.3%	23.5%
ROA (Net income/ Total Assets)	8.54%	7.39%	6.88%	9.92%	9.43%	10.8%	12.3%	13%
Assets ¹	1,800	1,729	2,510	1,920	3,087	2,778	2,693	2,749
Book Value Per Share ²	2.250	2.280	2.220	2.320	2.820	2.800	3.080	3.360
Cash Flow per Share ²	0.4500	0.5300	0.5600	0.5900	0.9100	0.9300	0.9500	0.9400
Capex ¹	109	121	81.1	119	146	169	185	181
Capex / Sales	6.54%	6.61%	4.6%	5.64%	6.03%	6.56%	6.53%	6.08%
Announcement Date	5/20/19	5/26/20	5/25/21	5/24/22	5/28/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ALS Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.07 AUD

Average target price

12.85 AUD

Spread / Average Target

-1.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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