Financials ALS Limited

Equities

ALQ

AU000000ALQ6

Business Support Services

Delayed Australian S.E. Other stock markets 10:43:56 2024-05-21 pm EDT			5-day change	1st Jan Change
14.28 ^AUD	-1.35%		+6.28%	+11.25%

02:29am	Jarden Downgrades ALS to Overweight From Buy, Adjusts Price Target to AU$14.90 From AU$13.70	MT
May. 21	ALS Statutory Net Profit Plunges 96% in Fiscal 2024, Revenue Up 7%; Shares Rise 5%	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	2,682	4,669	6,481	5,984	6,356	7,010	-	-
Enterprise Value (EV) ¹	3,482	5,468	7,596	7,007	6,356	8,610	8,523	8,450
P/E ratio	21.1 x	27.2 x	34.1 x	20.6 x	495 x	21.7 x	19.8 x	18.1 x
Yield	3.17%	2.39%	2.45%	3.21%	-	2.81%	3.09%	3.39%
Capitalization / Revenue	1.46 x	2.65 x	3.07 x	2.47 x	2.46 x	2.36 x	2.23 x	2.09 x
EV / Revenue	1.9 x	3.1 x	3.6 x	2.89 x	2.46 x	2.9 x	2.71 x	2.52 x
EV / EBITDA	8.07 x	12.9 x	13.9 x	10.8 x	9.55 x	11.9 x	10.9 x	10.2 x
EV / FCF	25.3 x	28.9 x	45.2 x	23.8 x	-	38.4 x	29.4 x	25.8 x
FCF Yield	3.96%	3.45%	2.21%	4.19%	-	2.6%	3.4%	3.88%
Price to Book	2.44 x	4.37 x	5.77 x	4.38 x	-	5.3 x	4.75 x	4.27 x
Nbr of stocks (in thousands)	482,393	482,291	483,686	484,115	484,104	484,104	-	-
Reference price ²	5.560	9.680	13.40	12.36	13.13	14.48	14.48	14.48
Announcement Date	5/26/20	5/25/21	5/24/22	5/28/23	5/20/24	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,832	1,761	2,108	2,421	2,586	2,965	3,150	3,351
EBITDA ¹	431.5	425.1	547.2	648	665.7	725.7	783.3	829.7
EBIT ¹	330.6	301.4	409.4	490.7	491.8	530.6	575.9	617.8
Operating Margin	18.05%	17.11%	19.42%	20.27%	19.02%	17.89%	18.28%	18.44%
Earnings before Tax (EBT) ¹	151.1	248.5	282.4	408.5	121.3	464.3	498.8	551.2
Net income ¹	127.8	172.6	190.5	291.2	12.9	318.1	355.2	389.3
Net margin	6.98%	9.8%	9.03%	12.03%	0.5%	10.73%	11.28%	11.62%
EPS ²	0.2635	0.3562	0.3926	0.5996	0.0265	0.6663	0.7309	0.8019
Free Cash Flow ¹	137.9	188.9	167.9	293.8	-	224.2	289.7	327.9
FCF margin	7.53%	10.72%	7.96%	12.13%	-	7.56%	9.2%	9.78%
FCF Conversion (EBITDA)	31.96%	44.44%	30.68%	45.34%	-	30.9%	36.98%	39.52%
FCF Conversion (Net income)	107.9%	109.44%	88.14%	100.89%	-	70.49%	81.54%	84.22%
Dividend per Share ²	0.1760	0.2310	0.3280	0.3970	-	0.4065	0.4468	0.4908
Announcement Date	5/26/20	5/25/21	5/24/22	5/28/23	5/20/24	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 Q1	2026 S1	2026 S2
Net sales ¹	921	910.9	838.8	922.6	1,031	-	-	1,077	1,194	1,227	1,284	1,302	724.9	724.9	1,456	737.4	737.4	1,476	771.9	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	197.1	-	-	212.3	252.3	238.4	245.2	246.6	135.3	135.3	267.5	134.5	134.4	266.3	136	272	276
Operating Margin	17.21%	18.89%	16.12%	18.01%	19.12%	-	-	19.7%	21.13%	19.43%	19.09%	18.95%	18.66%	18.66%	18.38%	18.24%	18.23%	18.04%	17.62%	17.62%	17.56%
Earnings before Tax (EBT) ¹	-	26.8	102.1	146.4	112.9	-	-	-	212	196.5	208	-86.7	119.7	117.5	237.2	116.7	116.6	233.3	118.1	236.4	241.1
Net income ¹	-	-7.8	70.3	102.3	74.1	-	-	-	147.4	143.8	133.5	-120.6	85.6	84	169.6	83.4	83.4	166.8	84.5	169	172.3
Net margin	-	-0.86%	8.38%	11.09%	7.19%	-	-	-	12.34%	11.72%	10.39%	-9.27%	11.81%	11.59%	11.65%	11.31%	11.31%	11.3%	10.95%	10.95%	10.96%
EPS ²	-	-0.0157	0.1451	0.2111	0.1540	-	-	-	0.3038	0.2958	0.2741	-0.2476	0.1770	0.1730	0.3500	0.1720	0.1720	0.3440	0.1740	0.3490	0.3560
Dividend per Share ²	0.1150	0.0610	0.0850	0.1460	0.1580	0.0900	0.0900	0.1700	0.2030	0.1940	0.1960	0.0940	0.1060	0.1040	0.2100	0.1030	0.1030	0.2070	0.1050	0.2090	0.2140
Announcement Date	11/19/19	5/26/20	11/17/20	5/25/21	11/16/21	2/24/22	5/24/22	5/24/22	11/13/22	5/28/23	11/13/23	5/20/24	-	-	-	-	-	-	-	-	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	800	799	1,115	1,023	-	1,600	1,513	1,440
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.854 x	1.88 x	2.037 x	1.579 x	-	2.205 x	1.931 x	1.736 x
Free Cash Flow ¹	138	189	168	294	-	224	290	328
ROE (net income / shareholders' equity)	17.2%	17.1%	24.3%	23.4%	-	26.4%	26.6%	26.2%
ROA (Net income/ Total Assets)	7.39%	6.88%	9.92%	9.43%	-	8.7%	9.4%	9.9%
Assets ¹	1,729	2,510	1,920	3,087	-	3,656	3,779	3,932
Book Value Per Share ²	2.280	2.220	2.320	2.820	-	2.730	3.050	3.390
Cash Flow per Share ²	0.5300	0.5600	0.5900	0.9100	-	1.170	1.020	1.000
Capex ¹	121	81.1	119	146	-	164	179	185
Capex / Sales	6.61%	4.6%	5.64%	6.03%	-	5.52%	5.68%	5.53%
Announcement Date	5/26/20	5/25/21	5/24/22	5/28/23	5/20/24	-	-	-

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

14.48 AUD

Average target price

13.62 AUD

Spread / Average Target

-5.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Business Support Services

	1st Jan change	Capi.
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GENPACT LIMITED	-2.02%	6.18B
MAXIMUS, INC.	+3.92%	5.26B
EXLSERVICE HOLDINGS, INC.	+0.94%	5.03B

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