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Overvalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 15.77 Fair value 18.07 One-star price 20.72
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (15.77) to the one-star price (20.72).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 20.75 |
| Price - 12 month high | 26.17 |
| Price - 12 month low | 19.28 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.82 |
| Market capitalization | 10,531.51 |
| 12 Month High price date | 2 MAR 2026 |
| 12 Month Low price date | 23 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 1.48 |
| Price - 1 Day % Change | 1.47% |
| Price - 13 week price percent change | -4.90% |
| Price - 26 week price percent change | -1.98% |
| Price - 5 Day % Change | 2.98% |
| Price - 52 week price percent change | -4.25% |
| Price - YTD price percent change | -5.85% |
| Price % Change Month To Date | 0.73% |
| EPS excluding extraordinary items - most recent fiscal year | 0.630 |
| EPS excluding extraordinary items - trailing 12 month | 0.630 |
| EPS Normalized - most recent fiscal year | 0.753 |
| Revenue/share - most recent fiscal year | 6.563 |
| Revenue/share - trailing 12 month | 6.563 |
| Book value per share - most recent fiscal year | 3.349 |
| Book value per share - most recent half-year | 3.349 |
| Book value (tangible) per share - most recent fiscal year | 0.187 |
| Book value (tangible) per share - most recent half-year | 0.187 |
| Cash per share - most recent fiscal year | 0.295 |
| Cash per share - most recent half-year | 0.295 |
| Cash Flow per share - most recent fiscal year | 0.960 |
| Cash Flow per share - trailing 12 month | 0.960 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.425 |
| EBITD per share - trailing 12 month | 1.539 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.633 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.633 |
| EPS including extraordinary items - most recent fiscal year | 0.633 |
| EPS including extraordinary items - trailing 12 month | 0.633 |
| Free Cash Flow per share - trailing 12 month | 0.440 |
| P/E excluding extraordinary items, most recent fiscal year | 32.94 |
| P/E Normalized, most recent fiscal year | 27.56 |
| Price to sales - most recent fiscal year | 3.16 |
| Price to Tangible Book - most fiscal year | 117.67 |
| Price to Free Cash Flow per Share - most recent fiscal year | 47.13 |
| Price to Cash Flow per share - trailing 12 month | 21.61 |
| Price to Book - most recent fiscal year | 6.20 |
| P/E excluding extraordinary items high, trailing 12 months | 47.98 |
| P/E excluding extraordinary items low, trailing 12 months | 31.06 |
| Net Debt, LFI | 1,545.80 |
| Net Debt, LFY | 1,422.20 |
| Dividend Yield - 5 Year Average | 2.43% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.11% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.05% |
| Free Cash Flow - most recent fiscal year | 222.70 |
| LT debt/equity - most recent fiscal year | 85.33% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 92.19% |
| LT debt/equity - most recent half-year | 96.50% |
| Total debt/total equity - most recent half-year | 104.36% |
| Free Cash Flow - trailing 12 month | 222.70 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 3,320.10 |
| Revenue - trailing 12 month | 3,320.10 |
| EBITD - most recent fiscal year | 778.30 |
| EBITD - trailing 12 month | 778.30 |
| Earnings before taxes - most recent fiscal year | 454.70 |
| Earnings before taxes - trailing 12 month | 454.70 |
| Net Income available to common - most recent fiscal year | 318.70 |
| Net Income available to common - trailing 12 months | 318.70 |
| Earnings before taxes Normalized - most recent fiscal year | 474.40 |
| Net Income Available to Common, Normalized - most recent fiscal year | 381.20 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.75 |
| Net Profit Margin % - 1st historical fiscal year | 9.69% |
| Net Profit Margin % - trailing 12 month | 9.69% |
| Operating margin - 1st historical fiscal year | 15.91% |
| Operating margin - trailing 12 month | 15.91% |
| Pretax margin - trailing 12 month | 13.70% |
| Pretax margin - 1st historical fiscal year | 13.70% |
| Operating Margin - 5 year average | 16.09% |
| Pretax Margin - 5 year average | 12.25% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 8.92% |
| Free Operating Cash Flow/Revenue, TTM | 6.71% |
| Net Profit Margin - 5 year average | 8.03% |
| Return on average assets - most recent fiscal year | 7.99% |
| Return on average assets - trailing 12 month | 7.99% |
| Return on average equity - most recent fiscal year | 20.71% |
| Return on average equity - trailing 12 month | 20.71% |
| Return on average assets - 5 year average | 6.24% |
| Return on average equity - 5 year average | 16.23% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 13.52% |
| EPS growth rate, 5 year | 12.08% |
| Growth rate% - dividend, 3 year | 1.58% |
| Revenue/share (5 yr growth) | 12.54% |
| Growth rate% - Revenue, 3 year | 13.36% |
| Growth rate% - EPS, 3 year | 1.66% |
| Book value per share growth rate, 5 year | 8.61% |
| Capital Spending growth rate, 5 year | 26.53% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 13.07% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | MAR 22 | MAR 23 | MAR 24 | MAR 25 | MAR 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
ALQ +4.76%: the technical testing company rallied on upgraded guidance today, and confirmed a strong liquidity position post the sell-down of their Asset Care business to SRG Global (SRG). Underlying NPAT was upgraded ~2.5% at the midpoint, while just a small number, it does confirm they have managed cost pressures well and continue to see organic growth coming through the business.
Technical testing stock ALQ has performed strongly post-COVID including growing revenue by 24% in FY22, considering its performance a valuation of 20.4x FY23 earnings isn’t too prohibitive while an estimated 3.5% yield is supportive. This company provides essential testing, inspection and certification for other companies including the mining industry which MM is bullish about over the coming years.
ALQ +1.95%: technical testing company ALS presented FY22 numbers to the market today, coming in slightly ahead of expectations. Revenue grew 24% to $2.2b, and EBIT was up 36% for the year to $409m, around 2% ahead of consensus. The commodities segment saw EBIT growth of over 40% thanks to a strong tailwind of volumes and price increases. Life Sciences also saw solid growth, organic EBIT growth of 29% plus an additional...
Laboratory testing, inspection and certification business ALQ remains 16% below its 2021 high, we feel as commodity prices continue to rally the backdrop for exploration remains strong. We’re bullish the Queensland based business targeting a a break of its 2021 high but the risk / reward is not particularly exciting hence if we were long it would be a hold but we need it under $11 to become attractive as a buy.
MM is neutral to bullish ALQ
MM is bullish on ALQ
MM is mildly bullish ALQ
MM is bullish ALQ
Founded in the 1880s and listed on the ASX in 1952, ALS operates two divisions: commodities and life sciences. ALS commodities traditionally generated the majority of underlying earnings, providing geochemistry, metallurgy, inspection, andmine site services for the global mining industry. Expansion into environmental, pharmaceutical, and food testing areas has lessened earnings exposure to commodities.
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