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Updated view on ALS Global (ALQ)

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Question asked 23/01/2026

Updated view on ALS Global (ALQ)

Happy New Year MM! Hope you all had the chance to recharge batteries and enjoy a well deserved break. I hesitated to act on silver and feel it is too late to act now (though some say the party has just started). And although I have gold exposure, my weighting has proved to be way too conservative. So, I've been looking for alternative ways to gain exposure to precious metals, and that's how I came across ALS Global. This is a business I have never analysed before, so I would greatly appreciate your view on it. Thanks, Angela

Answer

Hi Angela,

ALS Ltd (ALQ) is a global “picks and shovels” business, it doesn’t mine or manufacture products itself, but it gets paid to test, certify and validate what others produce. That makes it a steady, defensive exposure to resources, environmental compliance and life sciences rather than a high-growth or high-risk stock. ALS sits in the “defensive growth / quality compounder” bucket.

ALQ is a solid business growing revenue nicely, its forecast to hit $3.6bn by FY27, up from $3bn in FY25, quickly compressing valuations in the process. However, the stock is already trading on the expensive side – more than 20% above its average 5-year valuation leaving it vulnerable to pullbacks. It corrected more than $2 twice in 2025 so a similar pullback is not out of the question if/when we see some profit taking across the mining sector.

MM would be interested in ALQ between $21 and $22, but not at this juncture.

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ALS Ltd (ALQ)

LAST UPDATED 23/01/2026 14:46

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