Macquarie sees solid FY24 earnings for Australia's ALS, ups target price

ALS

12/03/2024 03:51

** Shares of ALS  ALQ.AX  up 1.2% at A$13.06 as at 0331 GMT
    ** Analysts at Macquarie expect ALS to deliver FY24 NPAT of
A$324 mln ($214.4 mln), the upper end of co's guidance
    ** Brokerage hikes target price to A$14.25/share from
A$13.60, retains "outperform" rating
    ** Macquarie's new PT is the highest among 9 analysts on the
stock, and well above the median PT of A$13.20 - LSEG
    ** Co has 49% minority interest in Nuvisan and has an option
to acquire remaining stake
    ** Macquarie estimates ALQ could acquire 51% of Nuvisan for
~A$185 mln
    ** Eight of 10 analysts rate the stock "buy" or higher, one
"hold" and one "sell" - LSEG
    ** Stock up 0.4% this year, as of last close

($1 = 1.5113 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))