Analyst Note| Mark Taylor |
We increase our fair value for no-moat materials testing specialist ALS by 3% to AUD 6.10. Some is due to time value of money, though a stronger than expected 6% fiscal 2022 underlying NPAT guidance increase to between AUD 260 million and AUD 265 million helps. Our fiscal 2022 underlying NPAT forecast increases by 10% to the new guidance midpoint. We were at the midpoint of the previous guidance range on a like-for-like basis--ALS excluding goodwill amortisation.