ALS: Firmly on the recovery trajectory

By Tom Sartor

19 November 2020, 3:45 PM

1H21 underlying financials met the market’s expectations helped by thorough disclosure through COVID. All indications suggest 1Q21 will mark the low-point in activity, with resilient margins and much stronger 2Q sample flows seen continuing into 2H21. We forecast earnings to recover back to pre-COVID levels during 1H22, contingent on avoiding further hard lockdowns in key geographies. Our blended valuation is based on our FY22 forecasts and adjus...

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