ALS: For how long can Geochem outperform?

About the author:

Tom Sartor
Author name:
By Tom Sartor
Job title:
Senior Analyst
Date posted:
30 May 2023, 7:00 AM
Sectors Covered:
Junior (Emerging) Resources, Bulk Materials

  • Strong FY23 underlying NPAT was at the upper end of recent guidance.
  • Commodities was again the star, offsetting pockets of Life Sciences softness.
  • We think it’s now fair for the market to question downside risk to Commodities earnings given the rolling-over of volumes and the threat of macro uncertainty.
  • Our blended valuation adjusts to (login to view). We maintain Add but turn a more cautious eye to short term macro-risks and sentiment.

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