ALS' (ASX:ALQ) fully-underwritten AU$390 million equity raise is "opportunistic" in response to a strong share price and modestly levered balance sheet that exited fiscal year 2025 at the top end of its targeted leverage range of between 1.7 times and 2.3 times net debt to earnings before interest, tax, depreciation, and amortization.
The company on Tuesday said it is launching a fully underwritten A$350 million institutional placement at an offer price of AU$16.70 per share and an additional AU$40 million via a non-underwritten share purchase plan.
The research firms said that despite improving volumes, the company is showing limited operating leverage in its commodities division, which will not stand up to its estimate for the fiscal first half of 2025 based on the company's guidance.
Jarden maintained ALS' underweight rating with a reduced price target of AU$14.60 from AU$15.
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