Q: Can I get an updated view on this name?
5i Research Answer:
ALS is a $1.8B mineral and renewable royalty name which owns royalty and streaming interests in 11 operating mines covering copper, nickel, cobalt, lithium, potash, and iron ore. Many of these are considered critical minerals and useful for battery tech and grid infrastructure. Earnings estimates have been rising since the summer, and its margins are decent. It trades at an expensive valuation (83X forward earnings), but we are seeing demand for these critical minerals rising amid the AI infrastructure buildout boom. We think it looks interesting here.