ALK: Not rated
Published 11 Sep 2026, 08:44 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
First recorded assessment. Current data checks do not support an active rating.
A target is not published until the required checks pass. A positive weekly close from the last 14 days is required.
Supporting evidence
Quarterly sales are growing
Revenue changed +9.7% from the same quarter last year, through 2026-06-30. The previous quarter’s year-on-year change was +5.2%.
Opposing evidence
The latest quarter was loss-making
Net income was -76.0m, compared with 172.0m in the same quarter last year. Amounts are in USD.
The profit margin narrowed
The latest quarterly operating margin was -4.1%, -11.6 percentage points from a year earlier. Compare the sales and margin contributions below.
Original assumptions and checks
Recent price · Review needed. A positive weekly close from the last 14 days is required.
Current financials · Passed. Statements through 2026-06-30; factor prices dated 2026-09-04.
Price risk · Review needed. 52 consecutive weekly price changes are required.
Operating history · Passed. 5 annual results, retaining operating losses and unusually strong years.
Quarterly operating results · Passed. Four quarters through 2026-06-30.
Cash-flow and ownership inputs · Review needed. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero.
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Price observations · Review needed. Prices must be positive, finite, in date order and have no duplicate weeks.
Price date · Review needed. The latest completed close must be no more than 14 days old.
Policy sm-review-1 · Model sm-assessment-7-funding-and-business-basis · Data bceea6969eeb.