Ashtead Group PLC
LSE:AHT
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Intrinsic Value
The intrinsic value of one AHT stock under the Base Case scenario is 5 590.35 GBX. Compared to the current market price of 5 978 GBX, Ashtead Group PLC is Overvalued by 6%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Ashtead Group PLC
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Fundamental Analysis
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Ashtead Group PLC is a leading equipment rental company that specializes in providing a wide range of machinery and tools for construction, industrial, and maintenance projects. Founded in 1945 and headquartered in London, the company has grown significantly, primarily through strategic acquisitions and organic growth, to become a major player in the North American rental market under its Sunbelt Rentals brand. This expansion has positioned Ashtead as a key supplier to various sectors, capitalizing on the increasing trend of outsourcing equipment needs rather than purchasing, which allows clients to access the latest technologies without the burdens of ownership. With a commitment to custome...
Ashtead Group PLC is a leading equipment rental company that specializes in providing a wide range of machinery and tools for construction, industrial, and maintenance projects. Founded in 1945 and headquartered in London, the company has grown significantly, primarily through strategic acquisitions and organic growth, to become a major player in the North American rental market under its Sunbelt Rentals brand. This expansion has positioned Ashtead as a key supplier to various sectors, capitalizing on the increasing trend of outsourcing equipment needs rather than purchasing, which allows clients to access the latest technologies without the burdens of ownership. With a commitment to customer service and operational efficiency, Ashtead maintains a robust fleet of over 700,000 rental assets, ensuring that it can meet the diverse needs of its customers while optimizing rental rates and vehicle utilization.
For investors, Ashtead Group presents a compelling opportunity characterized by strong financial performance and a resilient business model. The company has consistently delivered impressive revenue and profit growth, even during economic downturns, thanks to its diversified customer base and adaptive strategies in response to industry shifts. As infrastructure spending continues to be a priority in many regions, particularly in the United States, Ashtead stands to benefit from increased demand for its rental services. The company's conservative balance sheet and prudent capital allocation further bolster its investment appeal, enabling it to invest in new technologies and equipment to stay ahead of the curve. With a focus on long-term value creation and a track record of delivering shareholder returns, Ashtead Group PLC is well-positioned to navigate market dynamics and capitalize on growth opportunities in the evolving landscape of the equipment rental industry.
Ashtead Group PLC is a leading UK-based equipment rental company that operates primarily in the rental of construction and industrial equipment. The company's core business segments include:
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Rental Division:
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Sunbelt Rentals (North America): This is Ashtead's largest segment and operates primarily in the United States and Canada. It provides a wide range of equipment for customers in various industries, including construction, industrial, and commercial sectors. This division offers equipment such as excavators, scaffolding, generators, and more.
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A-Plant (UK): A-Plant is Ashtead's operations in the UK, providing similar rental services for construction and industrial equipment. This segment serves a diverse customer base across multiple sectors.
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Specialty Services:
- This segment may include various specialized rental offerings such as climate control, power generation, and other niche rental services that cater to specific customer needs. This can encompass equipment and services that are more specialized than standard construction equipment.
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Retail Sales:
- Though primarily a rental business, Ashtead also engages in retail sales of equipment and tools, catering to customers who prefer to purchase rather than rent.
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National Accounts:
- Ashtead services large corporate clients through its national account segment, providing tailored rental solutions and centralized billing, which helps in streamlining procurement processes for larger businesses.
These core segments help Ashtead Group maintain a competitive edge in the rental industry, leveraging their extensive fleet and established market presence. The company's rental services are characterized by their emphasis on quality, customer service, and operational efficiency.
Ashtead Group PLC, a leading equipment rental company, has several competitive advantages that set it apart from its rivals:
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Scale and Market Reach: Ashtead operates a large network of branches across North America (Sunbelt Rentals) and the UK (A-Plant). This extensive footprint allows for significant economies of scale and a strong customer service presence.
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Diverse Equipment Portfolio: The company offers a wide range of equipment for various sectors, including construction, industrial, and event management. This diversification allows it to cater to diverse customer needs and reduces dependence on any single market segment.
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Strong Financial Position: Ashtead has maintained a solid balance sheet and consistent cash flow, enabling it to invest in fleet expansion and technology. This financial strength allows the company to withstand economic downturns better than competitors.
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Investment in Technology: The company has embraced technology to enhance operational efficiency, optimize fleet management, and improve customer experience. This includes investment in telematics, which helps in tracking equipment usage and maintenance.
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Customer Relationships: Ashtead is known for building strong relationships with its customers, offering reliable service and support. This customer-centric approach fosters loyalty and repeat business, providing a competitive edge.
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Robust Fleet Management: With a focus on maintaining a modern and well-maintained fleet, Ashtead can offer customers better-quality equipment and fewer breakdowns, leading to increased customer satisfaction.
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Experienced Management Team: The leadership team at Ashtead has extensive industry experience and a track record of making strategic decisions that drive growth and profitability, providing stability and direction for the company.
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Strategic Acquisitions: Ashtead has a history of acquiring smaller rental companies, allowing it to increase market share, expand its service offerings, and enhance operational synergies.
By leveraging these competitive advantages, Ashtead Group PLC positions itself strongly in the equipment rental market, allowing it to outperform many of its rivals.
Ashtead Group PLC, a leading equipment rental company, operates in a competitive and dynamic industry. The risks and challenges they might face in the near future include:
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Economic Uncertainty: Global economic fluctuations, particularly in key markets like the U.S. and the U.K., could impact construction activity and, consequently, demand for rental equipment.
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Supply Chain Disruptions: Ongoing supply chain issues, exacerbated by geopolitical tensions or pandemic-related effects, may hinder equipment availability and increase costs.
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Competitive Pressure: The equipment rental industry is highly competitive. New entrants or aggressive pricing strategies from existing competitors could pressure margins.
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Regulatory Changes: Changes in regulations impacting environmental standards, safety requirements, or labor laws in the regions where Ashtead operates could increase operational costs or necessitate investments in compliance.
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Technological Advancements: Rapid advancements in technology may require continuous investment in new equipment and services, and failure to adapt could lead to loss of market share.
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Interest Rate Fluctuations: Higher interest rates can lead to increased borrowing costs, impacting investments and profitability, especially if customers cut back on spending.
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Geopolitical Risks: Political instability in markets where Ashtead operates might impact operations or demand for services.
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Labor Shortages: A shortage of skilled labor in the construction and equipment rental industries could impede growth and service delivery.
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Climate Change and Sustainability Pressures: Increasing demand for sustainable practices may require investment in greener technologies and compliant equipment, impacting capital expenditure.
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Rental Market Saturation: In some regions, saturation of the rental market may lead to decreased prices and shrinking demand as customers continue to explore ownership alternatives.
Navigating these risks while leveraging opportunities for growth will be crucial for Ashtead Group PLC in the coming years. Analyzing these factors continuously will help in making informed strategic decisions.
Revenue & Expenses Breakdown
Ashtead Group PLC
Balance Sheet Decomposition
Ashtead Group PLC
Current Assets | 2.2B |
Cash & Short-Term Investments | 17m |
Receivables | 2B |
Other Current Assets | 178.1m |
Non-Current Assets | 19.9B |
PP&E | 16B |
Intangibles | 3.7B |
Other Non-Current Assets | 218.9m |
Current Liabilities | 1.9B |
Accounts Payable | 1.4B |
Other Current Liabilities | 445.6m |
Non-Current Liabilities | 12.9B |
Long-Term Debt | 10.5B |
Other Non-Current Liabilities | 2.4B |
Earnings Waterfall
Ashtead Group PLC
Revenue
|
10.9B
USD
|
Cost of Revenue
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-2.7B
USD
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Gross Profit
|
8.2B
USD
|
Operating Expenses
|
-4.9B
USD
|
Operating Income
|
3.3B
USD
|
Other Expenses
|
-1.7B
USD
|
Net Income
|
1.6B
USD
|
Free Cash Flow Analysis
Ashtead Group PLC
USD | |
Free Cash Flow | USD |
Ashtead Group reports a robust start to the year, with group rental revenue increasing by 7% and total revenue up 2%. The U.S. rental revenue grew by 6%. The company's EBITDA reached a record $1.3 billion with an EBITDA margin of 47%. Following strategic investments, including $855 million in CapEx and expansion in North America, Ashtead maintains a debt-to-EBITDA leverage of 1.7x. The company reaffirms its full-year guidance, expecting U.S. rental revenue growth of 4% to 7%, and emphasizes continued positive performance in Canada and the UK. Adjusted pre-tax profit stands at $573 million with EPS at $0.97.
What is Earnings Call?
AHT Profitability Score
Profitability Due Diligence
Ashtead Group PLC's profitability score is 64/100. The higher the profitability score, the more profitable the company is.
Score
Ashtead Group PLC's profitability score is 64/100. The higher the profitability score, the more profitable the company is.
AHT Solvency Score
Solvency Due Diligence
Ashtead Group PLC's solvency score is 39/100. The higher the solvency score, the more solvent the company is.
Score
Ashtead Group PLC's solvency score is 39/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
AHT Price Targets Summary
Ashtead Group PLC
According to Wall Street analysts, the average 1-year price target for AHT is 6 487.39 GBX with a low forecast of 4 898.5 GBX and a high forecast of 7 717.5 GBX.
Dividends
Current shareholder yield for AHT is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Profile
Country
Industry
Market Cap
Dividend Yield
Description
Ashtead Group Plc engages in the provision of equipment rental services. The firm rents a range of construction, industrial and general equipment across a variety of applications to a diverse customer base. The Company’s business units include Sunbelt US, Sunbelt UK and Sunbelt Canada. The company operates approximately 861 stores in the United States, 77 stores in Canada and approximately 188 stores in the United Kingdom. The firm's equipment can be used to lift, power, generate, move, dig, compact, drill, support, scrub, pump, direct, heat and ventilate. The company purchases a range of equipment from manufacturers and rents it on a short-term basis to a range of customers. The company also sells the old equipment in the second-hand market. The firm's rental fleet ranges from small hand-held tools to a range of construction equipment.
Officers
The intrinsic value of one AHT stock under the Base Case scenario is 5 590.35 GBX.
Compared to the current market price of 5 978 GBX, Ashtead Group PLC is Overvalued by 6%.