Share Name Share Symbol Market Type Share ISIN Share Description
Ashtead Group Plc LSE:AHT London Ordinary Share GB0000536739 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -33.00 -1.31% 2,495.00 255,352 10:41:07
Bid Price Offer Price High Price Low Price Open Price
2,494.00 2,496.00 2,548.00 2,468.00 2,526.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 5,053.60 982.80 162.10 15.4 11,920
Last Trade Time Trade Type Trade Size Trade Price Currency
10:41:30 O 255 2,494.00 GBX

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Date Time Title Posts
31/7/202016:02Ashtead - Building on Powerful Rental Growth!58,178
04/3/201913:10Ashtead Group Q3 05/03/19 Preview-
28/9/201809:51Ashtead Group PLC _ ACTIVE INVESTORS CLUB (AHT.L)3
29/6/201721:52been a long time since we rock and rolled29

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Ashtead Daily Update: Ashtead Group Plc is listed in the Support Services sector of the London Stock Exchange with ticker AHT. The last closing price for Ashtead was 2,528p.
Ashtead Group Plc has a 4 week average price of 2,435p and a 12 week average price of 2,113p.
The 1 year high share price is 2,876p while the 1 year low share price is currently 1,010p.
There are currently 477,748,600 shares in issue and the average daily traded volume is 1,105,259 shares. The market capitalisation of Ashtead Group Plc is £11,886,385,168.
fenners66: "The firm began investing in the four airlines in 2016, after avoiding the aviation industry for years" So I took American Airlines to look at as an example as we have previously looked at their buyback / debt figures. Share price in 2016 about $40 2017 low was about $40 average about $45 2018 average probably above $40 We can speculate therefore that BH paid say $40 AAL share price at the end of March was $18 having skimmed BH's accounts it is not clear whether the airlines were sold by then - or after. I guess after - when the unrealised loss at $18 may well have turned into a realised loss of around 75% at say $10. BH does not pay dividends and relies on share price growth - ie. if you want an income sell your shares. BH share price has fallen about 19% this year as well. AAL's share price has been falling since early 2018 - despite buybacks. I suspect that as he takes large stakes 10% + that he cannot exit a position easily and that buybacks of size provide the false liquidity required to be able to trade large positions otherwise he has both a positive and negative effect. Buying a stake of 10% will boost a share - whilst selling 10% will likely trash it. He can join the dots as well. However buying into the airline business which was racking up debt to support buybacks - which he had a vested interest in has done nothing for the share price of AAL for 2 years . Now the black swan event has happened it is a mistake.
fenners66: We have been here before in terms of share price. When you have held the shares as long as I have - the share price on any given day does not really matter. It went up recently and I stated on here I would be happier with a rise to Broker estimates more slowly - over years. What does matter is that the company takes care of business. Continues to grow responsibly , looks after the balance sheet, and pays higher dividends to the OWNERS. At the end of the day shareholders OWN the business and they let the management run it. However most of the market has forgotten that. Shareholders are a mere inconvenience - sometimes getting in the way of the management looking to maximise their own earnings. Thus if I was an owner of a private business I would expect the profits. As a PLC owner I still expect a reasonable slice of the profits. I don't want some mathematical construct to justify EPS and support the share price temporarily. After all which of us saw this share price coming ?
fenners66: yes perfido I did the increase using 2019 figures not the 2018. We acknowledge the share price has gone up and over the very long run if the funds are invested wisely in the business then you will see that. However we are not through one cycle yet so the 5 year period may yet prove to be a period of share price effervescence. As for selling to fund income - there is an argument to sell to crystallise a CGT allowance - but if we expect medium share price growth why sell. As the question said "What's not to like?" My answer stands - the interim dividend is not high enough....
ianwwwhite: Hi bracke and uppompeii, I am in complete agreement with both of you! By way of explanation I should explain I have retained the majority of my AHT holding (buy and hold), but thought that it was prudent to reduce the risk and re-balance my portfolio a bit (take some profits)as we have seen a decent rise in the AHT share price recently, hence this mornings modest sale. Why this morning? At 2300+ I was feeling a bit dizzy...
fenners66: ian - thats like saying if you don't like one of a political parties policies don't vote for them.... even if you like all of the others. No the answer would be advocate change to that policy. "Fact 2; Aviva’s misfortune does not mean all buybacks are bad, and the case cannot be made using just this one example" But it does mean you have provided a very good example of why they are. Share prices go up and down. Share prices go up on days when there is more demand than supply. Share prices go down when there is more supply than demand. If the only sizeable demand comes from a company doing a buyback and that exceeds supply, price can go up. But when that buyback ends it no longer has a material effect on the share price and very often the result of an artificial higher closing price after buyback, it stimulates supply followed by a fall. After all what criteria do investors use for buying shares ? Prospect of rising profits, rising dividends and therefore rising share price so as to make a gain or gain future dividend income - all to be weighed carefully against the opportunities elsewhere. The same criteria are not used for a buyback. For a start there are no alternative shares to compare to , the "investment" is limited to one share. The shares are most likely to be cancelled so there are no future returns to worry about. The EPS calculation (all things being equal) means a higher EPS - which often rewards directors through their bonus schemes (they think that is a no brainer). What is the point of a buyback then ? To artificially inflate the share price - but if its artificial it invariably comes down again. It removes cash from the balance sheet / adds debt. There must be stats available on what has happened to share prices post buyback - adjusting for real increases in future profits . That would tell a story.
ianwwwhite: bracke Shortly after my earlier comment, I got the 'blue screen of death' syndrome, and had to reboot my PC. I don't know how you did it, I suppose Elite Gurus have mysterious powers, but please desist! As for the AHT share price, I no longer try to second guess this, it outran my expectations some time ago (and I'm not complaining!). I am content to just watch with awe and wonder!
ianwwwhite: God morning bracke From an investors point of view, current AHT share price fluctuations seem to be being driven by the wider market sentiment, so probably not much to say until the 3Q Results are announced on 6th March. In the meantime I'm still holding! :-) .
davidcar7: Ref post 54796 ianwwwhite I have written to Geoff Drabble re the buy back vs higher dividends and reduction in debt owing. Should I receive a reply I would be happy to share the substance of that response. Since the results were issued 2 days ago the shares have drifted quite a significant amount lower -however the figures were outstanding and I believe eventually AHT share price will continue its upward trajectory.
fenners66: Ok for what its worth:- Lets say they bought CRS on a similar multiple to the current AHT share price. That makes the $275m something like 2.6% of AHT Using that assumption they should be buying 2.6% of turnover - About £82m of turnover Interestingly if I use the AHT accounts turnover by employee and multiply by 400 ( the number we have from the acquisition news ) that would give us a turnover of around £93m. I think this actually re-enforces the lower assumption as the smaller standalone business probably has a higher relative admin staff number. Pre-tax profit is about 24% so £82m x 24% = c£20m We trade on a multiple of say 16.3 at the moment so that's worth £321m and we used cash of £211 to get it. I anticipate once they have been integrated there will be savings and efficiencies and a profit increase. It may well need more cash to improve the life of the plant ( if you are selling a business you sweat the assets and generate cash and profit at the expense of capex for a few years to make it look good). There may even have been a negative impact with their customers if they had to put up with old plant. Overall though bolt on profitable acquisitions are probably a good way of diverting cash to build the share price long term.
ianwwwhite: Good afternoon bracke, My earlier comment was made in a light-hearted vein, I am sorry if it has touched a raw nerve. Nevertheless, as you have posed the questions, I am happy to share my views: At any one time it seems self-evident that the AHT share price is the product of a number of key factors: • The company’s results, previous trading and financial performance • The company’s barriers to competition, other competitors, and future market and trading prospects • Investment Analysts recommendations (including those using TA) • Shareholders and prospective purchasers propensity to buy/sell/hold/short shares In addition in the wider market the follow factors seem important: • General market trends • Speed of migration from equipment ownership to renting • Economic cycle • Currency fluctuations (particularly $/£) • Countries attempts to manage their economies e.g. Janet Yellen (rates/expansion/contraction) • Factors like the ‘Trump’ effect In the period from March to June we have had some significant other developments: • Q3 and Q4 results, and record profits for the year ending 30th Apr • Positive free cash flow for the first time in the last five years of 319 mil • Dividend increased again • Five positive Brokers estimates in the range 1650-2000p • Short Tracker indicates shorts above 0.5% stable at 1.14%, lowest since 2015 It seems that all these factors will have played a part in maintaining the AHT share price, (I am sure you can think of others), and of course last but not least there is also the share price movements caused by speculators who form a valuable part of the market although their activities may often create a divergence between market price and the company’s perceived intrinsic value. Did fundamentals play a part in the prices changes you mention – they certainly did in my view. Finally in trying to understand the markets, I am very much drawn to Robert Rheas’s Ripples, Waves and Tides analogy described in The Dow Theory. It makes pefect sense to me!
Ashtead share price data is direct from the London Stock Exchange
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