Ashtead Dividends - AHT

Ashtead Dividends - AHT

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Ashtead Group Plc AHT London Ordinary Share GB0000536739 ORD 10P
  Price Change Price Change % Stock Price Low Price High Price Open Price Previous Close Last Trade
115.00 4.38% 2,739.00 2,645.00 2,750.00 2,652.00 2,624.00 16:35:16
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Industry Sector

Ashtead AHT Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

fenners66: Instead of giving a shareholder every reason to hold on to the shares - that would reduce supply and arguably increase the share price as well.
discodave4: Https:// Ashtead's share price has seen an almost V-shaped rebound this year. After falling sharply from record highs in February, the share price collapsed in March, falling over 60%, before rebounding to recover all of its losses and trading back close to breakeven for the year. As a barometer of economic activity, this leasing and equipment rental company has a presence in both US and UK markets, and in March reported a pre-tax profit for Q3 of £225m, which is slightly down from the year before, though revenues were higher. At the end of April, the company issued a profit warning, with its US market expected to see a 15% decline in revenue as a result of the US shutdown. Profit is expected to come in lower at £1.05bn, while the company said it would be cutting capital expenditure from £1.2bn to £500m.
discodave4: Hi bracke,Not really looking at the technicals but the basic fundamentals, nearly a 5% drop in profit to below last FY, combined with a recession looming, should not equate to a share price that's 15%-20% higher than this time last year (or even trading anywhere near what is was in Feb).But then again!!
discodave4: Sorry meant to add, they have already said that underlying profit before tax will be about 5% below last year. So unless I'm missing something, a share price 15% higher than this time last year with a major recession looming suggests to me it's got a bit pricey.
fenners66: "Amusingly, after wasting much digital ink bashing buybacks in his annual letters, Buffett went off on a rant defending buybacks " I had not studied BH before yesterday - I knew about it of course. I have to say it took about 10 minutes to work out the modus operandi, and just why buybacks have to be central to BH. Today I read the report above and it states that :- "There is a more simplistic explanation of Buffett's style of investing at least in recent years: he will buy the stock of companies that engage in massive buybacks, such as Apple, even though his annual letter bashes companies that buybacks stocks, and he will dump all companies that halt buybacks, of which IBM is the most famous example." As I said yesterday - its pretty obvious if you are buying multi-billion stakes in a company you are going to need a market you can sell into otherwise you will sink the share price on your own holdings. Self interest a great motivator......
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: 10% more of the company EPS forecast down about 10 % So share price falls back from the high anyway. Debt increases Interest cost increases Long term refinancing charges increase. Potential interest rate increases based upon higher debt. Risk of non payment of dividends increases. For me the last part is absolutely unacceptable. Dividends were not increased in line with increases in earnings. Any director who sanction both buybacks and dividend cuts should have their bonuses removed and have their salary reduced by at least the same % - before that outcome is passed to the owners. Yes there are precedents of directors taking pay cuts. Yes I have done so myself in the past.
fenners66: I read the article about AA and it really beggars belief. Essentially adding all $12bn of buybacks to debt ! AHT have of course done the same on a much smaller scale and I guess AA are somewhat at the top of the "Madness" spectrum. But the point is that the US institutions let them do it ! So no regulators stopping them. No auditors (presumably ) writing qualified audit reports... But most of all the institutional shareholders presumably lapping it up - looking at the share price, as traders not investors. Pass the parcel hoping not to be holding the shares when the music stops. So we have companies making ridiculous decisions with the support of major shareholders - who don't give a fig as long as they can sell higher into the guaranteed short term demand created by the buybacks! Then other companies (like AHT) come along and cite the markets doing it , shareholders love it. Sure they are shareholders , they trade shares in big numbers and hold them for as long as it takes , milliseconds days, years perhaps but knowing their best returns from share buybacks are from selling , not holding and collecting dividends.
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 ?
ianwwwhite: Fenners, Still doesn't make the case for me. There are a number of factors missing from your calculation, for example the savings of dividend payments on shares in Treasury or subsequently cancelled, this benefit will continue to accrue indefinitely. There is also the question of impact on the share price, and bearing in mind that I managed to sell two tranches of AHT at a price in excess of £23 in July, the buyback certainly doesn't seem to be hurting the shareprice, although other contextual factors might. Bracke sold his mater's holding for only 21.86, you have to question his judgement... As for Standard Life Aberdeen, it's not a company that I follow, but generally I would suggest you would be better off taking advice from a successful investor, rather than a few disheartened people who apparently have had a difficult time in SLA, where there seems to be more pressing problems than the buyback. To quote an excerpt from Warren Buffett: ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Buffett generally prefers buybacks to other methods of returning capital to shareholders, especially dividends. While Buffett likes to receive dividends from the stocks he owns, when it comes to Berkshire, he considers buybacks to be a far better solution. Simply put, when management is authorized to buy back shares, they can choose when and if they want to buy shares and can deploy the capital only when it is in the best interest of shareholders. On the other hand, when a company implements a quarterly dividend, it is generally committing to making the payments, even if, during a particular quarter, there could be a more efficient way to use the money. (IWW: and we all know what happens when a company cuts its dividend!) One of Buffett's favorite things about stock buybacks is that they automatically increase his percentage ownership in a business without investing any more money. Buffett often remarks that he doesn't really care when his long-term investments decline in value as long as the underlying business fundamentals remain strong. From a buyback standpoint, he actually likes when prices fall. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I am sure that if you trawl the internet you will find contrary views, but that of Buffet is good enough for me, and as a committed holder of a residual holding in AHT, I accept that the buyback decision is not within my influence, or indeed yours.. Isn't it time you moved on? .
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