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AT. Ashtead Technology Holdings Plc

820.00
-14.00 (-1.68%)
Last Updated: 15:31:24
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Ashtead Technology Holdings Plc AT. London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-14.00 -1.68% 820.00 15:31:24
Open Price Low Price High Price Close Price Previous Close
808.00 808.00 838.00 834.00
more quote information »
Industry Sector
ALTERNATIVE ENERGY

Ashtead Technology AT. Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
03/05/2023FinalGBP0.0125/05/202326/05/202323/06/2023

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Top Posts
Posted at 09/5/2024 04:13 by johnrxx99
Interestingly, on Sharescope, AT. and W7L have the same foreward peg of 1.6. I hold both but AT. is my largest holding.
Posted at 08/5/2024 17:09 by sogoesit
Thanks,
Yep, that's low-ball.
The share price growth trend rate from IPO (Dec 2021) to October 2023 was about 50%pa.

It then broke-out and then there was a further displacement upon the ACE Winch acquisition and it consolidated between 01/12/23 and 24/01/24.

The share price then entered a new trend from a low of 572 on 12/01/24 to today at 825. This trend rate is about 200% CAGR. FFS!

Lets also be conservative and by awarding it a PEG of 1 at the old share price growth rate of 50% thereabouts. The forward P/E of 22.5 is thus 0.5 or thereabouts.
Thus significantly undervalued!

The other comparator is W7L which, until 18/04/24, was also in a growth trend rate of 50%.
But on recent results its 18p EPS, up 123% y-o-y, means it now trades, at share price 460, on 25x P/E.
Also undervalued.
But I think AT is the winner here... for the time being. Unless W7L rerates.
Posted at 07/5/2024 18:49 by sogoesit
Someone bought 54,613 shares at 16:35 at 847p
Posted at 28/4/2024 17:30 by wilmdav
I have now had a closer look at how AT is likely to have arrived at an ROIC figure of 28.6% for 2023.

My post 399 above noted that three different formulae provided by Investopedia produce three different figures for the denominator of ROIC. This remains the case but the figures are all in the same rather wide ball park.

Having read the Morgan Stanley 44 page article I am going to settle for the following Investopedia definition of Investment Capital, while bearing in mind that the MS article demonstrates how ROIC can be significantly affected by various adjustments that might be necessary.

IC = Total assets - cash - non interest bearing current liabilities (including tax and account payables)

The denominator is the average of IC over the reported year. This would normally be calculated by adding figures for the reported year and its predecessor and dividing by 2. In AT's case this would be problematic because of the final one month increase of investment in Ace Winches. To calculate the 2023 IC the company appears to have taken the 2022 figure and added one twelfth of the difference between figures for the two years - or something along those lines.

However IC for 2024 will be affected by Ace Winches for the whole year. Hence an indication of ROIC for 2024 can be gleaned by simply using the 2023 IC as denominator. During the analyst presentation the company said it was looking for an ROIC going forward of high teens.

The numerator is NOPAT (net operating profit (EBIT) after tax). In AT's case they appear to have used adjusted EBITA minus tax, which would be in accordance with Morgan Stanley's advice. AT has conveniently provided a figure for adjusted EVITA of 36.2m. My calculations suggest they have also followed MS advice in adding the interest component of operating lease expense, which brings the NOPAT figure up to 37.4m or 29.9m after deduction of a notional 20% tax.

The outcome of all this is an ROIC of 26.9% and around 18% going forward, which is close enough for the purpose of showing the kind of calculations the company is likely to have made.

I should add that MS makes a point that companies need some cash in their working capital to operate. They suggest a figure between 2% and 5%, depending on the company's size and maturity. Adding this back would reduce the outcome of ROIC calculations somewhat.

The current p/e on 2023 earnings is 24.3 and 21.4 for 2024 earnings. The PEGs are 1.8 and 1.4 respectively.
Posted at 19/4/2024 21:51 by sogoesit
Yes, there are many metrics, and definitions, around and their meanings need to be "dug into" to understand them and what they say about the business's performance.

Anything to do with cash, albeit important, is more to do with profitability and thus not necessarily the same as profit returns on the investment to make the business run and deliver an overall return (capital efficiency).

ROIC definition is fairly "simple" in my view. It is the overall return of the enterprise, all warts and benefits included, divided by the investment applied in the business. So the numerator is Net Profit After Tax (NPAT).
The aim of measuring this is to determine how much in excess of the business's applied WACC is attained, capital allocation efficiency wise, and therefore how robust this is compared to market, sector or competitor's returns. High ROIC companies compound well in excess of competitor companies and therefore are good long term growth investments.

Arriving at the denominator is not always clear but it too simply comprises the applied capital in the business of which there are only two kinds, Debt + Equity. It is the (externally) sourced money that has gone into the business and its re-invested (internal) retained money. Both Equity and Debt are stated in the Balance Sheet. Cash sitting doing nothing should be deducted.

Stockopaedia states, for the denominator:
"Another method of calculating invested capital is to add the book value of a company's equity to the book value of its debt and then subtract non-operating assets, including cash and cash equivalents, marketable securities, and assets of discontinued operations."

ROIC's cousin, to my mind, in DCF modelling is Capital Intensity.
Posted at 19/4/2024 15:16 by wilmdav
Sharepad has updated its data for AT. today. Below is a link to an exercise I do for every stock of interest to me, although I don't normally put them online these days.



Use the dropdown menu to get into Ashtead Technology.

Click on the Excel tabs at bottom of screen to view the bar charts. Plenty of valuable comment to bear in mind about basic and adjusted metrics have been provided by others above.

I have never got to grips with ROIC (Return on invested capital). This looks like something worth spending time on. Sharepad and presumably Sharescope focus on ROCE (Return on capital employed) and CROCI (Cash return on capital invested). The latter is probably closer to ROIC. Here is the Sharepad definition:

"Cash Return On Capital Invested is Free cash flow to the firm (FCFf) as a percent of average Capital employed over the year, where FCFf is the cash after tax and capex have been deducted. Capital employed is calculated as Total assets minus Current liabilities plus short-term borrowing."
Posted at 16/4/2024 09:43 by slogsweep
Sogoesit thanks I'm already registered on Invstormeet through TIG and so easy to add AT. Do you think there will be an analyst comment/upgrade before then?
Posted at 08/4/2024 07:02 by bigbigdave
At last!
Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, confirms it will announce its results for the year ended 31 December 2023 on Tuesday, 16 April 2024.
Posted at 27/2/2024 15:49 by zho
>>For just the combination of the businesses (Winch + AT. Base) I get 34.4 x 22 (P/E) = 756. No growth.>>

I would have thought that the eps figures at are likely to be more accurate than those on Market Screener. These are 29.7p for calendar 2023, 37.1p for the current year, and 42.6p for 2025 - decent growth.

And if you look at the corresponding figures for AT.'s PTP and then look at the PTP* for Rathmay Ltd (the parent company of ACE Winches) to 3/23 - as suggested by Tudes100, above - you can see why he thinks that the 2024 and 2025 figures for PTP on AT.'s web pages may be unduly cautious.

* Pretax profit of £12.2m, post tax profit of £10.3m
Posted at 19/2/2024 12:13 by slogsweep
Nice to see someone else using that metric. I'm a bit more conservative and use trend line growth rather than point to point. On that basis AT. share price is growing at 156% pa. and NVDA 874% over same period. But what also interests me is that the prospective PE of AT. is only about 25 whereas for NVDA its 59. I'm happy to hold both along with few others with similar share price growth.

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