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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ashtead Technology Holdings Plc | AT. | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 19.00 | 2.44% | 799.00 | 16:35:16 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 780.00 | 777.00 | 797.00 | 799.00 | 780.00 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 03/05/2023 | Final | GBP | 0.01 | 25/05/2023 | 26/05/2023 | 23/06/2023 |
| Top Posts |
|---|
Posted at 22/4/2024 16:42 by wilmdav SagoesitAccording to Investopedia, the numerator is NOPAT (Net operating profit after tax), not NPAT (Net profit after tax). My impression is that they include all equity in the denominator, together with net debt.. One of the other formulas does involve working capital. I am going to have a good look at the subject over the next week or so and will report back on findings. Of particular interest to me will be how my other holdings/positions stand up in comparison to AT in terms of ROIC. Thank you very much for your input. |
Posted at 22/4/2024 11:16 by wilmdav I thought it would be instructive to try to replicate AT's quoted ROIC ratio of 28.6% for 2023.The numerator is normally straightforward (EBIT - tax). Investopedia gives three alternative method's for calculating the denominator. These should all arrive at the same figure. My attempts to follow the instructions produce three different figures for 2023 between £168.6m and £159.3m and between £103.6m and £105.8m for 2022. Closer inspection and consideration will no doubt iron out the variations. At present the only way I can get near an ROIC of 28.6% is to use AT'S 2023 adjusted EBIT (EVITA minus amortisation) minus tax for the numerator and my lowest figure for the 2022 denominator. On this basis ROIC comes out at just above or below 28.6% depending on what tax figure is used (paid/charged). I had expected the denominator utilised would be an average between that of 2022 and 2023, which would result in an ROIC in the region of 21.8%. It would be further reduced to around 18.8% if reported EBIT minus tax is used for the numerator. Obviously the crucial thing in comparing one company's ROIC with another is to be consistent in one's own calculations. Edited at 11:36am |
Posted at 22/4/2024 07:56 by sogoesit Where some investors see overvaluation ("not exhibiting good valuation metrics") other investors (Growth/Trend valuers) would likely see current undervaluation thus creating arbitrage at the current post-2023 Results "settled price" of 740p.In, and from, a price action Trend price can only move three ways giving each a probability of 33-1/3rd%. Betting favours 66-2/3rd% outwith the Equity Premium. Speculative Sentiment, and short term macro-economic uncertainty, will also create opportunity to both upside and downside mispricing, as recently demonstrated. On a one year Term View the stock is undervalued... significantly imo. |
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 13/3/2024 11:48 by bigbigdave I'm chilled, expecting AT. to be north of a tenner by end of year. |
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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