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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
|
|
|---|---|---|---|---|
| 16.00 | 2.16% | 758.00 | 16:35:13 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 731.00 | 731.00 | 757.00 | 758.00 | 742.00 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Top Posts |
|---|
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 21/4/2024 15:02 by carcosa Return on Invested Capital (ROIC) and Return on Capital Employed (ROCE) are key profitability metrics. While the numerators in their formulas are identical, the denominators differ - ROIC utilises invested capital, whereas ROCE is calculated using capital employed (adjusted for goodwill in my example).These ratios indicate a highly profitable company, though they do not inherently suggest whether the company is under or overvalued. To assess valuation, one must apply relevant valuation metrics. Considerations include the price-to-earnings (P/E) ratio, the PEG ratio (as per Sogoesit psots) which accounts for growth, and the EV/EBITDA multiple frequently referenced for high-growth companies. The debt-adjusted P/E ratio also offers valuable insights. Overall the company is not exhibiting good valuation metrics nor low gross gearing so I would not be surprised to see share price weakness over the coming months. When evaluating an investment opportunity, I prioritise several key factors: - The overall market growth trajectory - Affirmative for Ashtead Tech's sector. - Pricing power? - Evident from high gross margins and recent 13% price increase. - Ability to fund further acquisitions through organic cash flow or equity financing if required - Appears viable given their position. - High revenue rate increases over next 1-3 years? - Easily Yes for next year. So as long term investor I'm happy to hold but I would be unlikely to be a new buyer of the shares; even as (improved) analysts' forecasts start to trickle through. |
Posted at 21/4/2024 11:44 by sogoesit Wilmdav..."It is not difficult to find shares in a strong growth trend but I currently feel underequipped to make an independent assessment of such a share's future growth prospects and the extent to which a share price or P/E is justified." True (there are many companies that do exhibit strong growth trends, especially at present). However, the ROIC measure, for me and others, exhibits the strength of management's (historic) performance using in part OUR capital and the leveraging of Debt (WACC). This performance is based on financial and operating skills and judgement of (future) valuation when engaging in M&A and the impact of M&A synergies with its existing business. If Returns are consistent over (historic) time then the probabilities are in favour of that management's performance being consistent in future. Of course the future is unpredictable and management may err or slip-up but investing is a game of probability and not of deterministic certainty. In general one's investing chances of good returns accrue from good management and this is exemplified by companies that have them (eg Steve Jobs/Jony Ive, Tim Cook, Nooyi, Bezos, Wolfson etc.). ROIC measures how well management uses our capital in a domain of risk and return (cf WACC) where we as investors can quickly see the competitive use of our capital and choose to remain or go elsewhere (based on our own cost-of-capital). Always seek and buy good management imv (and spot it with ROIC performance). Here are some high ROIC performers: Inditex (20%+), HSY (20%+), LLY (20%+), MSFT (25%+), PEP (18%), LVMH (14%), Hermes (Paris) (24%), Frasers (12%+), Next (20%+), MPC, AMR etc. P/E is another issue. It is one of valuation of present/past value against market participants' future growth expectations and can be both fickle and volatile. Investors, especially "Value" investors, can get easily confused when judging companies by P/E, especially when looking at historic (TTM) ratios and fall into the trap of not looking at forward valuations. The problem is exacerbated in the UK due to the infrequency of financial reporting (half-yearly, and late, versus US quarterly). The PEG Ratio is therefore the best measure for this imv and the inventor, Jim Slater, wrote about it in The Zulu Principle. His son, Mark Slater, applies the principles in a Fund he manages, The Slater Growth Fund. This fund offers insights to growth company valuation and investing. (NB. Growth company investing should not be confused with Momentum (Trend) investing albeit that when they combine returns do significantly outperform in my experience). |
Posted at 17/4/2024 10:42 by sogoesit About "exceptionals", albeit taking carcosa's comments, AT is a (part) M&A company, having 17%+ growth from inorganic acquisitions (plus adherent restructuring costs) on a regular basis.Like its bigger sibling AHT it seems to go with the rental business territory. To my mind, while its M&A strategy continues in this growth phase these costs/benefits, being regular, are not exceptional. That said, when working my analysis for forward growth estimates in "growth stocks", I do separate the different business "activities" otherwise one can be deceived where growth originates and what the costs/benefits are. The "costs" don't just appear in the "adjusted" figures they also appear in the Balance Sheet as increased equity or, in this case, increased use of Debt, or vice versa less Debt with increased "profits". This impacts ROIC which, commendably, the management of this company uses as an appropriate measure of returns. The CFO said: "Our 51% revenue growth was derived from organic growth (35%), M&A (17%) (being the full year impact of the WeSubsea and Hiretech acquisitions completed in 2022 plus one-month trading from our most recent acquisition, ACE Winches), with a small decrease from FX rates (-1%)." The issue is what will the proportion of growth due to M&A be in FY2024 and its impact on ROIC. Anyone guess? (PS. I am not a fan of modern accounting and its potential to be manipulated, if only in presentation, by managements potentially hiding the true nature of their businesses... whether "standard" or not. I don't think these are "standard" By the way.) Reminder: if one investor accepts "standards", or doesn't, in measurement and buys/sells on those "standards", or others, they may do themselves an injustice compared to other investors' views on performance metrics. This creates arbitrage and risk; an example of which happened yesterday... and may persist!! |
Posted at 17/4/2024 08:36 by carcosa With reference to the above posts, herewith are the pre-results 7 analyst consensus figures, as of 15 February 2024, compared to the (results)Revenue 107.2 (110.5) Underlying EDITDA 47.2 (48.3) Underlying Operating Profit 34.7 (34.8) Underlying PBT 31.5 (33.0) Underlying EPS 29.7 (33.4) Net Debt 73.5 (61.7) In all instances Ashtead beat forecasts. The analyst figures are taken from Ashtead's website As is typical, Analyst data is adjusted '...Underlying figures exclude exceptional costs, FX gain/loss and amortisation.' This is industry standard. The argument over adjusted v statutory figures is a valid concern and investors have to make their own mind up as to the validity of the adjustments and, for me, whether or not a company is making large adjustments over many years. After all 'exceptional costs' should by their very nature be 'exceptional'. In Ashtead's case those exceptionals relate to FX, acquisition Costs, Restructuring, Software and deferred finance costs. So in my book I'll say that's ok. Others may have differing opinions. As for potential future revenue growth I'd agree with Whittler100's views. Additionally we may see further acquisition activity. The Full Year Results Presentation can be downloaded from |
Posted at 16/4/2024 09:25 by sogoesit @Slogsweep...Yes, following the link in the RNS asks you to authenticate otherwise there is an error message. Go direct to the Investors Meet site, register for free, and then within that site you can register for the meeting. Investors Meet site here: |
Posted at 16/4/2024 09:20 by slogsweep Analysts meeting on at moment may be that will show some light on what accounts actually are telling us. Tried to sign up for investors meeting on 19th but got an error message, anyone else tried? |
Posted at 04/3/2024 09:55 by zho >>I think Subsea Electrical Cable laying is a different expertise, and contractor, to Subsea O&G Pipe laying, and removal.>>Agreed. Q3 results due tomorrow according to |
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 25/8/2023 07:02 by bigbigdave 25 August 2023Ashtead Technology Holdings plc ("Ashtead Technology" or the "Group") Notice of Results & Analyst and Investor Presentations Ashtead Technology (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector , will announce its results for the half year ended 30 June 2023 on Monday, 4 September 2023. Analyst briefing A briefing call for sell-side analysts will be held on Monday, 4 September 2023 at 8.00 a.m. BST. If you are a sell-side analyst and would like to join the call, please email ashteadtechnology@vi Retail investor presentation Ashtead Technology management will also host a presentation and Q&A for retail investors on Friday, 8 September 2023 at 2.00 p.m. BST to discuss the company's half year results. The presentation will be hosted on the Investor Meet Company platform and is open to all existing and potential shareholders. Questions can be submitted online in advance or at any time during the live presentation. |
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