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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ashtead Technology Holdings Plc | LSE:AT. | London | Ordinary Share | GB00BLH42507 | ORD 5P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 8.00 | 1.06% | 766.00 | 446,677 | 16:35:04 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 755.00 | 760.00 | 770.00 | 740.00 | 755.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 73.12M | 12.67M | 0.1584 | 47.60 | 602.81M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:21:32 | O | 6 | 761.439 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 24/4/2024 | 07:00 | UK RNS | Ashtead Technology Holdings plc Conditional LTIP Award |
| 19/4/2024 | 07:00 | UK RNS | Ashtead Technology Holdings plc PDMR Dealing |
| 18/4/2024 | 07:00 | UK RNS | Ashtead Technology Holdings plc Reminder of Investor Presentation |
| 17/4/2024 | 16:05 | UK RNS | Ashtead Technology Holdings plc Director Share Purchase |
| 16/4/2024 | 07:01 | UK RNS | Ashtead Technology Holdings plc Issue of shares to EBT |
| 16/4/2024 | 07:00 | UK RNS | Ashtead Technology Holdings plc Full-Year Results 2023 |
| 08/4/2024 | 07:00 | UK RNS | Ashtead Technology Holdings plc Notice of Results |
| 20/3/2024 | 09:17 | UK RNS | Ashtead Technology Holdings plc Appointment of Non-Executive Director |
| 19/12/2023 | 07:00 | UKREG | Ashtead Technology Holdings plc Directorate Change |
| 13/12/2023 | 07:00 | UKREG | Ashtead Technology Holdings plc Holding(s) in Company |
Ashtead Technology (AT.) Share Charts1 Year Ashtead Technology Chart |
|
1 Month Ashtead Technology Chart |
Intraday Ashtead Technology Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/4/2024 | 16:52 | Ashtead Technology: Subsea Solutions | 406 |
| 10/1/2024 | 07:20 | Undersea Star | 9 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-04-24 16:21:33 | 761.44 | 6 | 45.69 | O |
| 2024-04-24 16:18:21 | 766.00 | 6,469 | 49,552.54 | O |
| 2024-04-24 16:16:52 | 764.19 | 670 | 5,120.04 | O |
| 2024-04-24 16:15:06 | 759.01 | 489 | 3,711.54 | O |
| 2024-04-24 16:15:00 | 740.00 | 20,000 | 148,000.00 | O |
| Top Posts |
|---|
Posted at 24/4/2024 09:20 by Ashtead Technology Daily Update Ashtead Technology Holdings Plc is listed in the Oil And Gas Field Expl Svcs sector of the London Stock Exchange with ticker AT.. The last closing price for Ashtead Technology was 758p.Ashtead Technology currently has 79,947,919 shares in issue. The market capitalisation of Ashtead Technology is £602,807,309. Ashtead Technology has a price to earnings ratio (PE ratio) of 47.60. This morning AT. shares opened at 755p |
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 20/4/2024 12:47 by wilmdav SagoesitMany thanks for such a clear and informative post, which has reinforced my impression that an understanding of ROIC is well worth pursuing. Your Investopedia referral also contains a link to WACC (Weighted average of cost of capital), to which ROIC is compared. The InvestorMeet website has a recording of yesterday's presentation. The company's ROIC target of high teens (28% in 2023), compared to WACC of 8% speaks volumes. 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. |
Posted at 19/4/2024 12:21 by chester9 No mergers confirmed as being close but consolidation of fragmented suppliers agenda continues..Small hint of a cash raise may be required to fund this route..Markets predicted strong growth in next few years. .Solid update with reminder of share price from 1.62 to todays price being a good return since 21. |
Posted at 19/4/2024 09:51 by sogoesit Cheers, Villa! ;-)Yep, W7L looks a good one, agreed. PS. 11.30am today for AT's InvestorMeet and hope to learn more on M&A going forward as it will be at least +50% on revenue in Pro-Forma 2024. Bought more today as the share price is below my forward TP. |
Posted at 17/4/2024 16:19 by whittler100 Seems that the Ch of AT took yesterday's share price drop as an opportunity to fill this FYs ISA allowance |
Posted at 16/4/2024 11:30 by sogoesit On a Pro-Forma 12 month basis for ACE acquisition, assuming additional 11 months' Revenue from ACE (£3.55m x 11) for Total £149.516m, no increase in Finance Costs (£4m) and constant tax rate (21.5%) the EPS comes in at 37.56p.Assuming a Forward PER of 28x the share price would then be 1051p for FY2024 at no growth. P/S would revert to 2022's 4x. Assuming G&A did not increase proportionately, say only by 50% (from £55.291m to £64.827m instead of £74.363m), then Pro-Forma FY2024 no growth EPS would come in at 47p. |
Posted at 16/4/2024 09:21 by sogoesit For 2023 Actuals Financing Costs looks like the issue.Up 174% from £1.459m to £4.000m which then hit Net Margin growth. (CFO : "Net debt increased from £28.7m to £61.7m as a result of the ACE Winches acquisition being funded through the RCF"). If Finance Costs had remained constant, for illustration, Net Margin growth would have been double (i.e. 29% instead of 15%). EPS would have come in at 30p instead of 27p. At 780p share price the PER is now 29x. At 655p share price it's 24x. So, pending further research, for me it's an accumulate. |
Posted at 28/2/2024 09:44 by sogoesit Yes, that tallies with the site published forecasts:2022/2023 = 29.7/16 = 85.63% 2023/2024 = 37.1/29.7 = 25% 2024/2025 = 42.6/37.1 = 14.82% More detailed EPS breakdowns: 2022/2023 - High: 30.5 Low: 29.2 2023/2024 - High: 38.2 Low: 36.3 Broker 12 month share price Targets: High - 750 Medium - 695 Low - 615 Taking the share price Forecasts against the, say, 2023/2024 37.1p EPS then the implied P/E Ratios are: High - 20x Medium - 18.75x Low - 16.58x For a company growing EPS at over 30% historic and revenue at over 45% historic the respective awarded EPS PEG Ratios are: High - 0.67 Medium - 0.62 Low - 0.55 Conclusion: significantly forecast undervaluations and buyers have been slaves to the highest share price Target, giving PI's a lot of arbitrage here over the "professionals" imv. |
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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