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AT. Ashtead Technology Holdings Plc

10.00 (1.22%)
24 May 2024 - Closed
Delayed by 15 minutes
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
  10.00 1.22% 828.00 105,729 16:35:23
Bid Price Offer Price High Price Low Price Open Price
820.00 822.00 824.00 815.00 815.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs 73.12M 12.67M 0.1584 51.77 655.57M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:36:37 O 3,447 827.2814 GBX

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Date Time Title Posts
14/5/202409:20Ashtead Technology: Subsea Solutions431
10/1/202407:20Undersea Star9

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Posted at 25/5/2024 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 818p.
Ashtead Technology currently has 79,947,919 shares in issue. The market capitalisation of Ashtead Technology is £655,572,936.
Ashtead Technology has a price to earnings ratio (PE ratio) of 51.77.
This morning AT. shares opened at 815p
Posted at 08/5/2024 17:09 by sogoesit
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 29/4/2024 13:28 by zho
This company’s share price has trebled and still has further upside

A subsea services group is benefiting from strong growth drivers and is primed to deliver double-digit growth for years to come
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
"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

Many 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 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.
Ashtead Technology share price data is direct from the London Stock Exchange

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