Ashtead Technology Share Discussion Threads

[eagle eye] 12/5/2023 11:48

Excellent presentation on Investor Meet Company today which has been recorded.
Lots of information to digest.
Well done management team for engaging with private shareholders.

[zho] 11/5/2023 12:07

Well spotted:

"Given the significant growth potential on offer, the shares still look a buy, trading on 13.2 times and 12.1 times 2023 and 2024 earnings respectively
based on Numis’ updated forecasts." (Price in article is 370p)

[nattagoza] 11/5/2023 11:47

Tipped Shares Mag today

[bigbigdave] 11/5/2023 07:07

Placing at 360p, not too bad. Recovered well after the last one in January.
Reckon we might get a SCSW.com tip this weekend too.

[zho] 10/5/2023 17:42

Yep - BD Bidco again, loooking to place 7.1m shares, less than half the 15m they placed back in January.

[mammyoko] 10/5/2023 17:12

And there's the placing

[bigbigdave] 10/5/2023 08:24

RBC raises AT. 445 (400) Outperform.

[zho] 06/5/2023 17:20

Paul Scott praises “excellent results …. very, very good numbers” but reckons “it's strange that AT. is making so much profit from a tiny asset base”.

from 31:30

[tenapen] 04/5/2023 10:23

Website Updated






Press comment;

[zho] 03/5/2023 12:50

Another round of earnings upgrades

A subsea rentals and services group has raised guidance three times since the autumn, but still trades a low PE .....

.... I am lifting my target from 375p to 425p, slightly below Numis’ raised target of 450p (from 400p). Buy.

[bertiebingo] 03/5/2023 11:06

The full accounts inc P&L are on the report. Reported net (12,7m) and adjusted (13.5m)

[tenapen] 03/5/2023 08:24

Good-Buy


Good to great to see a maiden dividend.

[blackhorse23] 03/5/2023 08:13

Switched to GATC for safe side

[slogsweep] 03/5/2023 07:52

Smoke and mirrors confuse the punters with too much irrelevant details

[stevenlondon3] 03/5/2023 07:33

Outlook "materially ahead" and 1p dividend. All to the good.
But why is the reporting so late?

[grahamhacker] 03/5/2023 07:21

Excellent results but why oh why don't they quote the bottom line figure - net net profit1 Instead EBITDA with qualifiers!!

[bigbigdave] 03/5/2023 07:04

Nice
Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, announces its full-year results for the period ended 31 December 2022.



Highlights



Financial Results

· Group revenue up 31% to £73.1m (2021: £55.8m), primarily driven by organic growth (23.7%) favourable FX rates (c.5.5%) and M&A (1.7%).

· Revenues from offshore renewables and offshore oil and gas markets up 22% and 35%, respectively.

· Gross profit up 34% to £54.3m (2021: £40.5m), with gross margin of 74% (2021: 73%), benefitting from increased pricing and utilisation.

· Adjusted EBITA1 increased 47% to £20.1m (2021: £13.7m), with an Adjusted EBITA1 margin of 28% (2021: 25%).

· Adjusted earnings per share of 19.6p (2021: 13.2p) and basic earnings per share of 15.9p (2021: 3.6p).

· ROIC of 21% for the period (2021: 17%).

· RCF refinanced and increased in April 2023 to £100m (plus accordion of £50m) to support growth opportunities.

· Final dividend of 1p per share recommended.



Operational Highlights

· Meaningfully expanded operational capabilities and technical expertise through bolt-on acquisitions in H2:

o Hiretech, completed December 2022, adding a multi-purpose fleet of marine and subsea equipment rental assets and skilled personnel

o WeSubsea, completed September 2022, providing high performance, in-house designed dredge systems to complement existing product and service offering

· Continued to invest in high-quality equipment rental fleet, increasing number of items from 17,000 to over 19,000 through organic investment (£13.1 million capex in our equipment rental fleet), as well as WeSubsea and Hiretech acquisitions.

· Employee headcount 260 at year end, up from 204, with business continuing to scale up to support future growth.

· New senior leadership appointments to grow international footprint and bolster technical capabilities across our services.

· Strong progress towards sustainability goals - increased revenues from offshore renewables, secured ISO14001 environmental management certification.



Outlook

· Market outlook remains strong, with customer backlogs at record levels. Demand remained high in Q1 2023 across both offshore oil and gas and offshore renewables markets with pricing and utilisation continuing to track upwards.

· Inflationary pressures remain, but increased pricing is expected to continue to offset impact on the business.

· The Board remains confident in the business' near and medium-term prospects and is focused on leveraging its market position and offering to drive further progress.

· Given the performance to date, the Board expects the outturn for the full year to be materially ahead of its previous expectations.



Allan Pirie, Chief Executive Officer, commented:



"This has been a very successful and busy year for Ashtead Technology. We believe we are well-positioned to exploit the many growth opportunities that lie before us in 2023 and beyond, driven by higher activity levels across both oil and gas and offshore renewables markets. With a full year's benefit of our two recent acquisitions, coupled with enhanced financial firepower, we will look to further expand our offering whilst continuing to grow within our existing markets."

[tenapen] 02/5/2023 17:19

An all new website in time for tomorrows results.

[bigbigdave] 25/4/2023 07:10

Results 3rd May then.

[bigbigdave] 13/4/2023 08:40

Nice and firm in recent weeks, hopefully a sign of decent results.

[zho] 12/4/2023 11:37

>>Do think they really need to get their full year accounts out sooner than early June this year>>

AT. IR have told me that they hope to announce FY 2022 results during the week after next.

[podgyted] 02/4/2023 09:51

Looks like Thursday if they follow last year.

(Do think they really need to get their full year accounts out sooner than early June this year)

[bigbigdave] 01/4/2023 08:25

Trading update due in April going on last year.

[zho] 06/3/2023 10:42

From Citywire on Friday:

Berenberg: More scale to come from Ashtead Technology

Berenberg believes Ashtead Technology (AT) is well liked by investors but there is further scope to scale up the subsea equipment rental group.

Analyst Robert Chantry retained his ‘buy’ recommendation and target price of 405p. The stock gained 1.7% to 303p.

He initiated coverage at the beginning of February and has since spoken with more than 80 investors about the stock.

‘A majority believe that the combination of a supportive energy market backdrop and exposure to the offshore renewables market should underpin strong organic growth, with high margins, the potential for additional [mergers and acquisitions], and a strong management team ticking a lot of boxes,’ he said.

However, he said there were ‘pushbacks and questions’, mostly around energy markets, the degree of demand cyclicality, and the propensity to rent rather than own equipment in the space.

‘Overall, this feedback suggests the company is well liked by investors, but there is further to go in terms of the scale of the business and in the articulation of the investment narrative,’ he said.