Ashtead Technology Share Discussion Threads

[bigbigdave] 01/12/2023 09:42

RBC RAISES ASHTEAD TECHNOLOGY PRICE TARGET TO 695 (520) PENCE - 'OUTPERFORM'

[mattafc] 30/11/2023 12:09

Trust the process

[sogoesit] 30/11/2023 12:07

IC implied forward P/E is about 17.5 (and 15.7 at today's sp).
Looking at the company's growth rates this results in a PEG well below 1.00.
So, in my view, 17.5 is still under-rating this stock.

[zho] 30/11/2023 11:13

Yes - well done - that's quite some upgrade by Numis.

++++++++++++++++++

Ashtead's earnings cycle steps up a gear

The offshore energy services group continues to outperform and is making an astute acquisition that has been warmly received

[bigbigdave] 30/11/2023 11:09

bigbigdave21 Nov '23
Trading statement overdue

zho21 Nov '23
>>Trading statement overdue>>
Not necessarily. We received a TU in October 2022 because trading was materially ahead of expectations.

bigbigdave21 Nov '23
Was hoping for another materially ahead zho :o)

Well I got comfortably ahead :o)

[volsung] 30/11/2023 09:56

I’m just a boy who loves a spike

[sogoesit] 30/11/2023 09:52

Over-exuberant, really?
Were not HY23 EBITDA and EBITA figures for AT £21.3m and £15.7m respectively?
And ACE adds how much to that in percentage terms?

A P/E of 13 (Numis) under-rates this stock by at least 50% imv.

Hmmmm....

[volsung] 30/11/2023 08:58

Sold a couple of days ago. FOMO struck and bought back today at a20% premium

[zho] 30/11/2023 08:56

This morning's share price reaction looked over-exuberant to me, but a Numis note appears to justify it:

“... we upgrade our FY23E EPS by 3%, FY24E EPS by 25% and FY25E EPS by 28% ...”

“ On our upgraded forecasts, the shares trade on a FY24E EV/EBIT of 9.8x and a P/E of 13.3x”

Target price raised from 475p to 618p.

[sogoesit] 30/11/2023 08:25

Agree on the leak but...
Judging by the price action today, yesterday was just a "small leak"... ;-))

Hopefully on the way to my 620 target by Christmas....

[solarno lopez] 30/11/2023 08:15

Excellent news

[solarno lopez] 30/11/2023 08:10

We did it big Dave we are through £5

[bigbigdave] 30/11/2023 07:15

Judging by the price action yesterday reckon this was leaked.

[sogoesit] 30/11/2023 07:12

The last paragraph is the most interesting, for sure.
Let’s see how “comforting221; the share price will be!!

[bigbigdave] 30/11/2023 07:05

30 November 2023

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")



Acquisition of ACE Winches



Ashtead Technology acquires ACE Winches



Ashtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, is pleased to announce the acquisition of the entire share capital of Rathmay Limited, the parent company of ACE Winches, from its founders Alfie and Valerie Cheyne, for a total cash consideration of £53.5m (on a cash and debt free basis) (the "Transaction").



The Transaction will be funded through drawing on the Group's revolving credit facility and is expected to be materially earnings enhancing in FY2024 and beyond, with ROIC materially ahead of the Group's weighted average cost of capital in year one.



About ACE Winches

Established in 1992, UK headquartered ACE Winches is a market-leader in the design, assembly and rental of lifting, pulling and deployment solutions. The company's core offering supports the installation, inspection, maintenance & repair and decommissioning of offshore energy infrastructure which is highly complementary to Ashtead Technology's existing equipment and services portfolio.



Through a combination of its comprehensive rental fleet and 31 years of proven engineering experience and expertise, ACE Winches has built up an unrivalled reputation amongst its traditional oil and gas customers and has more recently seen success in expanding into the offshore renewables market. The company's in-house designed and assembled equipment rental fleet is one of the most comprehensive and diverse ranges of back deck machinery in the industry and is designed to deliver reliable, fully integrated solutions to address all complex lifting, pulling and deployment challenges.



With nearly 80 per cent. of ACE Winches' revenue generated outside of the UK, supported by operations in Norway and sales offices in the UAE and USA, the acquisition offers a significant opportunity for Ashtead Technology to further expand its global offering across its existing international footprint. ACE Winches is Ashtead Technology's eighth acquisition in the last six years and follows the Group's acquisitions of WeSubsea and Hiretech, in 2022.



ACE Winches will form part of the Group's enlarged Mechanical Solutions offering, a core area of focus for inorganic expansion. Gary Wilson, current Chief Commercial Officer at ACE Winches will run the day to day operations reporting to Ashtead Technology management with founder, Alfie Cheyne, remaining with the business as an advisor for 12 months to provide strategic and commercial input through a handover and integration period.



As at 31 March 2023, ACE Winches reported gross assets of £55.7m and for the 12 months to December 2023 ACE Winches is expected to generate revenues of c. £43.4m, adjusted EBITDA of £13.7m and adjusted EBITA of £10.0m. Organic growth rates for the enlarged Group are expected to be in line with previous medium term guidance. Pro forma leverage for the enlarged Group as at 31 December 2023 is expected to be less than 1.4x, with the Group de-leveraging to less than 1x by December 2024.



Current Trading

The Board continues to be very encouraged by the Group's performance through H2 2023 and now expects FY23 to be comfortably ahead of its previous expectations before taking into account the additional growth from ACE Winches.

[bigbigdave] 28/11/2023 18:27

AT. under the radar of many Sogoesit

[sogoesit] 28/11/2023 18:08

AIM players lack patience imv. I'm sure they have better places to put their cash but I'm not sure.
For example, in a number of recent commentaries on VOX markets I've commented that AT is a good growth story yet noone takes it up as one.
Who knows!
Quality will out eventually.

[bigbigdave] 28/11/2023 16:42

Some chunky sells this afternoon, is that what has been holding us back?

[bigbigdave] 23/11/2023 06:44

Day one of the Offshore Energies UK Conference in St Andrews and the Ashtead Technology team have had an energising start to the week, meeting with new and existing customers and participating in various discussions, presentations and networking sessions.

We are proud of the role we play in the decommissioning arena and our continued involvement with industry partners and the supply chain to support the sustainable future of this growing sector.

[bigbigdave] 21/11/2023 18:08

Was hoping for another materially ahead zho :o)

[zho] 21/11/2023 16:00

There is a £20bn ten-year opportunity to remove much of the oil and gas equipment from the North Sea, according to the industry's own assessment.

The boom times are already here, but as they gather pace, they will require careful co-ordination with the offshore wind sector, in competition for similar skills.

[zho] 21/11/2023 10:33

>>Trading statement overdue>>

Not necessarily. We received a TU in October 2022 because trading was materially ahead of expectations.

[bigbigdave] 21/11/2023 08:40

Trading statement overdue

[samenic] 20/11/2023 13:03

Well the upward sprikes seem to correlate to when l reduce part of my holding!! Its like somebody throws a double six and buys a chunk...........