Financials Ashtead Group plc

Equities

AHT

GB0000536739

Business Support Services

Market Closed - London S.E. Other stock markets 11:35:16 2024-04-26 am EDT			5-day change	1st Jan Change
6,104 ^GBX	+5.97%		+9.82%	+11.75%

Apr. 26	Well, it isn't as bad as feared...
Apr. 26	ANALYST RECOMMENDATIONS : Caterpillar, Dow, Spotify, Alphabet, Snap...

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,918	9,740	20,739	18,491	20,024	26,638	-	-
Enterprise Value (EV) ¹	13,663	15,103	24,929	24,380	27,129	34,800	34,549	34,252
P/E ratio	12.8 x	13.5 x	30 x	18.2 x	15.6 x	21 x	19.8 x	17.1 x
Yield	1.89%	1.87%	0.91%	1.57%	1.73%	1.35%	1.45%	1.59%
Capitalization / Revenue	2.2 x	1.93 x	4.12 x	2.82 x	2.59 x	3.09 x	2.91 x	2.7 x
EV / Revenue	3.04 x	2.99 x	4.96 x	3.72 x	3.51 x	4.04 x	3.78 x	3.47 x
EV / EBITDA	6.49 x	6.36 x	10.8 x	8.21 x	7.69 x	8.9 x	8.25 x	7.53 x
EV / FCF	37.1 x	19.1 x	18 x	26.3 x	64.4 x	156 x	29.8 x	29.8 x
FCF Yield	2.69%	5.24%	5.54%	3.8%	1.55%	0.64%	3.35%	3.35%
Price to Book	3.55 x	3.29 x	6.39 x	4.49 x	4.22 x	5.14 x	4.17 x	3.75 x
Nbr of stocks (in thousands)	467,371	447,810	445,910	442,473	437,493	436,399	-	-
Reference price ²	21.22	21.75	46.51	41.79	45.77	61.04	61.04	61.04
Announcement Date	6/18/19	6/16/20	6/15/21	6/14/22	6/13/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,500	5,054	5,031	6,549	7,730	8,623	9,141	9,863
EBITDA ¹	2,107	2,376	2,301	2,968	3,528	3,911	4,188	4,551
EBIT ¹	1,264	1,285	1,197	1,691	2,111	2,203	2,325	2,580
Operating Margin	28.08%	25.43%	23.79%	25.83%	27.31%	25.55%	25.44%	26.16%
Earnings before Tax (EBT) ¹	1,060	983	936	1,372	1,724	1,683	1,792	2,019
Net income ¹	796.9	739.7	697.4	1,029	1,293	1,264	1,341	1,523
Net margin	17.71%	14.64%	13.86%	15.71%	16.73%	14.66%	14.67%	15.44%
EPS ²	1.654	1.615	1.552	2.301	2.927	2.904	3.081	3.575
Free Cash Flow ¹	368	792.1	1,382	925.7	421.5	222.5	1,158	1,148
FCF margin	8.18%	15.67%	27.46%	14.13%	5.45%	2.58%	12.67%	11.64%
FCF Conversion (EBITDA)	17.47%	33.34%	60.05%	31.18%	11.95%	5.69%	27.65%	25.23%
FCF Conversion (Net income)	46.18%	107.08%	198.12%	89.95%	32.59%	17.6%	86.34%	75.37%
Dividend per Share ²	0.4000	0.4065	0.4215	0.6580	0.7930	0.8220	0.8844	0.9688
Announcement Date	6/18/19	6/16/20	6/15/21	6/14/22	6/13/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: April	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,681	2,373	2,554	2,032	3,884	1,525	1,709	1,963	2,537	2,018	1,954	2,146	2,279	2,093	2,093	2,238	2,411	2,181	-
EBITDA ¹	1,327	1,049	1,211	971.9	1,832	668.5	740.3	902.9	1,207	907.9	858.4	978.5	1,073	919.9	915.8	-	-	-	-
EBIT ¹	801	484.3	645.6	597.6	1,095	368.7	392.9	-	775.1	530.4	483.7	583.6	657.8	489.6	477.9	-	-	-	-
Operating Margin	29.87%	20.41%	25.28%	29.41%	28.2%	24.18%	22.99%	-	30.55%	26.29%	24.75%	27.19%	28.86%	23.39%	22.84%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	-	-	-	226.7	242.6	344	-	-	-	-	-	261.2	265.6	-	-	-	-
Net margin	-	-	-	-	-	14.87%	14.2%	17.52%	-	-	-	-	-	12.48%	12.69%	-	-	-	-
EPS ²	-	-	-	-	-	0.5077	0.5445	0.7760	-	-	-	-	-	0.5954	0.6028	-	-	-	-
Dividend per Share ²	-	-	-	0.0945	-	-	0.5552	-	-	-	-	-	-	-	0.3390	-	0.3640	-	0.3640
Announcement Date	12/10/19	6/16/20	12/8/20	12/7/21	12/7/21	3/8/22	6/14/22	9/6/22	12/6/22	3/7/23	6/13/23	9/5/23	12/5/23	3/5/24	-	-	-	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,745	5,363	4,190	5,889	7,105	8,162	7,911	7,614
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.778 x	2.257 x	1.821 x	1.984 x	2.014 x	2.087 x	1.889 x	1.673 x
Free Cash Flow ¹	368	792	1,382	926	422	223	1,158	1,148
ROE (net income / shareholders' equity)	29.9%	25.6%	22.3%	26.2%	30.9%	25.8%	24.6%	24.4%
ROA (Net income/ Total Assets)	10.6%	7.83%	7.04%	8.9%	10%	8.45%	8.6%	9.35%
Assets ¹	7,550	9,445	9,903	11,568	12,898	14,963	15,598	16,290
Book Value Per Share ²	5.970	6.620	7.270	9.300	10.90	11.90	14.60	16.30
Cash Flow per Share ²	4.240	2.160	3.290	2.760	1.790	7.820	7.470	8.720
Capex ¹	1,385	1,208	410	1,671	2,504	2,688	2,041	2,453
Capex / Sales	30.78%	23.9%	8.15%	25.52%	32.39%	31.17%	22.33%	24.87%
Announcement Date	6/18/19	6/16/20	6/15/21	6/14/22	6/13/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ashtead Group plc

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

61.04 GBP

Average target price

61.61 GBP

Spread / Average Target

+0.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Commercial Equipment Rental