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Ashtead Group PLC AHT

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Stock XLON Rating as of
GBX 5,694.00 −60.00 (1.04%)
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As of Delayed Price Open

Company Report

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Ashtead Earnings: Rental Revenue Growth Continues to Benefit From Structural Tailwinds

Matthew Donen

No-moat Ashtead reported 7% rental revenue growth in its first-quarter 2025 results, benefiting from the ongoing increase in rental equipment adoption rates as well as healthy demand from major construction projects in the US. First-quarter revenue was marginally below FactSet consensus underpinned by fewer used equipment sales, which tends to be volatile. Full-year guidance of rental revenue growth between 5% and 8% was unchanged. Shares screen as fairly valued to our GBX 5,300 fair value estimate, which we maintain.

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Price vs Fair Value

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AHT is trading at a 594% premium.
Price
GBX 5,754.00
Fair Value
GBX 3,428.00
Uncertainty
Medium
1-Star Price
GBX 8,865.00
5-Star Price
GBX 5,535.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Lower rental penetration in the US compared with other developed markets and a highly fragmented market provide plenty of runway opportunities for Ashtead to grow.

Bears

Low switching costs and a highly fragmented market result in significant competition, which limits the group's pricing power.

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News

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Trading Information

Previous Close Price
GBX 5,754.00
Day Range
GBX 5,628.00–5,770.00
52-Week Range
GBX 4,437.00–6,180.00
Bid/Ask
GBX 5,692.00 / GBX 5,694.00
Market Cap
GBX 2.49 Tril
Volume/Avg
100,837 / 703,414

Key Statistics

Price/Earnings (Normalized)
5.83
Price/Sales
2.91
Dividend Yield (Trailing)
1.39%
Dividend Yield (Forward)
1.39%
Total Yield
1.67%

Company Profile

Ashtead is an equipment rental business with operations in the US, Canada, and United Kingdom, operating under the Sunbelt Rentals brand. Earnings are mostly derived from the US where Sunbelt enjoy a number-two market position with a 13% share in a highly fragmented market consisting of national, regional, and independent competitors. Ashtead rents a range of construction, industrial, and general equipment such as aerial lifts, hand-held tools, and forklifts across its more than 1,550 rental stores worldwide.
Sector
Industrials
Industry
Rental & Leasing Services
Stock Style Box
Large Growth
Total Number of Employees
25,702
Website
https://www.ashtead-group.com

Competitors

Valuation

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Metric
AHT
CAT
URI
Price/Earnings (Normalized)
 5.8317.6418.58
Price/Book Value
 4.3411.156.37
Price/Sales
 2.912.983.65
Price/Cash Flow
 24.8514.9811.67
Price/Earnings
AHT
CAT
URI

Financial Strength

Metric
AHT
CAT
URI
Quick Ratio
 1.080.690.69
Current Ratio
 1.171.280.81
Interest Coverage
 4.6825.746.14
Quick Ratio
AHT
CAT
URI

Profitability

Metric
AHT
CAT
URI
Return on Assets (Normalized)
 7.71%13.12%7.83%
Return on Equity (Normalized)
 23.80%60.21%25.87%
Return on Invested Capital (Normalized)
 11.82%19.89%12.11%
Return on Assets
AHT
CAT
URI

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Morningstar Rating for Stocks
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