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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Ashtead Group plc    AHT   GB0000536739

ASHTEAD GROUP PLC

(AHT)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 10/20 11:30:00 am
2989.5 GBX   +0.08%
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Ashtead : refocuses equipment hire as construction slump hits

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09/08/2020 | 07:28am EDT

Ashtead, which operates mainly in the United States, Canada and Britain under the Sunbelt Rentals brand, said it would diversify from building equipment on Tuesday as coronavirus restrictions hit first-quarter profit.

FTSE 100-listed Ashtead gets around 90% of its sales and profit from the U.S. market, where construction spending had fallen to a year low in June, although July saw some recovery in the private sector.

Chief Executive Brendan Horgan told Reuters that Ashtead expects full-year group rental revenue to be in the mid to high single digits lower when compared with last year on a constant currency basis if there are no significant further shutdowns.

Ashtead, which rents out diggers, construction tools and other equipment, is planning 25 to 30 greenfield projects in the year, with 75% of those in its speciality businesses.

"We have a number of relatively new specialist businesses including lawn improvement, pumping, climate control and ground protection," Horgan said.

Ashtead's shares were up 2% at 2,745 pence at 1037 GMT after it said underlying pretax profit fell 35% to 208 million pounds in the three months ended July 31, while rental revenue declined 8% to 1.08 billion pounds.

Despite the falls, Jefferies analysts said in a note that Ashtead's U.S. general tool and speciality businesses have seen continual underlying improvements.

(Reporting by Aby Jose Koilparambil in Bengaluru, Editing by Sherry Jacob-Phillips, Amy Caren Daniel and Alexander Smith)

By Aby Jose Koilparambil


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Financials
Sales 2021 4 690 M 6 073 M 6 073 M
Net income 2021 515 M 667 M 667 M
Net Debt 2021 4 228 M 5 474 M 5 474 M
P/E ratio 2021 26,9x
Yield 2021 1,31%
Capitalization 13 388 M 17 350 M 17 335 M
EV / Sales 2021 3,76x
EV / Sales 2022 3,40x
Nbr of Employees 18 607
Free-Float 96,2%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 2 927,44 GBX
Last Close Price 29,89 GBX
Spread / Highest target 13 617%
Spread / Average Target 9 694%
Spread / Lowest Target 7 093%
EPS Revisions
Managers
NameTitle
Brendan Horgan Chief Executive Officer, COO & Executive Director
Paul Ashton Walker Non-Executive Chairman
Michael Pratt Finance Director, Treasurer & Executive Director
Lucinda Jane Riches Independent Non-Executive Director
Tanya D. Fratto Independent Non-Executive Director
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