Financials Ashtead Group plc OTC Markets

Equities

ASHTY

US0450551009

Business Support Services

Market Closed - OTC Markets Other stock markets 15:59:59 2024-05-21 EDT			5-day change	1st Jan Change
300.3 ^USD	-1.18%		-1.52%	+5.65%

05-15	Barclays Boosts Ashtead Group PT, Keeps at Overweight	MT
05-15	Goldman Sachs Lifts Ashtead Group PT, Affirms Buy Rating	MT

Valuation

Fiscal Period: April	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,918	9,740	20,739	18,491	20,024	25,276	-	-
Enterprise Value (EV) ¹	13,663	15,103	24,929	24,380	27,129	33,486	33,240	32,948
P/E ratio	12.8 x	13.5 x	30 x	18.2 x	15.6 x	19.8 x	18.8 x	16 x
Yield	1.89%	1.87%	0.91%	1.57%	1.73%	1.42%	1.51%	1.68%
Capitalization / Revenue	2.2 x	1.93 x	4.12 x	2.82 x	2.59 x	2.92 x	2.75 x	2.55 x
EV / Revenue	3.04 x	2.99 x	4.96 x	3.72 x	3.51 x	3.87 x	3.62 x	3.32 x
EV / EBITDA	6.49 x	6.36 x	10.8 x	8.21 x	7.69 x	8.53 x	7.9 x	7.19 x
EV / FCF	37.1 x	19.1 x	18 x	26.3 x	64.4 x	156 x	31.4 x	28.6 x
FCF Yield	2.69%	5.24%	5.54%	3.8%	1.55%	0.64%	3.19%	3.5%
Price to Book	3.55 x	3.29 x	6.39 x	4.49 x	4.22 x	4.83 x	3.96 x	3.36 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	57.92	57.92	57.92
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	8,662	9,177	9,920
EBITDA ¹	2,107	2,376	2,301	2,968	3,528	3,927	4,210	4,582
EBIT ¹	1,264	1,285	1,197	1,691	2,111	2,211	2,332	2,593
Operating Margin	28.08%	25.43%	23.79%	25.83%	27.31%	25.53%	25.41%	26.14%
Earnings before Tax (EBT) ¹	1,060	983	936	1,372	1,724	1,692	1,770	2,016
Net income ¹	796.9	739.7	697.4	1,029	1,293	1,275	1,344	1,537
Net margin	17.71%	14.64%	13.86%	15.71%	16.73%	14.72%	14.65%	15.49%
EPS ²	1.654	1.615	1.552	2.301	2.927	2.918	3.087	3.618
Free Cash Flow ¹	368	792.1	1,382	925.7	421.5	215.3	1,060	1,153
FCF margin	8.18%	15.67%	27.46%	14.13%	5.45%	2.49%	11.55%	11.63%
FCF Conversion (EBITDA)	17.47%	33.34%	60.05%	31.18%	11.95%	5.48%	25.18%	25.17%
FCF Conversion (Net income)	46.18%	107.08%	198.12%	89.95%	32.59%	16.89%	78.86%	75.04%
Dividend per Share ²	0.4000	0.4065	0.4215	0.6580	0.7930	0.8245	0.8728	0.9733
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	2,107	2,251	2,450	2,233	-
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%	22.69%	-	-	-	-
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%	12.61%	-	-	-	-
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	8,210	7,964	7,671
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.778 x	2.257 x	1.821 x	1.984 x	2.014 x	2.09 x	1.892 x	1.674 x
Free Cash Flow ¹	368	792	1,382	926	422	215	1,060	1,153
ROE (net income / shareholders' equity)	29.9%	25.6%	22.3%	26.2%	30.9%	25.5%	24.3%	24.3%
ROA (Net income/ Total Assets)	10.6%	7.83%	7.04%	8.9%	10%	7.86%	7.89%	8.9%
Assets ¹	7,550	9,445	9,903	11,568	12,898	16,221	17,044	17,279
Book Value Per Share ²	5.970	6.620	7.270	9.300	10.90	12.00	14.60	17.20
Cash Flow per Share ²	4.240	2.160	3.290	2.760	1.790	7.220	7.460	8.580
Capex ¹	1,385	1,208	410	1,671	2,504	2,708	2,091	2,495
Capex / Sales	30.78%	23.9%	8.15%	25.52%	32.39%	31.27%	22.79%	25.15%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

57.92 GBP

Average target price

63.09 GBP

Spread / Average Target

+8.92%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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