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Research Tree offers ASHTEAD GROUP PLC research coverage from 3 professional analysts, and we have 6 reports on our platform.
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|27/10/2016 17:07:59||London Stock Exchange||Transaction in Own Shares|
|26/10/2016 17:56:12||London Stock Exchange||Transaction in Own Shares|
|25/10/2016 17:03:12||London Stock Exchange||Transaction in Own Shares|
|24/10/2016 17:34:04||London Stock Exchange||Transaction in Own Shares|
|21/10/2016 17:41:32||London Stock Exchange||Transaction in Own Shares|
|20/10/2016 17:05:24||London Stock Exchange||Transaction in Own Shares|
|19/10/2016 18:05:08||London Stock Exchange||Transaction in Own Shares|
Frequency of research reports
Research reports on ASHTEAD GROUP PLC
Providers covering ASHTEAD GROUP PLC
Panmure Research - Economics Strategy 22-02-16
22 Feb 16
Uncertainty ahead of the United Kingdom's EU referendum has begun to dampen investor appetite for UK equities. However the dislocation of UK equities from their global peers are rare occurrences with the cross-correlation (100DMA) having only dropped below 0.5 on four occasions since the turn of the millennium:Dot.com bust: April 2000Foot and Mouth crisis: February 2001London terrorist attacks: July 2005Scottish Referendum: September 2014We expect a further dislocation in the run up to the referendum on June 23. In this note we use these four recent dislocation episodes, the sensitivity of UK equity valuations with sterling, and European Union revenues to establish a risk profile for the largest UK-listed companies. Based on this framework we provide our preferred picks to navigate the coming months of political uncertainty – Table 1.
Panmure Morning Note 02-09-15
02 Sep 15
Ashtead has provided an in-line trading update, which should provide some comfort for investors. The bulls will focus on Sunbelt rental revenues which continue to grow. That said, the bears will latch onto Sunbelts EBIT margins, which contracted from 48.7% to 47.6%.
Equipment hire shakeout presents opportunities
14 Jul 15
It has been an exciting couple of weeks for the equipment hire subsector. Recent IPO HSS Hire warned, blaming the weather and the General Election. Northgate hit a wall of depreciation and currency headwinds while also flagging internal issues in its UK business. Worse still, Speedy Hire collapsed for multiple company-specific reasons, prompting the resignation of newish CEO Mark Rogerson. It is unlikely that recent profit warnings from Speedy and HSS are entirely unrelated but the common theme is most likely to be a temporary General Election effect. Despite the strong performance of the past few years, in our view the cycle has further to run with recent share price movements creating some attractive opportunities. We are strong supporters of Lavendon (Initiated as Buy), Northgate (Hold to Buy) and Vp (Corporate).
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
Doing things differently
25 Oct 16
Growing pains have impacted on its operational performance (EBIT margins 5.8% FY15 vs 12.2% FY13) and the HSS Hire valuation is at distressed levels (price to book 0.4x vs 1.3x at the time of the float). As the top-line catches up with the expanded cost base and the roll-out of the NDEC leads to greater efficiencies, margins and returns will rebound. Historical experience has shown that price to book ratios typically match these improvements (see Ashtead FY08-FY15, price to book expanded +196%). Therefore, we see scope for material upside in the share price as the expected operational recovery to progress. Our 12 month target of 115p equates to a 0.8x price to net operating assets
Risks discounted leaving significant upside
18 Oct 16
FY 2016 sales grew strongly at +22% but EPS growth lagged at +3% (our revised forecast -1%) as staff attrition and significant investment in new services held back profitability. Conversion of profit into cash improved significantly, at 240% in H2, as shorter payment terms and a lower level of extensions also benefited. We make no major changes to our forecasts and reiterate our view that Utilitywise is at the forefront of a changing energy market, supported by investment in innovative technology. The current valuation is entirely focused on the short-term challenges and ignores the growth potential supported by the new services.