Dataset from Zenodo · Linh, Nguyen
Ashtead Technologies Holdings Balance Sheet Analysis
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- CC BY 4.0commercial use allowedLicense text
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- 1.4 kB
- Updated
- Apr 30, 2025
Description
Description Thesis Ashtead Technology is a subsea equipment rental company with a 40-year history. Since initiation of its M&A strategy in 2017, it has compounded revenues at 45% and EBITA at 63% to 2024. Since IPO in 2021, revenues have compounded at 44%, EBITA and EPS at ~50%. Importantly this growth has been realised through own cash flows and debt, no equity dilution. The share price however, has fallen 42% from its 52-week highs to around its 52-week low, while fundamentals remain extremely strong. I expect double digit organic growth for the next five years, with M&A providing additional growth. Given their competitive position and growth potential, the business is severely mis-priced. It currently trades at 11x 2024 earnings and 9.6x run-rate earnings including the contribution of the meaningful acquisition of Seatronics in Nov 2024. Over a five-year horizon, I expect an IRR of ~38% driven by EPS compounding of 20% a year (50% organic and 50% M&A) and multiple expansion to ~20x earnings. Apple CAPM Apple Forward P/E Apple Gross Margin Apple Net Margin Apple ROE Return on Equity Apple ROA Return on Asset Apple Graham Number Apple Current Ratio History Ashtead was founded in…
Description from Zenodo, shortened.
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