Added to YB: 2026-03-31
Pitch date: 2026-02-04
AT.L [bullish]
Ashtead Technology Holdings Plc
-5.8%
current return
Author Info
No bio for this author
Company Info
Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East.
Market Cap
GBP 328.4M
Pitch Price
GBP 4.31
Price Target
641.00 (+15592%)
Dividend
0.32%
EV/EBITDA
5.75
P/E
10.32
EV/Sales
2.15
Sector
Trading Companies and Distributors
Category
value
Ashtead Technology Holdings Plc - $AT.L
AT.L: Largest subsea equipment rental platform (72% O&G IMR/decom, 28% renewables) trades 7x current EBIT, ~12x mid-cycle EBIT (50% utilisation, 25% margins) post-IHT forced selling & weak H1. Revenue utilisation at 78% vs 50% historical avg suggests over-earning, but structural shift to renting + framework agreements (50% rev) + MSD end-market growth support LSD-MSD revenue growth, high-teens ROIC. Re-rating to 15x normalised EBIT = 50% upside; downside limited by quick capex cuts. IHT selling complete, Fidelity exiting, earnings catalyst next year.
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