Ashtead Group (AHT)

Sector:

Support

Index:

FTSE 100

5,788.00p
   
  • Change Today:
    -14.00p
  • 52 Week High: 6,104.00p
  • 52 Week Low: 4,694.00p
  • Currency: UK Pounds
  • Shares Issued: 451.35m
  • Volume: 776,483
  • Market Cap: £26,124m
  • RiskGrade: 116

Ashtead sees positive cashflow under Covid scenarios

By Sean Farrell

Date: Monday 27 Apr 2020

LONDON (ShareCast) - (Sharecast News) - Ashtead said it would have positive free cash flow under all downside scenarios during the Covid-19 crisis despite the virus having an impact on its business.

The industrial equipment rental company said it had modelled various outcomes for the coming year with business much lower than so far in 2020.

"Under all these scenarios the group remains free cash flow positive throughout the next financial year" and well above a minimum available liquidity of $460m under a covenant threshold.

Ashtead said it expected underlying pretax profit for the year ending 30 April to be about £1.05bn, up from £947m a year earlier.
The industrial equipment rental company said it had modelled various outcomes for the coming year with business much lower than so far in 2020.

"Under all these scenarios the group remains free cash flow positive throughout the next financial year" and well above a minimum available liquidity of $460m under a covenant threshold.

Ashtead said it expected underlying pretax profit for the year ending 30 April to be about £1.05bn, down from £1.1bn a year earlier.

US rental-only revenue at Ashtead's US business fell 15% in April from a year earlier after a 2% increase in March. Since 10 April the level of US fleet on rent has stabilised and improved slightly and a similar trend happened in the UK and Canada.

The FTSE 100 company said it had not made any staff redundant during the crisis and did not intend to take support from the UK government's job retention scheme.

Ashtead did not refer to its dividend amid a series of large companies canceling their payouts during the crisis. The company cancelled share buybacks in early March and reduced capital spending and acquisition activity.

Chief Executive Brendan Horgan said: "I am certain the swift actions we took during these unprecedented times and the strength of our balance sheet will serve the group well. These factors, when combined with the diversity of our products and end markets, contribute to the strength of our long-term business model and put the board in a position of confidence to look to the coming financial year as one of strong cash generation and strengthening our market position."

Ashtead said it had accessed an extra $500m through its senior secured credit facility for a year, increasing the facility to £4.6bn. Availability is about $2.1bn.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Ashtead Group Market Data

Currency UK Pounds
Share Price 5,788.00p
Change Today -14.00p
% Change -0.24 %
52 Week High 6,104.00p
52 Week Low 4,694.00p
Volume 776,483
Shares Issued 451.35m
Market Cap £26,124m
RiskGrade 116

Ashtead Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
20.82% below the market average20.82% below the market average20.82% below the market average20.82% below the market average20.82% below the market average
26.67% below the sector average26.67% below the sector average26.67% below the sector average26.67% below the sector average26.67% below the sector average
Price Trend
45.72% above the market average45.72% above the market average45.72% above the market average45.72% above the market average45.72% above the market average
25.25% above the sector average25.25% above the sector average25.25% above the sector average25.25% above the sector average25.25% above the sector average
Income
84.47% below the market average84.47% below the market average84.47% below the market average84.47% below the market average84.47% below the market average
79.66% below the sector average79.66% below the sector average79.66% below the sector average79.66% below the sector average79.66% below the sector average
Growth
14.83% above the market average14.83% above the market average14.83% above the market average14.83% above the market average14.83% above the market average
21.74% above the sector average21.74% above the sector average21.74% above the sector average21.74% above the sector average21.74% above the sector average

What The Brokers Say

Strong Buy 6
Buy 10
Neutral 3
Sell 1
Strong Sell 0
Total 20
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Ashtead Group Dividends

  Latest Previous
  Final Interim
Ex-Div 08-Aug-24 11-Jan-24
Paid 10-Sep-24 08-Feb-24
Amount 89.25¢ 15.75¢

Trades for 31-Oct-2024

Time Volume / Share Price
17:32 15,706 @ 5,754.25p
17:32 1,992 @ 5,754.25p
17:32 45,293 @ 5,760.21p
17:32 20,885 @ 5,754.73p
16:39 210 @ 5,788.00p

Ashtead Group Key Personnel

CEO Brendan Horgan
CFO Michael Pratt

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