Added to YB: 2025-11-20
Pitch date: 2025-11-18
AT.L [neutral]
Ashtead Technology Holdings Plc
+3.24%
current return
Author Info
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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 259.6M
Pitch Price
GBP 3.25
Price Target
N/A
Dividend
0.37%
EV/EBITDA
5.37
P/E
8.94
EV/Sales
2.10
Sector
Trading Companies and Distributors
Category
N/A
Revisiting Ashtead Technology: Circle of competence matters
AT.L (trimmed position): UK subsea equipment rental for O&G (75%) & renewables (25%). Trades at 6.7x fwd EV/EBIT but author cut 2/3 of position realizing high cyclicality risk. 2015-16 subsea collapse saw 30-50% revenue drops. Peak margins likely behind, COVID showed 3% EBIT margins vs current 24%. 1.8x leverage risky in downturns.
Read full article (3 min)