Ashtead Group PLC

AHT: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,736.00	Jctg	Mbnzrfwvjl

Ashtead Earnings: Slower Growth Guidance Underwhelms; Maintaining Our Fair Value Estimate

Matthew Donen

Jun 18, 2024

Soft rental revenue growth guidance of between 5% and 8% for fiscal 2025 has underwhelmed the market, sending shares in no-moat Ashtead 4% lower. Full-year rental revenue grew 11% in fiscal 2024 and current guidance signals a slowdown in growth from the double-digit levels achieved during the last 3 fiscal years. Shares are trading broadly in line with our GBX 5,300 fair value estimate, which we maintain.

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