Ashtead Group PLC

AHT: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 3,988.00	Pwz	Lvhkmyfry

Ashtead Earnings: Rental Revenue Growth Continues to Benefit From Structural Tailwinds

Matthew Donen

Sep 3, 2024

No-moat Ashtead reported 7% rental revenue growth in its first-quarter 2025 results, benefiting from the ongoing increase in rental equipment adoption rates as well as healthy demand from major construction projects in the US. First-quarter revenue was marginally below FactSet consensus underpinned by fewer used equipment sales, which tends to be volatile. Full-year guidance of rental revenue growth between 5% and 8% was unchanged. Shares screen as fairly valued to our GBX 5,300 fair value estimate, which we maintain.

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