Ashtead Technology Holdings
AT. · Main Market · Energy · mcap £428m · 532.0p
Ashtead Technology rents and sells specialist equipment and services used underwater, mainly for offshore wind and oil and gas projects. It has grown through acquisitions such as ACE Winches and Seatronics.
The case for
- 2024 revenue rose 52% to £168m and EBITA 39% to £50.3m, with the margin near 30%. 25 Mar 2025
- The 615p proposal is well above recent trading prices, which were 345p at the end of August 2026. 23 Sep 2026
- Management cites strong customer backlogs, and leverage is expected to stay at about 1.3x or lower. 20 Aug 2026 19 Jan 2026
- Directors bought shares in 2025 and 2026, and Moneta raised its stake to over 7%. 27 Aug 2025 5 Jan 2026 4 Jun 2026
The case against
- Organic growth was only 3% in 2025, against a medium-term target of low double digits. 17 Mar 2026
- H1 2026 revenue rose only 1% and the margin fell to 25.0%. 1 Sep 2026
- The August 2026 warning put revenue about 5% and EBITA about 15% below consensus. 20 Aug 2026
- The company cut its net debt goal, from below 1.0x to about 1.3x, and the offer is only a proposal. 20 Aug 2026 23 Sep 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.