Ashtead Technology Holdings
AT. · Main Market · Energy · mcap £489m · 607.0p 2 open situations →
- EV
- £604m
- EV / EBIT
- 12.0x
- Net debt
- £113m
- FCF yield
- 2.4%
- Revenue
- £204m
- Cash returned
- 0.2%
- Share price 1y
- +80%
- Insiders 12m
- no deals
- Next report
- around 16 Mar
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.
Open · 2
Offer for the company
Ember's unsolicited approaches began in September 2026; the fourth cash proposal at 615p was the first the Board engaged with (23 Sep 2026). On 21 Oct 2026 the boards agreed a recommended 615p cash offer valuing the company at about £505m, an 80.9% premium to the undisturbed price. It will go through a scheme of arrangement.
- Offer
- 615p cash per share, about £505m fully diluted (announced 21 Oct 2026) 21 Oct 2026 ↗
- Premium
- 80.9% to 340.0p close on 22 Sep 2026; 59.3% to 3-month VWAP of 386.1p; 60.2% to 12-month VWAP of 383.8p 21 Oct 2026 ↗
- Bidder
- Pine Acquisition UK Bidco Limited, controlled by funds managed and advised by Ember Infrastructure Management, LP 21 Oct 2026 ↗
- Board view
- Directors unanimously intend to recommend; they consider the terms fair and reasonable 21 Oct 2026 ↗
- Irrevocables
- From directors holding shares: 1,822,898 shares, about 2.3% of issued share capital 21 Oct 2026 ↗
- Conditions
- 75% by value at the Court Meeting, 75% of votes at the General Meeting, court sanction, and Appendix I conditions 21 Oct 2026 ↗
- 21 Oct 2026 offer
- 23 Sep 2026 approach · 615p
Profit warning
The Middle East conflict, unresolved since March 2026, has cut regional activity and pushed projects into 2027, prompting guidance cuts in July and August. H1 results confirm the damage: revenue +1.1%, Adjusted EBITA down 7.3% and margin 25.0%. Full-year expectations are unchanged from the 20 August cut, and year-end leverage is now guided around 1.3x.
- H1 impact
- Adjusted EBITA £25.1m (HY25: £27.0m); margin 25.0% vs 27.3%; revenue £100.2m, +1.1%
- FY26 guidance
- Revenue ~5% and Adjusted EBITA ~15% below consensus (20 August update); unchanged
- Deferrals
- A small number of Middle East projects postponed into 2027; other delays are specific project scheduling changes
- Leverage
- 1.4x at 30 June 2026; expected around 1.3x by end of 2026
- Board view
- Delays outside the Middle East are not a fundamental shift in market dynamics
- 20 Aug 2026 profit warning · -16% on the day
Closed · 2
Company filings. Not investment advice.