Ashtead Group PLC (CHIX:AHTl)
£ 47.31 -0.76 (-1.58%) Market Cap: 20.17 Bil Enterprise Value: 27.83 Bil PE Ratio: 17.62 PB Ratio: 3.49 GF Score: 91/100
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Q2 2024 Ashtead Group PLC Earnings Call Transcript

Dec 10, 2024 / 10:00 AM GMT
Release Date Price: £54.62 (-13.12%)

Key Points

Positve
  • Ashtead Group PLC (ASHTF) reported record first-half revenues and EBITDA with margins of 47% at the group level and nearly 50% in the US.
  • The company expanded its North American footprint by 47 locations, including 36 Greenfield openings and 11 through acquisitions.
  • Ashtead Group PLC (ASHTF) delivered free cash flow of over $400 million in the first half, maintaining a strong financial position.
  • The company announced a share buyback program of up to $1.5 billion over the next 18 months, highlighting its capital allocation flexibility.
  • Ashtead Group PLC (ASHTF) is progressing well with its Sunbelt 4.0 strategic growth plan, showing confidence in future execution and delivery.
Negative
  • The company adjusted downwards its guidance for rental revenue growth and capital expenditure for the full year due to local market softening.
  • Ashtead Group PLC (ASHTF) experienced a lower level of used equipment sales, impacting total revenue growth.
  • The local non-residential construction market remains soft, affected by prolonged higher interest rates.
  • The company reported a decrease in adjusted pre-tax profit by 4% compared to the previous year.
  • Ashtead Group PLC (ASHTF) anticipates a slow rebound in the local construction market, unlikely before the back half of calendar year 2025.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AHT.L - Ashtead Group PLC
Q2 2024 Ashtead Group PLC Earnings Call
Dec 10, 2024 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Thank you operator and good morning, everyone and welcome to the Ashtead Group Q2 results presentation. As usual, I'm joined this morning by Michael Pratt and Will Shaw.

I'm also pleased to welcome op to the group who is with us today. Ouch joined last month as CFO it and has been active getting to know our people and business and will be joining us on our road show this week in London and in the US in January.

As always, I'll begin this morning by addressing our sunbelt team members listening in specifically recognizing their leadership and the health and safety of our people, our customers and the members of the communities we serve in October. We hosted Engage for life summits with our leadership team throughout the
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