2025-06-17-Jefferies-阿什蒂德集团（AHT）_初步观点_2025财年业绩足够稳健_展望如预期般谨慎_7页_107kb

Ashtead Group FY25 Q4 Results Summary

Key Financial Highlights:

• Q4 PBT was approximately 5% above consensus, primarily due to a $28 million provision release and lower net interest.
• Q4 North America rental revenue growth improved to +3% sequentially, beating the prior quarter's +1% growth.
• FY25 free cash flow was ahead of expectations, driven by lower capital expenditure of $2.4 billion versus guided $2.5-2.7 billion gross.

Outlook and Ratings:

• FY26 outlook is cautious with expected rental growth of 0-4%, consistent with consensus but below buy-side expectations.
• Capital expenditure guidance of $1.8-2.2 billion is 17% lower year-over-year than consensus.
• Jefferies maintains "BUY" rating with a price target of 5,900p, reflecting strong free cash flow prospects and valuation based on EV/IC and P/E multiples.

Company Information:

• Ashtead Group rents equipment to construction and industrial sectors in the US and UK, with US operations (87% profit contribution) dominating.
• FY25 results show resilience but risks from recession and construction slowdown.

Analyst Notes:

• Analysts certify summaries reflect personal views, with no compensation linked to recommendations.
• Disclosures highlight potential conflicts of interest due to market activities.