Initiation of Coverage- Why This Capital-Efficient Powerhouse Is Pushing Hard For Specialty and Mega Projects?

Ashtead Group plc reported a solid set of third-quarter results marked by a stable performance amid varying market conditions. The company experienced a 5% year-on-year increase in both group and U.S. rental revenues, with total revenues remaining flat due to anticipated lower used equipment sales. The company achieved a record EBITDA of $3.9 billion and a profit before tax (PBT) of $1.7 billion. Ashtead’s strategy, known as Sunbelt 4.0, emphasizes growth, performance, sustainability, and investment, and has led to 54 new locations in North America.