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Ashtead (full-year earnings 19 June)
Ashtead’s prominence in the US continues to be a boon for the firm thanks to the strong economic growth in America, and its push to acquire more market share should boost returns further. Cash flows have continued to rise, and while for now the extra money is being used for expansion, it could be cut back if debt starts to become too much of a burden. A weaker dollar of late has borne down on performance, but that has become less of a concern over the past couple of months. Meanwhile, at 13.5 times earnings the shares are not too excessively valued. Ashtead is expected to report earnings of £1.31 per share, up 26% over the year, and revenue of £3.67 billion, up 15%.
Once again there seems no stopping Ashtead. The price has consolidated in the £23-£24 range, and looks set to push above its recent high at £24.41. Near-term support comes in at £22.85, with £21.84 below this. Any serious weakness would still represent a buying opportunity.