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Ashtead Technology Holdings (AT) Fair Value & Analysis

Energy · GB · Market cap 325M GBX

AT Ashtead Technology Holdings AT · LSE
Price£4.04
Fair Value£4.82
Upside+19.3%
Quality55/100
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Expensive Growth
Solidly profitable · 15.9% net margin
Moderate debt · generates free cash flow
0.32% dividend yield
Ranks above peers (9/14)
Wide moat 73/100
Evidence: High Range £2.94 – £14.16 Share as image

Fair value as of: Jul 13, 2026

From 26 valuation models · updated 28 days ago

Share price +5.2% over the past month.

A solid business, screening 19% undervalued on our models.

What matters now

  • The model range is unusually wide (£2.94 to £14.16). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from £2.94 (bear) to £14.16 (bull), base £4.82. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

£8.32 £1.49 Fair Value £4.82 Nov 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

57‑month range £1.49 – £8.32 · fair‑value band £2.94 – £14.16 · the £4.04 price screens below the £4.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Ashtead Technology Holdings (AT) currently trades at £4.04, while our model-based Fair Value estimate is £4.82, implying the stock looks roughly 19.3% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Ashtead Technology Holdings generated revenue of £203M at a net margin of 15.9%. Revenue grew 18.8% year over year. It earns a return on equity of 22.7%. Net debt stands at £109M. Fundamentals as of Jul 13, 2026

Our scenario range runs from £2.94 (bear case) to £14.16 (bull case); at £4.04, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at 19%, AT screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £1.97 £4.35 £8.08 80
Residual Income £2.33 £3.33 £15.59 76
Rev-Margin DCF £1.62 £3.83 £8.39 74
All 26 models by family
DCF Models
FCF DCF £2.19 £3.79 £8.58 38
Owner Earnings £2.55 £6.67 £14.33 31
5Y Revenue Exit £1.39 £3.19 £6.94 39
5Y EBITDA Exit £3.02 £6.48 £13.26 41
5Y P/E Exit £2.73 £7.68 £14.43 38
10Y Revenue Exit £1.59 £4.60 £6.39 36
10Y EBITDA Exit £2.76 £7.80 £16.61 37
10Y P/E Exit £2.56 £7.22 £14.85 35
Earnings-Based
Graham-Dodd £2.72 £19.00 £26.66 54
Lynch FV £9.04 £12.91 £16.79 50
PEG = 1.0 £9.04 £12.91 £16.79 46
EPV £3.13 £3.73 £4.24 59
Dividend Discount
Gordon GGM £0.0900 £0.1700 £0.2300 70
DDM Multi-Stage £0.0900 £0.1500 £0.1800 61
Multiples
P/E Multiple £4.21 £5.61 £7.01 63
P/S Multiple £2.27 £3.03 £3.79 58
P/B Multiple £2.64 £3.52 £4.40 55
EV/EBIT £3.69 £5.36 £7.02 53
EV/EBITDA £3.33 £4.88 £6.42 54
EV/Revenue £0.8200 £1.73 £2.64 43
Asset-Based
NCAV (Graham) £0.9800 £1.31 £1.95 50
Growth DCF
Growth DCF £1.97 £4.35 £8.08 80
Rev-Margin DCF £1.62 £3.83 £8.39 74
Economic Profit
Residual Income £2.33 £3.33 £15.59 76
ROIC Compounder £4.14 £6.25 £7.66 72
Growth Earnings
Growth-Adj P/E £10.72 £15.31 £19.91 68

Widest divergence: Growth Earnings (£15.31) versus Dividend Discount (£0.1500). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 203M GBX
Revenue growth (YoY) +18.8%
Net margin 15.9%
Return on equity 22.7%
Free cash flow 20.6M GBX FY2025
P/E ratio 10.4
More key figures
Operating margin 26.5%
EPS (TTM) £0.4000
Dividend yield 0.3%
EPS growth (YoY) +19.0%
Net debt 109M GBX FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 56 · Market factors (momentum, volatility) 54

Profitability 57
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 3
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East.

Full company description

Ashtead Technology Holdings Plc provides subsea equipment rental solutions for the offshore energy sector in Europe, the Americas, the Asia-Pacific, and the Middle East. The company offers survey and robotics equipment comprising geophysical, hydrographic, metocean, land surveying, positioning, ROV sensors, ROV and diver tooling, non-destructive testing, subsea inspection, remote visual inspection, and environmental products. It also provides mechanical solutions, such as subsea cutting and recovery, coating removal and cleaning, subsea dredging, ROV tooling, intervention skids, offshore support, and ACE lifting, pulling, and deployment. In addition, the company offers asset integrity solutions, including imaging and inspection, oceanographic, marine growth removal, monitoring, mooring and riser inspection, environmental monitoring, offshore construction and life of asset monitoring, offshore wind foundation inspection, ROV inspection services, mooring inspection and analysis, 3D imaging and metrology, riser cleaning, and remote operations. It serves the renewables, oil and gas, decommissioning solutions, and infrastructure and industrial markets. The company was formerly known as Redhill PLC and changed its name to Ashtead Technology Holdings Plc in November 2021. The company was founded in 1985 and is headquartered in Westhill, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ashtead Technology Holdings reported revenue of £203M in FY2025 versus £55.8M in FY2021, a compound +38.1%/yr. Reported net income was £32.2M in FY2025, compounding +88.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
£203M
Latest YoY
+20.9%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+40.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+36.8%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.2%
Revenue +38.1%/yr
FY21 £55.8M
FY22 £73.1M
FY23 £110M
FY24 £168M
FY25 £203M
Net income +88.9%/yr
FY21 £2.5M
FY22 £12.4M
FY23 £21.6M
FY24 £28.8M
FY25 £32.2M

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Cite: Fair Value Calculator (2026). "Ashtead Technology Holdings Fair Value". https://www.fairvalue-calculator.com/stock/AT

Peer Group

Oil & Gas Equipment & Services · 191 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +19% · Top 25%
Return on equity (TTM) 23% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth 19% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.75× · Higher than 75% of peers

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than 75% of peers
P/B 2.79× · Pricier than 75% of peers
P/S (TTM) 2.16× · Pricier than 75% of peers
P/FCF 21.3× · Pricier than 75% of peers
EV/EBITDA 7.1× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 59 · sector 0
FUTURE 94 · sector 0
PAST 91 · sector 28
HEALTH 62 · sector 92
DIVIDEND 6 · sector 31

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLBN 836.00 MXN 533.97 MXN -36%
Baker Hughes Company BKR $55.95 $33.55 -40%
TechnipFMC plc FTI $74.57 $27.57 -63%
Halliburton Company HAL $35.22 $21.50 -39%
Tenaris S.A TS $57.16 $45.68 -20%
Yantai Jereh Oilfield Services Group 002353 ¥138.79 ¥34.17 -75%
Saipem SpA SPM €4.20 €2.72 -35%
Subsea 7 S.A SUBC kr 319.00 kr 227.98 -29%
China Oilfield Services Limited 601808 ¥12.08 ¥12.64 +5%
Gaztransport & Technigaz SA GTT €188.10 €95.01 -49%

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Frequently asked questions

Is Ashtead Technology Holdings (AT) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of £4.82 versus a price of £4.04, about +19% (undervalued).
What is the fair value of AT?
Our model-based fair value for Ashtead Technology Holdings is £4.82 (as of Jul 13, 2026), built from audited fundamentals. The current price is £4.04.
What is the quality score of AT?
Ashtead Technology Holdings has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ashtead Technology Holdings (AT)?
Ashtead Technology Holdings reported trailing-twelve-month revenue of about £203M (latest available figure, as of Jul 13, 2026).
What is the net profit margin of AT?
The net profit margin of Ashtead Technology Holdings is about 15.9%, meaning it keeps roughly 15.9% of revenue as net income. Based on the latest reported figures.
Does Ashtead Technology Holdings pay a dividend?
Ashtead Technology Holdings currently shows a dividend yield of about 0.32% relative to its recent price (as of Jul 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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