The UK’s biggest equipment rental company started life in sleepy Surrey, nestled between Epsom racecourse and Box Hill. Ashtead Group (AHT) – named after the village it sprang from – has travelled a long way since then. Its Sunbelt brand stretches down the east coast of the US and has started to populate the west coast too. Last year, 85 per cent of sales were generated in North America.
- Proven US strategy
- Impressive returns on investment
- Discount to key peer
- Strong cash generation
- Uncertain construction outlook
- Weaker UK business
The group’s voyage across the Atlantic has been an undisputed success. According to AJ Bell, Ashtead is the UK’s top ‘Isa millionaire’ stock. Had you invested your full individual savings account (Isa) allowance in Ashtead since the tax wrapper was introduced in 1999, and reinvested the dividends, you would now be sitting on £17.1mn. It is well ahead of silver medal holder Games Workshop (GAW), which would have made you less than £9mn.