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Ashtead logs record free cash-flow

The tool hire specialist turned in a creditable performance during the final quarter of its financial year
Ashtead logs record free cash-flow

The future is hard to know. But we think it is probable that companies will take a far more cautious approach to capital management in the wake of Covid-19. For an industrial group like Ashtead (AHT), which is looking to deepen its footprint in an underserved US tool hire market, the transition to a capital-lite model may not seem feasible. But its fortunes are bound up with the health of the US economy, so it may have no other option than to trim its sails over the next couple of years – time will tell.

IC TIP: Hold at 2649p

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