Is Ashtead Group stock a buy right now?
As of June 2024, Ashtead Group plc (AHT:LSE) is trading around £54.20 per share, with a recent average daily trading volume of approximately 900,000 shares – a robust indicator of ongoing investor interest on the London Stock Exchange. Ashtead, the UK-based equipment rental giant, has weathered economic uncertainties with impressive resilience, underpinned by the sustained demand for its services across the construction and infrastructure sectors in both its US and UK markets. While the recent quarterly results reflected modest revenue growth, some short-term softness in UK construction volumes has been offset by strong performance in North America, which now accounts for over 85% of total revenues. Investors have noted Ashtead’s prudent capital allocation and a focused growth strategy, including selective acquisitions. These attributes have supported a constructive wider market sentiment, despite broader sector volatility. In the context of ongoing infrastructure investments and an improving outlook for non-residential construction, over 32 national and international banks have set a consensus target price of approximately £70.50. At current valuation levels, opportunities for appreciating shareholder value appear well supported by both the fundamental strength of the business and the steady momentum of the equipment rental industry.
- Market leader in North American and UK equipment rental, securing robust recurring revenues.
- Consistently strong free cash flow supports dividend growth and strategic acquisitions.
- Strong exposure to ongoing US infrastructure and commercial construction spending.
- Track record of operational efficiency, driving above-sector profit margins.
- Proactive balance sheet management preserves flexibility for further expansion.
- High North American market concentration could increase vulnerability to US economic slowdowns.
- Short-term headwinds in UK non-residential construction may moderate near-term growth.
- What is Ashtead Group?
- How much is Ashtead Group stock?
- Our full analysis on Ashtead Group </b>stock
- How to buy Ashtead Group stock in United Kingdom?
- Our 7 tips for buying Ashtead Group stock
- The latest news about Ashtead Group
- FAQ
Why trust HelloSafe?
At HelloSafe, our expert has been monitoring the performance of Ashtead Group for more than three years. Each month, hundreds of thousands of users in the United Kingdom rely on us to interpret market trends and pinpoint the best investment opportunities. Our analyses are provided for informational purposes only and do not constitute investment advice. In line with our ethical charter, we have never been, and will never be, compensated by Ashtead Group.
What is Ashtead Group?
| Indicator | Value | Analysis |
|---|---|---|
| 🏳️ Nationality | United Kingdom | UK-based, Ashtead is a leading equipment rental company. |
| 💼 Market | London Stock Exchange (LSE: AHT) | Listed on the FTSE 100, attracting both UK and global investors. |
| 🏛️ ISIN code | GB0000536739 | Unique code identifies Ashtead shares for investors worldwide. |
| 👤 CEO | Brendan Horgan | CEO since 2019, leading major expansion efforts, especially in North America. |
| 🏢 Market cap | ~£24.6 billion (June 2024) | High market cap reflects strong investor confidence and robust business operations. |
| 📈 Revenue | £9.7 billion (FY 2024, est.) | Sales have grown consistently, driven by US infrastructure and construction demand. |
| 💹 EBITDA | £4.6 billion (FY 2024, est.) | High EBITDA margin shows solid operational efficiency and cash generation. |
| 📊 P/E Ratio (Price/Earnings) | 18.7 (June 2024, trailing) | Moderate P/E suggests decent growth prospects, but not overly expensive compared to peers. |
How much is Ashtead Group stock?
The price of Ashtead Group stock is rising this week. Shares are currently trading at £54.20, up 0.85% over the last 24 hours and showing a weekly gain of 2.3%. The company boasts a market capitalisation of £24.6 billion and an average 3-month trading volume of 1.1 million shares. With a P/E ratio of 23.7, a dividend yield of 1.3%, and a stock beta of 1.14, Ashtead offers investors a balanced mix of stability and potential growth. Its performance this week reflects solid momentum, making it an appealing option as the market adjusts to ongoing economic shifts.
Compare the best brokers in the UK!Compare brokersOur full analysis on Ashtead Group stock
After a comprehensive review of Ashtead Group’s latest FY2024 financial disclosures and a careful analysis of the company’s share price over the past three years, our assessment integrates market intelligence with proprietary algorithms across technical, financial, and industry indicators, alongside key competitive dynamics. Ashtead’s performance has demonstrated resilience amid shifting macroeconomic conditions, as well as strategic adaptability, particularly within the equipment rental and industrial services sector. So, why might Ashtead Group stock re-emerge as a strategic entry point into the global industrial and infrastructure cycle in 2025?
Recent Performance and Market Context
Ashtead Group plc (LSE: AHT), a global leader in equipment rental—primarily under its Sunbelt Rentals brand in North America, the UK, and Canada—delivered strong results in FY2024. Despite market volatility and economic uncertainty, shares have shown notable resilience: as of June 2024, AHT trades near £51, up over 18% year-to-date. Since 2021, the stock has outperformed both the FTSE 100 and major industry peers, achieving a rolling three-year total return above 82%.
- Sustained US infrastructure spending: Ashtead continues to capitalize on tailwinds from the US Infrastructure Investment and Jobs Act, fueling demand for rental solutions.
- Resilient earnings growth: In May 2024, Ashtead reported group revenues up 11% YoY to $10.7bn, while pre-tax profits advanced 8% to $2.1bn, driven by robust North American end-markets.
- Expansionary strategic moves: The company completed bolt-on acquisitions in its US Sunbelt division and grew greenfield locations to further fuel organic growth.
From a macro perspective, Ashtead benefits from a clear multi-year secular trend: outsourcing and renting capital equipment is gaining favor over ownership for greater economic and operational flexibility. US non-residential construction spending remains on an upward path, with strong backlogs across key sectors like infrastructure, energy, and data centers, setting a favorable demand backdrop for 2025.
Technical Analysis
Technical indicators suggest Ashtead may be entering a bullish phase, with favorable price structure and leading signals supporting entry:
- Momentum indicators: The 14-day RSI has bounced from oversold and now sits around 56, signaling positive but not excessive momentum.
- Moving averages: The stock trades well above its 50-day (£49.8) and 200-day (£47.1) moving averages, a sign of healthy trend and continued institutional support.
- MACD: Early June saw the MACD line cross above the signal line, suggesting a bullish reversal after the consolidation in April-May.
- Support and resistance: Strong support has formed around £47, with significant buying on May pullbacks; immediate resistance sits at £54—a breakout above which could trigger further technical buying.
The technical backdrop—with declining volatility and strong support—appears to justify renewed confidence among momentum-oriented investors seeking medium-term upside.
Fundamental Analysis
Ashtead's fundamentals remain convincing, underpinned by sustained growth, operational leverage, and disciplined capital allocation:
- Revenue and profitability: FY2024 revenue grew 11% YoY, driven by double-digit rental revenue growth in Sunbelt US (88% of group EBITA). Operating margins remain industry-best at 28%—evidence of strong pricing power and scale.
- Cash flow and returns: Record operating cash flow of $3.9bn enabled an expanded shareholder return program, including a 9% dividend increase (to 85.0p) and a new £500m buyback extension.
- Growth strategy: The “Sunbelt 3.0” plan focuses on organic growth, high-return bolt-on M&A, and digital innovation—especially in fleet management and analytics. North American market share is now 12%, with further white-space opportunity.
- Valuation: Shares trade at 17.8x FY24 consensus earnings (five-year average: 18.7x), with a PEG ratio of 1.33—attractive versus peers (e.g., United Rentals at 17.1x) and Ashtead’s projected three-year CAGR of 10%+.
- Brand and structural edge: Sunbelt’s brand strength, ongoing fleet digitalization, and leading safety and environmental standards create enduring competitive advantages.
In summary, Ashtead’s fundamentals support a valuation that appears discounted relative to its growth outlook, strengthening the case for a positive investment stance.
Volume and Liquidity
Market interest in Ashtead remains robust:
- Trading volume: Three-month daily average volume exceeds 1.2 million shares—well above the LSE blue-chip average—indicating deep market liquidity and low execution risk for institutions.
- Liquidity: With over 93% free float, Ashtead’s shares are accessible for both retail and institutional investors. Notably, block trades by UK pension funds and North American institutions have coincided with recent price inflection, highlighting market conviction.
High liquidity and ongoing institutional engagement signal continued investor confidence and form a solid foundation for Ashtead’s dynamic valuation.
Catalysts and Positive Outlook
Multiple forward-looking catalysts are set to drive renewed upside in the coming quarters:
- US infrastructure stimulus: Ongoing federal funding and private mega-projects (especially in renewables, data centers, and transportation) signal strong demand in Ashtead's core North American market.
- Digital transformation: Investments in digital platforms—like predictive maintenance and AI-driven fleet optimization—are expected to boost operating leverage.
- Strategic M&A: Management is signaling appetite for additional US bolt-on deals, expanding Sunbelt’s reach and adjacent services.
- ESG leadership: Ashtead has introduced new environmental targets, including a 35% cut in operational CO₂ intensity by 2030. Enhanced disclosures support growing demand from ESG-focused funds, widening the investor base.
- Sector tailwinds: Movement toward equipment rental, supply chain resiliency, and environmental compliance all reinforce a multi-year growth runway.
With visibility on earnings growth and an improving asset mix, Ashtead seems well positioned for upward estimate revisions and potential valuation rerating in the medium term.
Investment Strategies
Given the convergence of technical and fundamental strengths, Ashtead Group presents multiple attractive entry points across investment horizons:
- Short-term traders: May target technical entries on pullbacks near the £49–£50 support zone, with potential upside toward £54–£56 upon resistance breakout.
- Medium-term investors: US and Canadian expansion, alongside accelerating earnings, suggest further upside into FY2025 as infrastructure projects and digital initiatives materialize.
- Long-term holders: The stock gives broad exposure to secular infrastructure and capex cycles, reinforced by Ashtead’s capital allocation discipline, ESG progress, and innovation—all factors behind multi-year compounding.
Positioning into any pullback or ahead of the next trading update (September 2024) could be particularly advantageous, given upcoming positive catalysts and likely estimate upgrades.
Is it the Right Time to Buy Ashtead Group?
In conclusion, Ashtead Group brings together operational strength, strategic expansion, attractive valuation, and technical momentum, all underpinned by sector and macroeconomic tailwinds. The company's leadership in rental solutions, earnings resilience, disciplined growth, and high market liquidity combine to justify renewed interest at current levels. With the global infrastructure cycle accelerating, Ashtead appears poised to outperform, with several identifiable near-term catalysts.
For investors seeking exposure to the intersection of technology-driven industrial services, infrastructure growth, and disciplined capital returns, Ashtead Group offers an excellent opportunity. The stock may be entering a new bullish phase as earnings and momentum align. Prudent positioning in the coming weeks may enable investors to capture meaningful upside as Ashtead continues to consolidate sector leadership.
How to buy Ashtead Group stock in United Kingdom?
Buying Ashtead Group shares online is straightforward and secure when using a regulated UK broker. Investors can either buy shares directly (spot buying) or trade Contracts for Difference (CFDs), enabling speculation on the company's share price movements. Both approaches are available fully online in just minutes through reputable platforms offering investor protection. To discover the best broker for your preferences and budget, review our comprehensive comparison below.
Spot Buying
When you purchase Ashtead Group shares with cash, you become a direct shareholder and may receive dividends if distributed. UK brokers typically impose a flat fee per transaction, generally between £1 and £10. For instance, with Ashtead Group's share price at £56, a £1,000 investment (after a £5 commission) could acquire approximately 17 shares.
Gain scenario (Spot Buying)
If the share price increases by 10%, your holdings would be worth £1,100. Result: That is a £100 gross gain — a 10% return on your original investment.
Trading via CFD
CFDs (Contracts for Difference) allow you to speculate on Ashtead Group's share price without owning the shares themselves. CFD trading involves fees through the spread (the difference between the buy and sell price), and possibly overnight financing for held positions. Leverage amplifies your exposure: with a £1,000 stake and 5x leverage, you control £5,000 of market exposure.
Gain scenario (CFDs)
If Ashtead Group's share price rises by 8%, your leveraged position achieves 8% × 5 = 40%. Result: That means a £400 gain on a £1,000 investment (excluding fees and interest).
Final Advice
Before investing, always compare each broker's fees, trading conditions, and available support. The ideal choice depends on your financial objectives, risk tolerance, and whether you prefer direct ownership or the flexibility of trading. Read our comprehensive broker comparison below to help select the right platform for purchasing Ashtead Group shares online.
Is EightCap reliable?
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Why choose EightCap?
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Withdrawing your winnings on EightCap is simple and fast. Requests are processed within 24 hours and you can use flexible options such as bank transfer, cards or electronic wallets. Security and speed are at the heart of the service.
Is EightCap reliable?
Yes, EightCap is a trusted platform, regulated by the FCA (UK) and the ASIC (Australia). Since 2009, it has ensured the security of funds with segregated accounts and a rigorously regulated trading environment. If you are looking for a reliable broker to get started, EightCap is a safe platform, recognised in the industry.
Why choose EightCap?
EightCap combines performance and flexibility. The platform offers a wide selection of assets and tools like TradingView, perfect for demanding traders. Are you a novice? No problem: its demo accounts and innovative integrations like TradingView make learning intuitive and efficient.
What are the fees at EightCap?
At EightCap, fees depend on the account you choose: Raw accounts display spreads starting from 0 pips, with a commission of $3.5 per lot. Standard accounts, on the other hand, have slightly higher spreads but no commissions. No fees on deposits or withdrawals, for clear and controlled costs.
Who is EightCap for?
Whether you are a beginner or an experienced trader, EightCap is designed to meet your needs. Are you starting out? Take advantage of guides and demo accounts to understand the basics. Are you more advanced? Tools like TradingView and competitive spreads will allow you to go further in your strategies.
Is it easy to withdraw your money from EightCap?
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Is eToro reliable?
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With eToro, you don't need to be an expert to get started. Its intuitive interface and unique tool, the CopyTrader, allow you to copy the best traders to learn while you invest.
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Deposit is free, and withdrawal is set at $5. In the event that you remain inactive for 12 months or more, a fee of $10 per month applies.
Finally, the fees charged are also clearly mentioned on its website (we can't say the same for all competitors).
Who is eToro for?
eToro is mainly aimed at beginners and intermediates, thanks to its simplicity and its educational approach. If you want to diversify your portfolio or learn by observing the best traders, this platform is ideal.
Investors looking for a modern and intuitive experience will also find their account here, with a key argument: a real variety of assets (stocks, cryptocurrencies, ETFs).
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Yes, withdrawing your winnings from eToro is as easy as investing. With options like PayPal, bank transfer or credit card, eToro processes your requests within 1 to 3 business days.
The platform guarantees transparency of fees, and the procedure is explained step by step, ensuring you have permanent access to your funds. After analysing thousands of customer cases, no such problem has been reported.
Is eToro reliable?
Yes, eToro is a reliable platform, regulated by leading authorities, including the FCA (United Kingdom), ASIC (Australia), and CySEC in Europe. With over 30 million users worldwide, eToro is widely recognised for its security and transparency. According to our analysis, this broker is among the most reliable in the market, and we have not found any complaints regarding the security of funds.
Why choose eToro?
With eToro, you don't need to be an expert to get started. Its intuitive interface and unique tool, the CopyTrader, allow you to copy the best traders to learn while you invest.
You get access to thousands of assets, such as stocks, cryptos, Forex and commodities, all with an active community to exchange ideas: eToro makes investing simple, interactive and educational. It's like the Spotify of investing.
What are the fees at eToro?
eToro is transparent about its fees: no commission on the purchase of shares or ETFs. Spreads vary depending on the asset, but remain very affordable.
Deposit is free, and withdrawal is set at $5. In the event that you remain inactive for 12 months or more, a fee of $10 per month applies.
Finally, the fees charged are also clearly mentioned on its website (we can't say the same for all competitors).
Who is eToro for?
eToro is mainly aimed at beginners and intermediates, thanks to its simplicity and its educational approach. If you want to diversify your portfolio or learn by observing the best traders, this platform is ideal.
Investors looking for a modern and intuitive experience will also find their account here, with a key argument: a real variety of assets (stocks, cryptocurrencies, ETFs).
Is it easy to withdraw your money from eToro?
Yes, withdrawing your winnings from eToro is as easy as investing. With options like PayPal, bank transfer or credit card, eToro processes your requests within 1 to 3 business days.
The platform guarantees transparency of fees, and the procedure is explained step by step, ensuring you have permanent access to your funds. After analysing thousands of customer cases, no such problem has been reported.
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AvaTrade combines simplicity and expertise. The free tutorials, demo accounts and training help you learn at your own pace. Advanced tools like MT4/MT5 offer endless possibilities once you progress. You don’t need to be an expert: AvaTrade adapts to you.
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AvaTrade offers simple and affordable fees: competitive fixed spreads, no deposit or withdrawal fees, and avoidable inactivity costs with regular use. You can focus on learning and your investments, without any surprises when it comes to paying.
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AvaTrade is for everyone: beginners can benefit from detailed educational content and demo accounts, while advanced traders will find tools like automated trading or Vanilla options. If you’re looking for a reliable platform to develop your skills or diversify your assets, AvaTrade is an excellent choice.
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Is AvaTrade reliable?
AvaTrade is a trusted broker, regulated by major institutions including the Central Bank of Ireland, ASIC (Australia) and FSA (Japan). Operating since 2006, it offers strong guarantees, including the segregation of client funds and strict adherence to international standards. With over 300,000 active users, it inspires confidence in both beginner and experienced traders.
Why choose AvaTrade?
AvaTrade combines simplicity and expertise. The free tutorials, demo accounts and training help you learn at your own pace. Advanced tools like MT4/MT5 offer endless possibilities once you progress. You don’t need to be an expert: AvaTrade adapts to you.
What are the fees at AvaTrade?
AvaTrade offers simple and affordable fees: competitive fixed spreads, no deposit or withdrawal fees, and avoidable inactivity costs with regular use. You can focus on learning and your investments, without any surprises when it comes to paying.
Who is AvaTrade for?
AvaTrade is for everyone: beginners can benefit from detailed educational content and demo accounts, while advanced traders will find tools like automated trading or Vanilla options. If you’re looking for a reliable platform to develop your skills or diversify your assets, AvaTrade is an excellent choice.
Is it easy to withdraw money from AvaTrade?
Yes, AvaTrade offers a fast and secure withdrawal process. Once your account is verified, your requests are processed within 1 to 2 business days. You can use various options such as bank cards, bank transfer or electronic wallets. Everything is designed to give you quick, clear and secure access.
Our 7 tips for buying Ashtead Group stock
| 📊 Step | 📝 Specific tip for Ashtead Group |
|---|---|
| Analyze the market | Evaluate UK and US construction and rental equipment demand, as Ashtead Group heavily depends on infrastructure and non-residential construction cycles. |
| Choose the right trading platform | Use a UK-based platform regulated by the FCA that provides access to the London Stock Exchange and allows you to easily track Ashtead Group (AHT) stock performance. |
| Define your investment budget | Allocate a reasonable portion of your portfolio to Ashtead Group, taking into account its FTSE 100 status and natural exposure to cyclical market movements. |
| Choose a strategy (short or long term) | Consider a long-term approach to benefit from Ashtead’s expansion in North America, where it sees strong rental market growth and stable revenue streams. |
| Monitor news and financial results | Watch for Ashtead’s quarterly earnings, dividend updates, and any changes to UK or US infrastructure investment, as these factors closely impact the company’s prospects. |
| Use risk management tools | Set stop-loss levels to protect against sudden downturns and use limit orders to enter positions at your preferred price on a potentially volatile FTSE 100 stock. |
| Sell at the right time | Review technical indicators and consider locking in gains if the stock reaches historical highs or before anticipated market headwinds, such as economic slowdowns. |
The latest news about Ashtead Group
Ashtead Group reported robust full-year results, with revenue and profit growth driven by strong UK and US performance. On 18 June 2024, Ashtead Group released its financial results for the year ending 30 April 2024, showcasing a 13% rise in revenue to £9.7 billion and an 8% increase in adjusted pre-tax profit to £2.1 billion. The Group attributed this growth largely to robust activity in its core markets, with Sunbelt Rentals UK contributing through project wins and strong equipment demand. Management highlighted continued investment in fleet and infrastructure to support long-term growth, underscoring confidence in the company’s strategy and outlook.
The company announced a 10% increase in its final dividend, signalling confidence in future performance to UK investors. Ashtead declared a final dividend of 85p per share, up from 77p last year, taking the total dividend for the year to 100p per share. This announcement, made in conjunction with the latest earnings, sends a constructive signal to investors about the Group’s cash generation, balance sheet strength, and management’s positive view on the sustainability of its growth trajectory, especially relevant for the UK investor base seeking reliable income streams.
Ashtead highlighted increased capital expenditure in the UK to address heightened equipment demand and expand its local footprint. Investment in the UK rental fleet rose by 16% year-on-year, supporting expansion plans and allowing the Group to capture market share in the region’s infrastructure and construction sectors. The Group confirmed further strategic investments are planned to strengthen its regional branch network and improve customer service efficiency across the UK, reinforcing Ashtead’s position as a major player in the British equipment rental market.
Analysts from several major UK brokerages maintained their “buy” or “outperform” ratings following the results, citing resilient end-markets. Following the earnings release, leading City brokers such as Barclays and Jefferies reiterated positive outlooks for Ashtead, referencing its diversified end-market exposure, operational execution, and capacity to weather potential macroeconomic uncertainties. These endorsements provide added reassurance to professional analysts and institutional investors within the UK about Ashtead’s underlying stability and growth prospects.
Ashtead’s UK operations reported progress in advancing sustainability initiatives, aligning with evolving regulatory and client expectations. In its annual update, Ashtead detailed measurable progress in reducing fleet emissions and incorporating greener technologies in the UK, supporting customers’ efforts to meet stricter environmental regulations. The Group’s proactive sustainability approach both enhances its competitive position and fulfils rising demand for eco-friendly solutions among UK contractors, further underpinning Ashtead’s relevance in the domestic market.
FAQ
What is the latest dividend for Ashtead Group stock?
Ashtead Group currently pays a dividend. The most recent declared final dividend is 85.0p per share, with payment typically scheduled for early September. This reflects the company’s progressive dividend policy, showing regular increases in recent years to reward shareholders. The dividend yield remains competitive among FTSE 100 peers, and Ashtead’s strong cash generation helps support its ongoing distributions.
What is the forecast for Ashtead Group stock in 2025, 2026, and 2027?
Based on recent market prices, Ashtead Group stock is projected to reach approximately 7,771p by the end of 2025, 8,961p by the end of 2026, and 11,941p by the end of 2027. The company benefits from robust demand in the equipment rental sector, especially across North America, and continues to invest in network expansion and fleet modernisation, supporting a positive long-term outlook.
Should I sell my Ashtead Group shares?
Holding onto Ashtead Group shares may be an attractive option for investors because of the company’s consistent track record of growth and resilience within the industrial services sector. Ashtead continues to deliver strong underlying results, maintains a solid balance sheet, and invests for future expansion. For those focused on steady capital appreciation and dividends, the fundamentals suggest Ashtead remains well-positioned for mid- to long-term growth.
Are Ashtead Group shares eligible to be held in an ISA, and how are dividends taxed in the UK?
Yes, Ashtead Group shares can be held in a UK Stocks & Shares ISA, allowing investors to benefit from tax-free dividends and capital gains. Outside an ISA, dividends above the annual dividend allowance are subject to UK dividend tax rates. Investors should also be aware that as Ashtead is a UK-listed company, there is no withholding tax on dividends for UK residents.
What is the latest dividend for Ashtead Group stock?
Ashtead Group currently pays a dividend. The most recent declared final dividend is 85.0p per share, with payment typically scheduled for early September. This reflects the company’s progressive dividend policy, showing regular increases in recent years to reward shareholders. The dividend yield remains competitive among FTSE 100 peers, and Ashtead’s strong cash generation helps support its ongoing distributions.
What is the forecast for Ashtead Group stock in 2025, 2026, and 2027?
Based on recent market prices, Ashtead Group stock is projected to reach approximately 7,771p by the end of 2025, 8,961p by the end of 2026, and 11,941p by the end of 2027. The company benefits from robust demand in the equipment rental sector, especially across North America, and continues to invest in network expansion and fleet modernisation, supporting a positive long-term outlook.
Should I sell my Ashtead Group shares?
Holding onto Ashtead Group shares may be an attractive option for investors because of the company’s consistent track record of growth and resilience within the industrial services sector. Ashtead continues to deliver strong underlying results, maintains a solid balance sheet, and invests for future expansion. For those focused on steady capital appreciation and dividends, the fundamentals suggest Ashtead remains well-positioned for mid- to long-term growth.
Are Ashtead Group shares eligible to be held in an ISA, and how are dividends taxed in the UK?
Yes, Ashtead Group shares can be held in a UK Stocks & Shares ISA, allowing investors to benefit from tax-free dividends and capital gains. Outside an ISA, dividends above the annual dividend allowance are subject to UK dividend tax rates. Investors should also be aware that as Ashtead is a UK-listed company, there is no withholding tax on dividends for UK residents.
