Ashtead Technology Holdings: Yellow Submarine
AT.L: Small but critical offshore energy equipment rental (~78% revenue) with fungible fleet (85% usable across oil/gas/wind). Growing via acquisitions (5.2x-3.9x EBITDA multiples) in fragmented market. Pro forma 5.7x EV/EBITDA, 10.4x PE after Seatronics deal. Aligned management owns significant stakes. Target: £660m equity value by 2027 (+75%).
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