Ashtead Technology Holdings – I was wrong and I was right and I was thwarted! But read on!

Mark Watson-Mitchell - 24.09.2026

Just seven weeks ago, on Friday 7^th August, I profiled Ashtead Technology Holdings (LON:AT.) predicting that the group’s shares would climb 25% to 525p over the next year – well I was wrong and I was right!

The then £337m-capitalised group’s shares were trading at 419p.

The profile on the company, which is leading provider of subsea technology solutions to the global offshore energy sector, was ahead of its Interim Results being announced at the start of this month.

Well, the shares rose to 454p within the following four days.

On Tuesday 1^st September they had fallen away and traded at 326p.

Subsequent to the Interims being announced they ranged 330p to 360p in price.

I Was Thwarted

Yesterday afternoon I was preparing to write another profile on the company because I considered its shares undervalued.

I spent nearly three hours on checking through the group’s data, reports and statements and even viewing the recent corporate presentation by its CEO and CFO.

I came away from that period of diligence even more confident in my view.

As I started to put together my material I was thwarted!

At just after 4pm yesterday the company issued a statement that it had received an unsolicited, non-binding indicative proposal from Ember Infrastructure Management, LP for a potential cash acquisition of the entire issued share capital at 615p per share.

The Board of Ashtead Technology declared that it was currently considering the proposal, which follows three previous unsolicited offers, and is providing preliminary due diligence information to Ember.

An offer period has commenced, and Ember must announce a firm intention to make an offer or withdraw by 5:00 pm on Wednesday 21^st October.

Despite being so close to the end of daily dealings the shares took off in price, closing at 545p, on the back of a massive swelter of dealings, with some 2,311,062 shares traded on the day, against recent 250,000 daily.

As I write this article the shares have eased back on some inevitable profit-taking, now 518p on a 1,515,143 dealing volume (time 11am).

So yes, I was thwarted, but Ember saved my writing time.

My View

I really like this group, it has progressed so well over the last ten years, and it appears to have only surface-scraped its potential for global business.

The latest acquisition in Australia is really quite small, but what it does give the group is an existing Antipodean base from which to chase further business.

At the current 518p – I still consider that the group’s shares are undervalued – why else would Ember want it?

In fact, I now fix a new Target Price of 600p for the shares.

(Profile 26.08.25 @ 344p set a Target Price of 430p*)

(Profile 19.03.26 @ 393p set a Target Price of 450p*)

(Profile 07.08.26 @ 419p set a Target Price of 525p*)

(Profile 24.09.26 @ 518p set a Target Price of 600p)

As it goes lower - it goes higher