Ashtead Group Share Price (AHT)

The one thing in the full year results 30 April 2019 that raised my eyebrows was a comparison between market share in the USA in 2010 and 2019.
In 2010 United Rentals had 5% of the market, Sunbelt had 4%. In 2019 United Rentals has 14% and Sunbelt 9%.
So despite sterling accounts from Ashtead, in fact their major competitor seems to be doing rather better, at least in terms of market share.
I haven't looked into the nitty-gritty of their accounts, as I have just done with Ashtead. Perhaps if I did I would find that they are stretching themselves too thin.
Whatever the case, Ashtead are doing very well, and everything seems strong and secure. I wonder if the brokers' forecast of £28.00 will happen anytime soon, though. May have to continue waiting for some time yet.
LM

Yes, that article in the Telegraph (June 18, 2019) was encouraging.
As a long-term shareholder I particularly liked this:
"Business in the US was buoyed by a booming construction sector and a structural shift towards renting rather than owning equipment."
LM

I note that, according to the Telegraph and under pressure from the City, Ashtead is scrapping pensions worth upto 40% of bosses' salaries and capping them at 15% for future executive directors.
Good on Brendan Horgan, leading the way.

Yes, I did include interest. However what I overlooked is that debt in the year 2018-19 increased by £1032.9bn, which means that about 220p per share of the discretionary spending was financed with borrowings. Obviously they can't grow debt by £1bn per year for ever, so that 220p has to be excluded from the sums. Discretionary spend not financed by debt was £1275.4bn or 274p per share, so if growth capex halves after 2021 from 348p per share to 174p that leaves 200p for shareholders (ignoring growth and effect of buybacks).

1.2.X.U.
Are you taking the interest on the debt into account?

I see that Trump's wall is back on the cards as the US Supreme Court has said that he can use£2bn of Pentagon funds for a section of wall on the southern border.