The Market Maven - Week 21
Ashtead Technology, Campari
Ashtead Technology Holdings 🇬🇧 (LON: AT, EV: £515M, Last Close: £4.57)
Ashtead Technology is a subsea equipment rental company and has been growing successfully through M&A. Ashstead is the one shop stop for subsea installation companies who emphasize breadth of tools, reliability, and availability. This plays well into Ashstead’s scale and allows some pricing power over competitors. This scale advantage combined with offshore companies move towards lighter balance sheets paves the way for continued outperformance at Ashstead. Shares currently trade for ~8.5x earnings.
A recent VIC Writeup (Link)
Davide Campari Milano 🇮🇹 (BIT: CPR, EV: €9.4B, Last Close: €5.71)
Campari is an Italian spirits producer with brands such as Aperol, Grand Marnier, and Espolòn. A combination of logistics woes, destocking, and tariffs have shares trading for 14x recurring FCF, a near all-time low.
Harris Associates Touches on Campari in Their Q4 2024 Letter (Link, pg. 3).
Check Out: Beautiful vs. Practical Advice
Disclosure: This newsletter does not provide investment advice. Information presented is for informational purposes only and should not be considered a recommendation to buy or sell securities. The author may or may not own the securities discussed.