Ashtead Group plc

Growing Franchise: Ashtead Group plc is listed in the UK, but generates around 86% of its revenue from the US, where it is the second-largest equipment rental company, with a 13% market share, trading under the Sunbelt Rentals brand. Ashtead has been expanding its franchise in North America, which has good structural growth prospects for equipment rental firms, helped by a number of legislative acts aimed at improving infrastructure, reducing inflation and onshoring manufacturing and production. Ashtead’s market positioning and scale give it a degree of bargaining power with equipment suppliers, which has proved beneficial during equipment supply shortages. The company has also been increasing its share of US mega projects in recent years.