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					        Ashtead Group PLC (Britain)
        CREDIT SNAPSHOT                                            04/04/09




                                                                                                                                                 01 DEBT DISTRIBUTION

                                                                                                                                                 02 BONDS

                                                                                                                                                 03 INCOME STATEMENT

                                                                                                                                                 04 CASH FLOW

                                                                                                                                                 05 BALANCE SHEET
        Capital Bank Leveraged Finance Research                                                                                                  06 COVERAGE RATIOS
        Tel.              (43-316) 8072-2356                                                                                                     07 LEVERAGE RATIOS
        Fax.              (43-316) 8072-7120                                                                                                     08 ENTERPRISE VALUE
        e-mail            highyield@cbank.at                                                                                                     09 RETURN ON CAPITAL
        Bloomberg         GRAZ                                                                                                                   10 RECOVERY & TANGIBLE NET WORTH
        Blog              www.highyieldblog.com                                                                                                  11 ACCOUNTING RED FLAGS

                                                                                                                                                 12 LATEST SEC FILINGS

                                                                                                                                                 13 LEGAL DISCLAIMER




        AHT LN Equity

        equity ticker:    AHT LN                                       capitalisation (GBP in millions):

        bond ticker:      AHTLN                                        stock price                                             GBp 53

        sector:           Consumer, Non-cyclical                       shares outstanding (million)                            503.33

        subgroup:         Rental Auto/Equipment                        market capitalisation (GBP mm)                              267

        company description:                                           total debt                                                1,149
        Ashtead Group plc operates as an investment
                                                                       cash + marketable securities                                  2
        holding and management company. Through its
        subsidiaries, the Group hires out plant and                    other capital                                                 0
        machinery for the UK and the US construction and
                                                                       enterprise value (excl. cash)                             1,414
        allied industries. Ashtead has some 273 A-Plant
        and 41 UK Plant branches, supplying UK                         current EV / TTM EBITDA                                    4.6x
        communications, petrochemical, defense and retail
        customers. They also have 163 Sunbelt centers in               The company's next report is expected for 6/18/2009 (type:
        27 U.S. states.                                                Confirmed).
        Ashtead Group PLC has 9,798 employees.                         www.ashtead-group.com



The distribution of this report is restricted. Important information concerning these restrictions and legal disclaimer is set forth at the end of
this report.
01                    Ashtead Group PLC
                                                                                                                                                                                                         facility
                                                                                                                                                                                          amount
                     issuer                                                 Rtg debt type & details                                            coupon           mat           crncy                      amount             issue date
                                                                                                                                                                                         out (mm)
                                                                                                                                                                                                          (mm)
                     l ASHTEAD GROUP PLC                                    NA      Loan, secured, term, floater                                              11/1/2009       USD                           675              11/1/2004

                     l ASHTEAD GROUP PLC                                    NA      Loan, secured, revolver, floater                                          11/1/2009       USD                           675              11/1/2004

                     l NATIONSRENT INC                                      NA      Loan, secured, revolver, floater                                          4/21/2010       USD                           100              4/21/2005

                     l ASHTEAD GROUP PLC                                    NA      Loan, unsecured, revolver, floater                                       11/14/2010       USD                           800             11/14/2005

                     l ASHTEAD GROUP PLC                                    NA      Loan, unsecured, term, floater                                           11/14/2010       USD                           800             11/14/2005

                     l ASHTEAD GROUP PLC                                    NA      Loan, secured, abl revolver, floater                                      8/31/2011       USD                         1,750              8/31/2006

                     l ASHTEAD GROUP PLC                                    NA      Loan, secured, term, floater                                              8/31/2011       USD               230       1,750              8/31/2006

                     bASHTEAD HOLDINGS PLC                                   B      Bond, callable, secured, fixed                             8.625%          8/1/2015       USD               250              -            8/3/2005

                     bASHTEAD CAPITAL INC                                    B      Bond, callable, secured, fixed                             9.000%         8/15/2016       USD               550              -           8/15/2006
DEBT DISTRIBUTION




                     Total amount out of instruments listed above (GBP in MM)                                          694 Cash (MM)                                                                                 2

                     Total debt (MM)                                                                             1,149 Total Number of Debt Instruments (for the issuer and its subs)                                4




                                                                                                        Loans          Bonds


                    400

                    350

                    300

                    250

                    200

                    150

                    100

                     50

                      0
                                                                                                                                                                                                                               >2031
                          2008


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                                                                                                                                                                                         2028


                                                                                                                                                                                                  2029


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                                                                                                                                                                                                                     2031




                     Moody's Ratings                                                                                      Standard & Poor's Ratings

                     Outlook                                                        NEG              02/17/09             Outlook                                                      NEG               03/05/09

                     Issuer                                                         WR               07/07/05             LT Foreign Currency Issuer                                   BB-               08/03/05

                     Senior Secured Debt                                            N/A                                   LT Local Currency Issuer                                     BB-               08/03/05

                     LT Corp Family                                                 Ba3              08/01/07             ST Foreign Currency Issuer                                   N/A

                     Bank Loan Debt                                                 N/A                                   ST Local Currency Issuer                                     N/A

                     Senior Unsecured Debt                                          N/A

                     Subordinated Debt                                              N/A

                     Short Term                                                     N/A
02      Ashtead Group PLC
        id            issuer                                  coupon        mat                outstanding      S&P       MDY        ask px      yield     spread*       px date

                                                                                                                                                    *interpol. swap spread
        045056AA      ASHTEAD HOLDINGS PLC                     8.625      08/01/15   USD       250,000,000        B        B1         63.50       18.6         1589     02/17/09

        045054AA      ASHTEAD CAPITAL INC                      9.000      08/15/16   USD       550,000,000        B        B1         62.50       18.4         1564     02/17/09
BONDS




                                                            Total Debt for the company currently stands at GBP 1,148mm.


                                                                                                     bond price




                                          120


                                          100


                                              80


                                              60


                                              40


                                              20


                                               0
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                                                                                                        yield


                                         25


                                         20

             ASHTEAD HOLDINGS
             PLC 8.625% 8/2015 USD       15

             ASHTEAD CAPITAL INC
             9% 8/2016 USD               10


                                          5


                                          0
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                                                                                              interpolated swap spread

                                        2500



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                                              0
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                                      08

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                           Prices & yields bid side to 28/7/08 and ask side thereafter. Spread is Govt Bid Sprd to 28/7/08 and Interpol. Swap Ask Sprd then.
03                       Ashtead Group PLC

                         GBP in millions                                                                                                        Q3 08                        Q4 08                 Q1 09            Q2 09               Q3 09                                              05                         06                       07                     08

                                                                                                                                                                                                                                 01/31/09                                                                                                                   04/30/08

                         Revenues                                                                                                                       231                    215                     260            287                       252                                     524                          638                 875                         976

                         COGS

                         COGS % of Revenues

                         SG&A                                                                                                                           198                    181                                    232                       226                                     449                          503                 743                         799

                         SG&A % of Revenues                                                                                                     85.8%                        84.2%                                  81.0%               89.4%                                         85.8%                  78.8%                    85.0%                       81.8%
INCOME STATEMENT




                         EBITDA                                                                                                                          80                        71                       46        108                        81                                     177                          249                 298                         364

                         Interest Expense                                                                                                                20                        18                       17         19                        19                                        48                         46                       73                     79

                         EBT                                                                                                                             15                        15                                  39                         9                                        27                         89                       70                    108

                         Net Income                                                                                                                      13                        18                       82             -2                    -1                                        18                         56                        8                     78

                         EBITDA Margin                                                                                                          34.5%                        33.1%                 17.7%            37.5%               32.0%                                         33.8%                  39.0%                    34.0%                       37.3%

                         EBIT Margin                                                                                                            15.2%                        15.4%                           -      20.1%               10.8%                                         14.2%                  21.2%                    16.3%                       19.2%

                                                                                                                                                         EBITDA Margin                             EBIT Margin
                         57.1%




                                                                                                        40.2%




                                                                                                                                                                                                                                                                                                             39.0%
                                 38.9%




                                                                                                                                                                                   37.5%




                                                                                                                                                                                                                                                                                                                                                    37.3%
                                                                                        36.5%




                                                                                                                        34.5%




                                                                                                                                                                                                                                34.2%




                                                                                                                                                                                                                                                                                                                              34.0%
                                                                                                                                                                                                                                                                                       33.8%
                                                                                                                                        33.1%




                                                                                                                                                                                                    32.0%
                                                31.9%




                                                                                                                                                                                                                                                                       28.8%
                                                                                                                                                                                                                                                      25.7%
                                                                                                                23.4%




                                                                                                                                                                                                                                                                                                                     21.2%
                                                                                                                                                                                           20.1%




                                                                                                                                                                                                                                                                                                                                                             19.2%
                                                                                                19.0%




                                                                                                                                                              17.7%




                                                                                                                                                                                                                                                                                                                                       16.3%
                                                                                                                                                15.4%
                                                                                                                                15.2%




                                                                                                                                                                                                                                                                                               14.2%
                                                                                                                                                                                                                                        12.0%
                                                        11.8%




                                                                                                                                                                                                            10.8%




                                                                                                                                                                                                                                                                               6.0%
                                                                                                                                                                                                                                                              5.1%
                                                                                                                                                                      0.0%




                         Q2 07              Q3 07                     Q4 07             Q1 08           Q2 08           Q3 08           Q4 08                 Q1 09                Q2 09            Q3 09                          02                    03                 04            05                    06               07                    08
                                                                      -7.4%
                                                                              -15.3%




                         GBP in millions                                                                                                        Q3 08                        Q4 08                 Q1 09            Q2 09               Q3 09                                              05                         06                       07                     08

                                                                                                                                                                                                                                 01/31/09                                                                                                                   04/30/08
TTM INCOME STATEMENT




                         TTM Revenues                                                                                                                   975                    957                     970            992                 1,014                                         524                          638                 875                         976
                         TTM EBITDA                                                                                                                     259                    347                     303            304                       306                                     177                          249                 298                         364
                         TTM D&A                                                                                                                        151                    171                                                                                                      102                          114                 155                         177
                         TTM EBIT                                                                                                                       108                    177                                                                                                         75                        135                 143                         187

                         TTM Interest Expense                                                                                                            13                        79                       76         74                        73                                        48                         46                       73                     79

                         TTM EBT                                                                                                                         95                        98                                                                                                      27                         89                       70                    108

                         TTM Net Income                                                                                                                  53                        78                  142            112                        97                                        18                         56                        8                     78

                                                                                        TTM Revenues
                                                                                        TTM Revenues                                                                                                                                                                     EBITDA
                                                                                                                                                                                                                                                                     TTM EBITDA




                                                                                                                                                                                                                                                                                                                                                            364
                                                                                                1,014




                                                                                                                                                                                                                     347
                                                                                  992




                                                                                                                                                                             976
                        975




                                                                970
                                          957




                                                                                                                                                                                                                                                                      306
                                                                                                                                                                                                                                                      304
                                                                                                                                                                                                                                    303




                                                                                                                                                                                                                                                                                                                                       298
                                                                                                                                                          875




                                                                                                                                                                                                              259




                                                                                                                                                                                                                                                                                                                        249
                                                                                                                                        638
                                                                                                                          524




                                                                                                                                                                                                                                                                                                       177




                       Q3 08             Q4 08            Q1 09               Q2 09         Q3 09                         05            06               07                  08                             Q3 08   Q4 08       Q1 09            Q2 09               Q3 09                             05              06             07                08


                                            TTM EBT                           TTM Interest Expense                      TTM D&A




                                                                                                                                                                             177
                                         171
                                                                                                                                                         155
                       151                                                                                                              114

                                                                                                                                                                             79
                                          79
                                                                                                                        102
                                                                                                                                        46               73
                        13
                                                                0                  0             0
                        95                98                                                                              48            89                                   108
                                                                76               74             73                                                       70
                                                                                                                          27
                                                                0                  0             0
                       Q3 08             Q4 08            Q1 09               Q2 09         Q3 09                         05            06               07                  08
04                          Ashtead Group PLC

                            GBP in millions                                                                                  Q3 08                        Q4 08                 Q1 09         Q2 09             Q3 09                           05              06          07            08

                                                                                                                                                                                                           01/31/09                                                               04/30/08

                            Cash from Operations (CFO)                                                                              71                             48                 89            76                74                       128             154         181           264
CASH FLOW




                            Cash from Investing (CFI)                                                                              -72                            -13                 37            -93              -21                       -75             -223     -557            -265

                            Free Cash Flow (CFO + CFI)                                                                               -2                            35                126            -17               53                        54              -69     -376              -1

                            Cash from Financing Activities                                                                                2                       -43               -126            18               -53                       -55              68         376             1

                                                                                             Cash from Operations (CFO)                                                               Free Cash Flow (CFO + CFI)


                      300

                      200

                      100

                             0
                                     Q2 07             Q3 07           Q4 07         Q1 08      Q2 08        Q3 08           Q4 08                     Q1 09                Q2 09     Q3 09                     02           03         04      05             06     07          08
                     -100

                     -200

                     -300

                     -400

                     -500




                            GBP in millions                                                                                  Q3 08                        Q4 08                 Q1 09         Q2 09             Q3 09                           05              06          07            08

                                                                                                                                                                                                           01/31/09                                                               04/30/08

                            TTM Cash from Operations (CFO)                                                                        200                            256                 278           283               286                       128             154         181           264

                            TTM Cash from Invest. (CFI)                                                                           -201                          -265                -170           -141              -90                       -75             -223     -557            -265

                            TTM Capex                                                                                             -322                          -352                -327           -288          -249                         -111             -229     -308            -352

                            TTM D&A                                                                                               -151                          -171                -173           -179          -188                         -102             -114     -155            -177

                            TTM Free Cash Flow (CFO + CFI)                                                                           -2                             -9               109           142               196                        54              -69     -376              -1

                            TTM Cash from Financing Activities                                                                       -7                                 1           -117           -150          -205                          -55              68         376             1

                            TTM CFO - Capital Expenditures                                                                        -123                            -96                -48             -5               37                        17              -75     -127             -87
TTM CASH FLOW




                            TTM EBITDA - Capital Expenditures                                                                      -64                              -4               -24            17                56                        66              19          -11           12

                            TTM EBITDA - Capex - Change in WC                                                                      -64                              -4               -24            17                56                        66              20          -10           12

                            TTM EBITDA-Capex-WC-CshIntEx-CshTax-CshDiv                                                            -137                          -104                -115            -80              -37                        35              -37         -87          -81

                            TTM CFO/Total Debt                                                                               20.2%                        26.5%                 32.6%         26.3%             24.9%                        47.8%        66.7%       19.8%            27.4%

                            TTM FCF/Total Debt                                                                                   -0.2%                        -0.9%             12.7%         13.1%             17.1%                        19.9%        -29.7%      -41.0%           -0.1%

                                 TTM Capex                     TTM D&A             TTM Cash from Invest. (CFI)                                                                                            TTM EBITDA - Capital Expenditures

                                                                                                                                                                                                                                                     66
                                                                                                       -75
                                                                                                     -102
                                                                                       -90




                                                                                                     -111



                                                                                                                          -114




                                                                                                                                                                                                                                  56
                                                                          -141
                              -151




                                                                                                                                         -155
                                                             -170
                                               -171


                                                             -173




                                                                                                                                                                 -177
                                                                        -179


                                                                                   -188
                            -201




                                                                                                                      -223
                                                                                                               -229
                                                                                 -249
                                            -265




                                                                                                                                                              -265
                                                                    -288




                                                                                                                                  -308
                     -322




                                                      -327
                                     -352




                                                                                                                                                       -352




                                                                                                                                                                                                                      17                                        19
                                                                                                                                                                                                                                                                                  12
                                                                                                                                                -557




                                                                                                                                                                                              -4
                                                                                                                                                                                                                                                                      -11
                                                                                                                                                                                                          -24




                                                                                                                                                                                     -64

                                                                                                                                                                                    Q3 08   Q4 08     Q1 09          Q2 09    Q3 09                  05         06     07         08
                     Q3 08            Q4 08           Q1 09         Q2 09        Q3 09                  05        06                 07                   08

                                                                                             TTM EBITDA - Capex - Change in WC                                                  TTM EBITDA-Capex-WC-CshIntEx-CshTax-CshDiv


        100


                50


                 0
                                     Q3 08                          Q4 08                    Q1 09              Q2 09                                     Q3 09                                                 05                     06                 07                 08
          -50


     -100


     -150
05                Ashtead Group PLC

                  GBP in millions                                                    Q3 08        Q4 08        Q1 09        Q2 09          Q3 09                      05            06         07           08

                                                                                                                                         01/31/09                                                    04/30/08

                  Cash                                                                  2                  2       2               2             2                     2             1          1            2

                  Marketable Securities / ST Investments

                  Accounts & Notes Receivable                                         161             137        175          214              188                    81            97     144             137

                  Inventories & Unbilled Receivables                                   24                 23      24           22               17                    14            13         24           23

                  Net Fixed Assets                                                   1,174        1,130        1,181        1,349          1,380                     537           647   1,048           1,130

                  75% of Accounts Receivable                                          121             103        131          160              141                    60            72     108             103

                  30% of Inventories & Unbill. Rec.                                     7                  7       7               7             5                     4             4          7            7

                  10% of Net Fixed Assets                                             117             113        118          135              138                    54            65     105             113

                  Collateral (Liquidation) Asset Value                                247             224        258          303              286                   120           142     221             224
BALANCE SHEET




                  Working Capital                                                      28                 61       -9          49               82                    -7             4         12           61

                  Net Other Long Term Assets & Liabs.                                 221             202        180          202              230                  -153          -170     245             202

                  Total Borrowings (includes ST Borrowings)                           988             965        853        1,078          1,149                     268           232     917             965

                  Net Debt                                                            986             963        852        1,076          1,147                     266           231     916             963

                  Collateral Asset Value / Total Borrowings                         25.0%        23.3%         30.2%        28.2%          24.9%                   44.9%         61.3%   24.1%           23.3%

                  explanations and definitions:
                  The approximation we use to calculate a company's total Collateral (Liquidation) Asset Value (for an asset based liquidation scenario) is calculated as the sum of
                  Cash plus Marketable Securities / Short-Term Investments plus assets with the following valuation rates applied:
                  75% of stated Accounts Receivable
                  30% of stated Inventory
                  10% of stated Net Fixed Assets.
                  Although we acknowledge that some industries and individual situations demand clearly different assumptions we nevertheless think this is a useful approximation
                  across all industries covered, if only as a starting point for further individual in-depth analysis.


                               75% of Accounts Receivable          30% of Inventories & Unbill. Rec.                                    Working Capital
                               10% of Net Fixed Assets
                                                                                                                                                            82


                                                                                                                              61                                                                    61
                                                                                                                                                     49
                                             135
                                                     138
                                     118                                                                            28
                 117
                          113                 7                                          105      113
                                      7               5                                                                                                                                   12
                  7
                           7                                                   65            7        7                                                                              4
                                                                     54
                                             160     141                        4
                 121                 131                              4
                          103                                                            108      103
                                                                     60        72
                                                                                                                                          -9                                -7

                Q3 08    Q4 08     Q1 09   Q2 09    Q3 09            05        06        07        08              Q3 08    Q4 08       Q1 09    Q2 09     Q3 09           05       06    07        08


                                    Net Other Long Term Assets & Liabs.                                        Total Borrowings (includes ST Borrowings)           Net Debt

                                                                                       245
                221                                230
                         202               202                                                   202
                                    180
                                                                                                                                                          1,149
                                                                                                                                                          1,147
                                                                                                                                                1,078
                                                                                                                                                1,076
                                                                                                                 988
                                                                                                                 986

                                                                                                                           965




                                                                                                                                                                                                    965
                                                                                                                           963




                                                                                                                                                                                                    963
                                                                                                                                                                                         917
                                                                                                                                                                                         916
                                                                                                                                       853
                                                                                                                                       852




                                                                                                                                                                       268
                                                                                                                                                                       266

                                                                                                                                                                                   232
                                                                                                                                                                                   231




                                                                   -153
                                                                             -170
                Q3 08    Q4 08    Q1 09    Q2 09   Q3 09            05        06       07        08              Q3 08     Q4 08       Q1 09    Q2 09     Q3 09            05       06   07         08


                                 Collateral Asset Value / Total Borrowings


                                                                             61.3%



                                                                  44.9%
                                                                                                                As of 4/30/2008 the Pension Plan of Ashtead Group PLC was overfunded by
                                                                                                                GBP 6mm. The discount rate used for the company's Pension Plan liabilities
                                   30.2%                                                                        is 6.25%.
                                           28.2%
                25.0% 23.3%                        24.9%                              24.1% 23.3%




                Q3 08    Q4 08     Q1 09   Q2 09   Q3 09            05        06        07       08
06                  Ashtead Group PLC

                    GBP in millions                                               Q3 08      Q4 08        Q1 09       Q2 09              Q3 09               05            06            07           08
COVERAGE RATIOS




                                                                                                                                    01/31/09                                                    04/30/08

                    TTM EBITDA / TOTAL INTEREST                                   20.4x           4.4x      4.0x           4.1x           4.2x              3.7x          5.4x      4.1x             4.6x

                    TTM EBITDAR / TOTAL INTEREST+RENT                              6.2x           3.3x      3.0x           3.1x           3.2x              2.9x          4.0x      3.0x             3.5x

                    TTM EBITDA-CAPEX / TOTAL INTEREST                               NM            NM        NM             0.2x           0.8x              1.4x          0.4x         NM            0.2x

                    TTM EBITDAR-CAPEX / TOTAL INTEREST+RENT                         NM            NM        NM             0.5x           0.8x              1.3x          0.6x         NM            0.4x


                    explanations and definitions:
                    TTM TOTAL INTEREST: For all coverage ratio calculations we use the Total Interest figure which in addition to Interest Expense also includes Capitalized Interest
                    Expenses. We think this gives a better view of the economic reality than the simple Interest Expense figure.




                                      TTM EBITDA / TOTAL INTEREST                                                             TTM EBITDAR / TOTAL INTEREST+RENT


                                                                                                            6.2x
                  20.4x




                                                                                                                                                                           4.0x
                                                                                                                     3.3x                                                                     3.5x
                                                                                                                                  3.0x      3.1x     3.2x
                                                                                                                                                                   2.9x           3.0x



                                                                          5.4x
                          4.4x            4.1x    4.2x                             4.1x   4.6x
                                   4.0x                           3.7x




                  Q3 08 Q4 08 Q1 09 Q2 09 Q3 09                    05      06      07      08              Q3 08    Q4 08         Q1 09    Q2 09    Q3 09          05      06      07          08


                                 TTM EBITDA-CAPEX / TOTAL INTEREST                                                   TTM EBITDAR-CAPEX / TOTAL INTEREST+RENT


                                                                                                                                                              1.3x
                                                                  1.4x




                                                                                                                                                   0.8x

                                                  0.8x
                                                                                                                                                                          0.6x

                                                                                                                                           0.5x
                                                                                                                                                                                              0.4x
                                                                           0.4x

                                           0.2x
                                                                                           0.2x

                   0.0x   0.0x     0.0x                                            0.0x                   0.0x     0.0x       0.0x                                                0.0x

                  Q3 08 Q4 08 Q1 09 Q2 09 Q3 09                    05      06       07     08            Q3 08     Q4 08     Q1 09        Q2 09    Q3 09       05         06      07          08
07                  Ashtead Group PLC

                    GBP in millions                                                   Q3 08      Q4 08       Q1 09        Q2 09           Q3 09                         05            06             07              08

                                                                                                                                    01/31/09                                                                 04/30/08

                    NET DEBT / TTM EBITDA                                              3.8x        2.8x        2.8x        3.5x            3.8x                       1.5x          0.9x         3.1x              2.6x

                    TOTAL DEBT / TTM EBITDA                                            3.8x        2.8x        2.8x        3.5x            3.8x                       1.5x          0.9x         3.1x              2.7x
LEVERAGE RATIOS




                    TOTAL DEBT / TTM EBITDA-CAPEX                                       NM         NM           NM        64.5x           20.4x                       4.1x         11.9x         NM               77.8x

                    Rentadj. TOT DEBT / TTM EBITDAR                                    4.3x        3.3x        3.4x        4.0x            4.2x                       2.2x          1.5x         3.7x              3.1x

                    Rentadj. TOT DEBT / TTM EBITDAR-CAPEX                               NM       40.7x        98.5x       26.3x           15.6x                       5.0x          9.9x       40.3x              26.3x

                    HAIRCUT EBITDA MULTIPLE / TOTAL DEBT                              82.4%     113.3%     112.0%        89.0%        83.8%                         207.7%        338.3%      102.2%             118.8%

                    TOTAL DEBT / TTM EBIT                                              9.2x        5.5x                                                               3.6x          1.7x         6.4x              5.2x


                    explanations and definitions:
                    Rent adj. Total Debt/TTM EBITDAR: This ratio is calculated by dividing the Rent Adjusted Total Debt figure (Total Debt plus 8 times TTM Rental
                    Expenses) by EBITDAR (TTM EBITDA plus TTM Rental Expenses).
                    HAIRCUT EBITDA MULTIPLE / TOTAL DEBT: We adjust TTM EBITDA to 70% of its stated value, multiply the result with 4.5 as an assumed exit multiple and relate
                    the resulting figure (the haircut EBITDA multiple) to the TOTAL DEBT number. This ratio should reflect the situation of an issuer's liquidation, whereby the assets can
                    be sold at a reduced EBITDA multiple.



                                             NET DEBT / TTM EBITDA                                                             TOTAL DEBT / TTM EBITDA                TOTAL DEBT / TTM EBITDA-CAPEX



                  3.8x                               3.8x                                                                                                                                                   77.8x
                                             3.5x
                                                                                                                                                  64.5x
                                                                                         3.1x
                           2.8x       2.8x
                                                                                                 2.6x




                                                                      1.5x

                                                                               0.9x                                                                         20.4x

                                                                                                                                                                                      11.9x
                                                                                                                3.8x    2.8x    2.8x    3.5x              3.8x              4.1x              3.1x    2.7x
                                                                                                                   0.0x    0.0x    0.0x                                  1.5x    0.9x            0.0x

                  Q3 08   Q4 08     Q1 09    Q2 09   Q3 09             05       06       07       08             Q3 08   Q4 08     Q1 09     Q2 09        Q3 09              05       06        07          08


                                  HAIRCUT EBITDA MULTIPLE / TOTAL DEBT                                                         Rentadj. TOT DEBT / TTM EBITDAR
                                                                                                                               Rentadj. TOT DEBT / TTM EBITDAR-CAPEX

                                                                              338.3%
                                                                                                                                     98.5x




                                                                    207.7%



                                                                                                118.8%                     40.7x                                                               40.3x
                          113.3% 112.0%
                                                                                       102.2%
                  82.4%                      89.0% 83.8%                                                                                          26.3x                                                     26.3x
                                                                                                                                                            15.6x
                                                                                                                                                                                    9.9x
                                                                                                                4.3x    3.3x       3.4x      4.0x         4.2x              5.0x
                                                                                                                                                                         2.2x            3.7x             3.1x
                                                                                                                   0.0x                                                          1.5x

                  Q3 08   Q4 08     Q1 09    Q2 09   Q3 09             05       06       07       08            Q3 08    Q4 08     Q1 09     Q2 09        Q3 09              05       06       07           08


                                             TOTAL DEBT / TTM EBIT

                  9.2x




                                                                                         6.4x

                           5.5x
                                                                                                  5.2x


                                                                       3.6x



                                                                               1.7x



                                      0.0x    0.0x    0.0x

                  Q3 08   Q4 08     Q1 09    Q2 09   Q3 09             05       06        07      08
08                              Ashtead Group PLC

                                GBP in millions                                                                                                                         Q3 08                       Q4 08                       Q1 09                   Q2 09                     Q3 09                                                          05                      06                      07                     08

                                                                                                                                                                                                                                                                               01/31/09                                                                                                                            04/30/08
ENTERPRISE VALUE




                                EV / TTM EBITDA                                                                                                                            5.5x                        3.8x                      4.1x                        4.3x                        4.5x                                             3.1x                       4.7x                       6.0x                   3.6x

                                EV / TTM EBIT                                                                                                                           13.3x                          7.4x                                                                                                                               7.4x                       8.7x                   12.5x                      7.0x

                                Enterprise Value                                                                                                                        1,428                       1,303                       1,232                       1,314                  1,372                                                   549                      1,181                  1,782                     1,303

                                TOTAL DEBT                                                                                                                                  988                          965                       853                      1,078                  1,149                                                   268                       232                        917                    965

                                Equity Market Cap                                                                                                                           431                          321                       347                       217                         201                                               280                       947                        866                    321


                                                                                           EV / TTM EBITDA
                                                                                                                                                                                                                                                                                                            EV / TTM EBIT
                                                                                                                                                                                                                                  13.3x
                                                                                                                                                                                 6.0x                                                                                                                                                                                                   12.5x
                       5.5x

                                                                                                                                                              4.7x
                                                                                                     4.5x
                                                                                4.3x
                                                             4.1x                                                                                                                                                                                                                                                                                                      8.7x
                                           3.8x
                                                                                                                                                                                                3.6x
                                                                                                                                                                                                                                                      7.4x                                                                                            7.4x
                                                                                                                                           3.1x                                                                                                                                                                                                                                                             7.0x




                                                                                                                                                                                                                                                                        0.0x                0.0x                0.0x
                       Q3 08               Q4 08             Q1 09              Q2 09                Q3 09                                 05                 06                 07                 08
                                                                                                                                                                                                                                 Q3 08             Q4 08              Q1 09               Q2 09              Q3 09                                     05                 06                07                 08

                                                                   TOTAL DEBT                                  EV - TOTAL DEBT                                                                                                                                                                      Equity Market Cap
                                                                                                                                                                                                                                                                                                                                                                        947
                                                                                                                                                                                                                                                                                                                                                                                          866
                                                                                                                                                                                  865
                                                                                                       223
                           440




                                                                                   237
                                              338




                                                                                                                                                                                                    338
                                                                379




                                                                                                                                                                                                                                      431
                                                                                                                                                                                                                                                                          347
                                                                                                                                                                                                                                                        321                                                                                                                                                  321
                                                                                                                                                               949




                                                                                                                                                                                                                                                                                                                                                      280
                                                                                                       1,149
                                                                                   1,078
                           988




                                                                                                                                                                                                                                                                                              217
                                              965




                                                                                                                                                                                                    965




                                                                                                                                                                                                                                                                                                                 201
                                                                                                                                                                                  917
                                                                853




                                                                                                                                            281
                                                                                                                                            268


                                                                                                                                                               232




                       Q3 08               Q4 08             Q1 09              Q2 09                Q3 09                                  05                 06                 07                08
                                                                                                                                                                                                                                  Q3 08             Q4 08              Q1 09               Q2 09              Q3 09                                    05                 06                07                 08


                                                                                                                                                                                                    AHT LN stock closing price


      250



      200



      150



      100



            50



                   0
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                       Mai/99




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                                                                                                                                                                                                                                                                                                                                                                              Mai/08
                                                    Feb/00




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                                                                                                                                                                                                                                                                                                                                                                                                          Feb/09
09                    Ashtead Group PLC

                      GBP in millions                                                Q3 08       Q4 08        Q1 09       Q2 09           Q3 09                    05           06           07            08

                                                                                                                                     01/31/09                                                       04/30/08

                      Adjusted Cap Rate                                              4.60%       8.48%                                                         6.52%         6.36%     4.49%            8.37%
RETURN ON CAPITAL




                      Tangible Capital                                               1,126        1,099       1,059        1,246          1,294                  268           340      1,013           1,099

                      Total Intangibles                                                301            300       299          362           403                   118           149        299             300

                      Pre-tax ROIC                                                    9.6%       16.1%                                                         27.9%         39.7%     14.1%            17.0%

                      After-tax ROIC (effective tax rate)                             6.3%       11.5%                                                         15.7%         27.0%                      10.9%

                      After-tax ROIC (assumed tax rate)                               6.2%       10.4%                                                         18.1%         25.8%      9.1%            11.1%

                      WACD (Pre-tax)                                                  1.3%           8.2%      8.9%        6.9%           6.3%                 17.7%         20.0%      8.0%            8.2%


                      explanations and definitions:
                      Adjusted Cap Rate: This ratio shows EBIT reduced by an assumed tax rate of 35% and adjusted for Net Non-Operating and Extraordinary Losses (Gains) - averaged
                      over the last 5 years - divided by the Enterprise Value.
                      Tangible Capital: Starting with the Total Book Capital the Tangible Capital figure is calculated by subtracting Intangibles, Cash and Marketable Securities as well as
                      Short Term Investments.
                      We calculate three different ROIC (Return on Invested Capital) figures:
                      Pre-Tax ROIC: this ratio relates the trailing twelve months (TTM) EBIT to Tangible Capital as defined above.
                      After-tax ROIC (effective tax rate): here EBIT is corrected by the company's effective tax rate as stated in it's latest financials, giving an after-tax ROIC rate.
                      After-tax ROIC (assumed tax rate): here EBIT is corrected by an assumed tax rate of 35%, giving a modified after-tax ROIC rate.
                      WACD (Pre-Tax): This rate is defined as trailing twelve months (TTM) TOTAL INTEREST EXPENSE divided by Total Borrowings.




                                                Adjusted Cap Rate                                                                    After-tax ROIC (assumed tax rate)

                           8.5%                                                               8.4%
                                                                                                                                                                              25.8%


                                                                     6.5%    6.4%

                                                                                                                                                                    18.1%

                    4.6%                                                              4.5%


                                                                                                                       10.4%                                                                      11.1%
                                                                                                                                                                                      9.1%

                                                                                                               6.2%



                                     0.0%   0.0%     0.0%                                                                          0.0%     0.0%    0.0%

                    Q3 08 Q4 08 Q1 09 Q2 09 Q3 09                     05       06      07      08              Q3 08    Q4 08    Q1 09      Q2 09   Q3 09               05      06      07         08


                                                   WACD (Pre-tax)




                                                                             20.0%

                                                                     17.7%




                                     8.9%
                           8.2%                                                       8.0%    8.2%
                                            6.9%     6.3%



                    1.3%


                    Q3 08 Q4 08 Q1 09 Q2 09 Q3 09                      05      06      07       08
10
DEFAULT ESTIMATE                Ashtead Group PLC




                                Average Bond Spread (in BPoints (1))                      1572

                                Estimated Bond Recovery Rate (2)                         76.7%

                                Resulting Tolerable Default Rate (3)                       NM




                                explanations and definitions:
                                We calculate estimated default and recovery rates to be used in other credit models (f.i. for the valuation of CDOs or similar structures) as follows:
                                (1) Average Bond Spread: Average Spread of all bonds listed on page 2 of this report.
                                (2) Estimated Bond Recovery Rate: To calculate this rate we first divide the total debt amount into bond debt and loan debt that is senior to bond debt. As an
                                approximation for the total amount of bond debt we use the sum of the amounts outstanding of all bonds listed on page 1 of this report. The total debt figure is reduced
                                by this sum, giving us an approximate figure for debt that is senior to bond debt. We then calculate a collateral asset coverage figure for the bond debt by starting with
                                the Collateral Asset Value (as defined on page 5 of this report) which we reduce by the amount of senior debt ahead of the bonds. The remaining Collateral Asset Value
                                is then divided by the approximate bond debt amount as defined above, giving an estimated recovery value on a collateral asset basis. We apply the same logic to an
                                EBITDA multiple ratio (as on page 7 of this report) and get a second recovery estimate based on the EBITDA multiple. The higher of the 2 estimates is used as the
                                "Estimated Bond Recovery Rate".
                                (3) Resulting Tolerable Default Rate: The implied default rate calculated using the Market Spread (1) and the Estimated Recovery Rate (2). With the given Market
                                Spread and Estimated Recovery Rate it defines the maximum tolerable default probability for the risk premium paid in the form of Spread. Please note: This rate will
                                only be displayed when it is greater than 0% and lower than 30% as we believe it is not meaningful ('NM') out of this range.

                                Although we acknowledge that the calculated results are by no means exact, we think they make for a good estimate in the valuation of credit structures when individual
                                default and recovery rates for single issuers are to be used.



                                GBP in millions                                                  Q3 08      Q4 08        Q1 09        Q2 09       Q3 09                       05           06           07        08

                                                                                                                                               01/31/09                                                      04/30/08

                                Total Assets                                                     1,694       1,663        1,699       1,966       2,025                      773         940        1,596      1,663
TANGIBLE NET WORTH




                                Total Liabilites                                                 1,252       1,227        1,193       1,434       1,475                      653         682        1,199      1,227

                                Total Intangibles                                                  301         300         299          362         403                      118         149           299       300

                                Tangible Net Worth                                                 140         136         208          170         147                         1        109            97       136
                     ESTIMATE




                                Rent Debt (8x Annual Rental Expense)                               280         280         280          280         280                      169         174           335       280

                                Underfunded Pension & Post Ret. Liab.                                            6                                                            -16           2            5         6

                                Discount on Hard Assets                                          1,113       1,067        1,123       1,283       1,300                      513         615           996     1,067

                                Adjusted Tangible Net Worth                                      -1,253     -1,205       -1,195      -1,393       -1,433                    -697         -678      -1,229      -1,205
11                          Ashtead Group PLC
                            GBP in millions                                                                   Q3 08               Q4 08                 Q1 09        Q2 09        Q3 09                                         05         06                       07               08

                                                                                                                                                                             01/31/09                                                                                        04/30/08

                            (CFO-Net Income)/Revenues                                                         24.8%               14.1%                 2.6%         26.9%        29.6%                                    21.0%      15.5%                19.8%                  19.1%

                            yoy Revenue Growth                                                                  -3.9%              -7.9%                5.4%         8.6%              9.4%                                4.7%       21.8%                37.1%                  11.6%

                            Gross Margin

                            Days Sales Outstanding                                                                   60                 52                   66         79               68                                     56         55                       60               51

                            Days Sales of Inventory                                                                     9                   9                 9          8                6                                     10            7                     10                8

                            Soft Assets                                                                          333                  371                   319        380              439                                  139          183                  378                  371
ACCOUNTING RED FLAGS




                            Unbilled Receivables                                                                         -                  -                   -        -                -                                       -                -                 -                -

                            Deferred / Unearned Revenue                                                                  -                  -                   -        -                -                                       -                -                 -                -

                            Allowance for Doubtful Accounts                                                              -                  -                   -        -                -                                       -                -                 -                -

                            TTM Dividends Paid                                                                          9               11                   11         13               13                                      0            2                      7               11

                            TTM Preferred Dividends                                                                     0                   0                 0          0                0                                      0            0                      0                0

                            Net Change in Capital Stock                                                           -12                   -12                 -13         -1               -2                                      0         68                  144                  -24

                            Non-Capex CFI (CFI less Capex)                                                           13                 16                  101         17               26                                     36            6               -249                   87

                                                                                          Gross Margin                            yoy Revenue Growth                     (CFO-Net Income)/Revenues


                       40.0%

                       35.0%
                                                                                                                                                                                               37%
                       30.0%

                       25.0%                    29%                                                                                                          30%
                                                                                                                                                27%
                                                                                              25%                                                                                25%




                                                                                                                                                                                                                                                            37.1%
                       20.0%                                                                                                                                                                                     24%
                                                                                                                                                                                                                             21%
                                                                      20%                                                                                                                                                                              20%               19%
                       15.0%




                                                                                                                                                                                                                                           21.8%
                                                                                   16%                                                                                                                                                15%

                                                                                                                                                                                 21%
                                                                                                                14%




                                                                                                                                                                                                             17%
                       10.0%




                                                                                                                                                                                               15%




                                                                                                                                                                                                                                                                          11.6%
                                                                                                                                                              9.4%
                                                                                                                                                 8.6%
                                                                                   7.1%




                                                                                                                                 5.4%




                                                                                                                                                                                                                             4.7%
                        5.0%
                                  0%



                                              0%



                                                         0%



                                                                      0%



                                                                                   0%



                                                                                              0%



                                                                                                                0%



                                                                                                                                 0%



                                                                                                                                                0%



                                                                                                                                                             0%




                                                                                                                                                                                                                             0%



                                                                                                                                                                                                                                      0%



                                                                                                                                                                                                                                                       0%



                                                                                                                                                                                                                                                                         0%
                                   7%
                        0.0%
                                                                                                                                 3%
                                                                                                   -3.9%




                                                                                                                                                                                                     -7.6%



                                                                                                                                                                                                                   -7.3%
                                                                                                                     -7.9%




                        -5.0%                            -1%

                       -10.0%

                       -15.0%



                                                                                                           Days Sales Outstanding                       Days Sales of Inventory
                            19



                                         14




                                                                                                                                                                                                                 11




                                                                                                                                                                                                                                                            10
                                                    10




                                                                                                                                                                                                                                10
                                                                                          9
                                                                  9




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                                                                               8




                                                                                                                                                                                 8
                                                                                                                                            8




                                                                                                                                                                                               8




                                                                                                                                                                                                                                          7
                                                                                                                                                            6
                        0



                                    0



                                                0



                                                              0



                                                                           0



                                                                                     0



                                                                                                     0



                                                                                                                        0



                                                                                                                                        0



                                                                                                                                                        0




                                                                                                                                                                             0



                                                                                                                                                                                          0



                                                                                                                                                                                                             0



                                                                                                                                                                                                                            0



                                                                                                                                                                                                                                      0



                                                                                                                                                                                                                                                       0



                                                                                                                                                                                                                                                                         0




                        Q2 07      Q3 07        Q4 07     Q1 08            Q2 08     Q3 08         Q4 08               Q1 09          Q2 09           Q3 09                  02               03             04              05       06               07                 08


                            Auditor Information:

                            Current auditor                                               DELOITTE & TOUCHE LLP (as of 23.6.2008)

                            Auditor's opinion                                             Unqualified

                            Auditor's opinion - Definitions

                            Not Audited / Unaudited                                       No tests were performed to verify amounts in financial statements. Typically applied to interim statement.

                            Partially audited                                             Not all statements were audited. Auditor may specifically give opinion on one or two statements.

                            Unqualified                                                   Auditor declares, without reservation, that the financial statements fairly represent the company's financial position at
                                                                                          a point in time and that the statements conform in all material respects to GAAP.
                            Qualified: Limited Scope                                      An aspect of the company's financial statements could not be verified, such as a portion of inventory not counted.

                            Qualified: Inconsistent Standards                             Accounting standards were not applied consistently between periods.

                            Qualified: not GAAP                                           Standard accounting principles for the country were not followed. Typically related to a unique line item and uses the
                                                                                          phrase 'except for.'
                            Qualified: uncertainty                                        Doubt exists related to a material balance sheet item, such as value of investment or collectability of major
                                                                                          receivable; or auditor doubts going concern ability of company. This opinion usually employs the phrase 'subject to.'

                            Disclaimer                                                    Auditor refuses to state opinion on financial statements, typically due to lack of sufficient documentation provided by
                                                                                          company and/or subsidiaries.
12                   Ashtead Group PLC


                     Quarterly Report (Form Type 10-Q)                end of period
LATEST SEC FILINGS




                     Annual Report (Form Type 10-K)                   end of period




                     Special Events & Material News (Form Type 8-K)      filing date




                     Prospectus (Form Type 42..)                         filing date
  This research report was prepared by Capital Bank - GRAWE Gruppe AG (Capital Bank). The information herein has been
   obtained from, and any opinions herein are based upon, sources believed to be reliable, but we do not represent that it is
     accurate or complete and it should not be relied upon as such. All opinions, forecasts and estimates herein reflect our
judgement on the date of this report and are subject to change without notice. The report is not intended to be an offer, or the
 solicitation of any offer, to buy or sell the securities referred to herein. Further information on the securities referred to herein
     may be obtained from Capital Bank upon request. Past performance is not necessarily indicative of future results and
   transactions in securities, options or futures can be considered risky. Not all transactions are suitable for every investor.
Investors should consult their advisor to make sure that the planned investment fits into their needs and preferences and that
                                                the involved risks are fully understood.

  This document may not be reproduced, distributed or published without the prior consent of Capital Bank. Capital Bank is
             regulated by the Financial Services Authority for the conduct of investment business in Austria.

				
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