The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst
: I've got 2. I just wanted to start, it's a broader question, and I appreciate, Brendan, all the detail on kind of the unique position in that sort of Ashtead
has in the backdrop that you described. I guess, just interested in terms of sort of, obviously, geopolitical unrest that we've seen and the impact
that that's having in lots of different industries, whether that be how you think about the CapEx guide, how you think about the sort of the business
developing. And appreciate that your direct exposure towards Ukraine is basically 0, but indirectly, whether it be for the equipment providers that
you're buying from. Just -- I guess interested how you would sort of couch the risk there versus kind of pre this conflict starting and then how that's
fed into your guidance. It feels like quite a long and broad question, but hopefully, you get the sentiment.
Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst
: No. I think that's exactly what I was looking for. I appreciate that's not necessarily a very easy question to answer. Second one, hopefully, is a little
bit more straightforward, at least in terms of the drivers. But just thinking about the -- looking into FY '23, and not necessarily expecting specific
guidance. Obviously, we'll take it if it's coming. But just how to think about the drop-through, given obviously the sort of competing elements
around, I assumed, I guess, good growth, but also cost inflation that you've alluded to a number of times and then obviously the positive rate
development, I'm just interested at sort of what we should be thinking going into FY '23 on the drop-through.
Question: Karl Green - RBC Capital Markets, Research Division - Analyst
: Actually, just building on 2 of the things that are raised by Rory. Just on the major projects. Can you give us some sort of broad indication as to
what percentage of U.S. revenues in fiscal '23 you would expect to be represented by those large multiyear projects? That's the first question.
And then the second one, just on the M&A. I mean, clearly, you spent around $1.2 billion year-to-date. Any sort of updated indication as to the kind
of valuation multiples you've been paying for those assets? And specifically, ComRent on the load bank side. I mean, I imagine that was a fairly
sought-after asset. Was there any kind of upward inflation on the sort of multiple you have to take to get the asset?
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