Friday was a nasty day for the FTSE 100, which fell 1.31% as buyers fretted over a possible US meltdown. Some London-listed blue-chips felt quite a bit sooner than that, together with two which have been on the prime of my ‘buy’ checklist for months.

I’ve resisted shopping for them to date as a result of I made a decision I used to be coming too late to the share price social gathering. Have I been given a second probability?

Tools rental specialist Ashtead Group (LSE: AHT) has had an excellent millennium. Within the 20 years to June 2023, it delivered a complete return of 45,532%, with dividends reinvested, in keeping with AJ Bell. That will have turned £10k right into a staggering £4.5m.

Ashtead Group

The primary driver was its US-based subsidiary Sunbelt Leases, which now provides 90% of Ashtead’s whole group revenues.

Given at present’s market cap of £22.52bn, Ashtead is unlikely to repeat its glory development days. However I’d nonetheless wish to personal it as a long-term buy-and-hold.

The Ashtead share price fell 5.42% on Friday. Over 12 months, it’s down 9.52% because the US financial system lastly stutters.

Ashtead’s gross sales bought a kick from Joe Biden’s Inflation Discount Act, which helped push full-year 2023 revenues to a document $10.86bn, up 12%. Progress is prone to gradual this yr as greater rates of interest lastly take their toll on the US financial system.

Ashtead’s shares at the moment are quite a bit ‘cheaper’ than they have been in 2021 and 2022, primarily based on its price-to-earnings ratio. Let’s see what the chart says.

Chart by TradingView

I feel current inventory market volatility is an excellent alternative to get a stake on this prime firm at a lowered price, and I’ll purchase it when I’ve money to spare.

I’ve additionally been conserving tabs on one other stellar performer, personal fairness specialist Intermediate Capital Group (LSE: IG).

On 13 June, I identified that it had delivered a staggering whole return of 915.1% during the last decade, the best on the FTSE 100. Over the past yr, its shares are up 50.06% ,however they dropped 7.13% on Friday. It was the most important faller on the index.

Like Ashtead, I used to be cautious of shopping for on the again of a powerful share price run. In the present day gives a extra enticing entry level.

A possibility?

ICG is a worldwide various asset supervisor supplying capital to rising companies. It’s a sector that tends to do properly when confidence is excessive, however struggles when buyers develop nervous. The brand new Labour authorities is seeking to tighten tax guidelines on personal fairness, which gained’t assist sentiment.

In June, I concluded it was a frothy time to purchase the inventory, which had simply posted a 132% bounce in full-year income to £258.1m. A few of that froth has gone now.

It’s nonetheless rising properly, with Q1 property beneath administration up 23.7% to $101bn, even when solely $70bn of that sum is payment incomes.

Intermediate Capital Group nonetheless seems to be good worth buying and selling at a modest 13.05 occasions earnings whereas yielding 3.99%. I feel it’s even higher worth than Ashtead. I’m crossing my fingers and hoping it can fall additional earlier than I discover the money to purchase it.