Construction equipment rental company Ashtead Group has been one of the best performing stocks in the FTSE 100 in recent decades. However, earlier this month, it exited the blue-chip UK index, renamed itself Sunbelt Rentals (LSE: SUNB), and has just moved its primary listing to the New York Stock Exchange (NYSE).

As a shareholder in the industrial company (it still has a listing in the UK), I see the move to the US market as a good one. Already, its share price is rising.

A logical move

The move to the NYSE and the name change were logical, in my view. Because today, the company generates the bulk of its revenues – and almost all of its operating profit – from North America, where the group operates under the name Sunbelt Rentals. It’s also the US’s second largest player in the market behind United Rentals.

Note that Sunbelt Rentals is a well-known company there – every time I’m over in the States I see its construction equipment (eg bulldozers) almost everywhere. By contrast, in the UK, the company’s relatively unheard of (despite being a huge FTSE 100 winner over the years).

By sticking its primary listing in the US, it should open up its potential investor base significantly. All of a sudden, there will be thousands more institutional investors that can buy into the company (alongside a ton of retail investors too).

I reckon there will be plenty of interest in the industrial stock because the company operates in a growing industry. Right now, the US is building data centres, semiconductor manufacturing plants, infrastructure, and more. So there’s likely to be strong demand for construction equipment in the years ahead.

“The need from infrastructure, construction, industrial, events, and non-construction businesses for a strong rental partner is greater today than ever before, with customers increasingly deeming rental an essential part of their operations.”

Sunbelt CEO Brendan Horgan

An investment opportunity?

Are the UK-listed shares worth a look today? I think so. As I said, the company has a favourable backdrop. Assuming there’s no economic collapse in the US in the years ahead (construction rentals is a cyclical market), Sunbelt should be able to grow its revenues and earnings at a healthy pace.

It’s worth noting that the company plans to share more information with investors on a 12 March earnings call and at its 26 March investor day. At these events it will provide an update on performance, growth trajectory, strategic roadmap, and approach to capital allocation.

Another thing to like here is that the company is immune to artificial intelligence (AI). After all, you can’t ask Anthropic to generate a bulldozer.

As for the valuation, it looks reasonable. Currently, the stock trades on a price-to-earnings (P/E) ratio of around 20, falling to around 17 using next year’s earnings forecast.

Obviously, that isn’t a bargain. But it also isn’t high for a company with plenty of growth potential and a brilliant long-term track record.

Personally, I’ll be holding on to my UK-listed Sunbelt shares. I’m excited about the potential now the company’s listed in the US.

In my view, the shares are worth considering today.