ACROW LIMITED (ACF)
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ACF - ACROW LIMITED

FNArena Sector : Building Products & Services

Year End: June

GICS Industry Group : Capital Goods

Debt/EBITDA: 1.93

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$1.05 20 Aug 2025	0.005 OPEN $1.04	0.48% HIGH $1.05	209,787 LOW $1.04

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.05

20 Aug
2025

0.005

OPEN

$1.04

0.48%

HIGH

$1.05

209,787

LOW

$1.04

TARGET

$1.317

25.4% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
BKW . BRI . FBR . FBU . JHX . JLG . MGH . RWC . SFC . SRG . WGN .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	8.9	11.1	xxx
DPS (cps)	xxx	5.9	5.9	xxx
EPS Growth	xxx	- 1.0%	25.1%	xxx
DPS Growth	xxx	33.0%	1.4%	xxx
PE Ratio	xxx	N/A	9.2	xxx
Dividend Yield	xxx	N/A	5.8%	xxx
Div Pay Ratio(%)	xxx	66.0%	53.5%	xxx

Dividend yield today if purchased 3 years ago: 11.94%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 30/10 - ex-div 3c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	8.9
DPS All	xxx	xxx	xxx	xxx	xxx	5.9
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	193.1 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	46.8
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	25.6 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	13.21 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	20.92 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	13.91 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	9.61 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	20.92 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	16.12 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-28.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	31 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	76 M
Total Debt	xxx	xxx	xxx	xxx	xxx	107 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	20 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	6 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	2.28

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	40.2 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	20.82 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	142 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	17 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	01/05/2025	1	Buy	$1.33	26.67%	Acrow has announced the acquisition of Brand Australia and Above Scaffolding, two industrial access businesses adding around $40m in revenue and $7m in EBITDA (pre-synergies), explains Ord Minnett. This strategic move boosts exposure to the NSW market and offsets the downgrade in FY25 guidance, believes the broker. FY25 earnings (EBITDA) guidance is now $80-83m, down from $82-88m due to delayed contract commencements in the construction industry, explains the analyst. Management remains positive on FY26 prospects as contract delays are expected to unwind, especially in Queensland ahead of the 2032 Brisbane Olympics. Ord Minnett maintains a Buy rating and $1.33 target price. FORECAST Ord Minnett forecasts a full year FY25 dividend of 6.20 cents and EPS of 10.70 cents. Ord Minnett forecasts a full year FY26 dividend of 7.00 cents and EPS of 12.70 cents.
Shaw and Partners	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

01/05/2025

Buy

$1.33

26.67%

Acrow has announced the acquisition of Brand Australia and Above Scaffolding, two industrial access businesses adding around $40m in revenue and $7m in EBITDA (pre-synergies), explains Ord Minnett.

This strategic move boosts exposure to the NSW market and offsets the downgrade in FY25 guidance, believes the broker.

FY25 earnings (EBITDA) guidance is now $80-83m, down from $82-88m due to delayed contract commencements in the construction industry, explains the analyst.

Management remains positive on FY26 prospects as contract delays are expected to unwind, especially in Queensland ahead of the 2032 Brisbane Olympics.

Ord Minnett maintains a Buy rating and $1.33 target price.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 6.20 cents and EPS of 10.70 cents.
Ord Minnett forecasts a full year FY26 dividend of 7.00 cents and EPS of 12.70 cents.

Shaw and Partners

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Petra Capital	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Moelis	05/05/2025	1	Buy	$1.44	37.14%	Moelis retains a Buy rating and $1.44 target price on Acrow following its acquisitions of Brand Australia and Above Scaffolding for -$23m upfront, with a potential $6m earn-out. The deals add geographic exposure in NSW and are expected to contribute around $40m revenue and at least $7m earnings (EBITDA) in FY26, at an implied sub 4x EV/EBITDA multiple, the analyst states. Completion was effective 1 May, funded via existing debt facilities. Management updated FY25 guidance lower due to delays in project starts, now expecting $260–270m revenue and $80–83m earnings (EBITDA), with net profit after tax lowered to $32.5–$35m. Moelis cuts FY25 EPS estimate by -6% but raises FY26–27 by 5–6%, citing timing-related deferral of earnings. The broker expects Queensland activity to accelerate, supported by the $60m BHP Mitsubishi Alliance ((BHP)) contract and Olympic infrastructure rollout. FORECAST Moelis forecasts a full year FY25 dividend of 5.70 cents and EPS of 10.90 cents. Moelis forecasts a full year FY26 dividend of 6.60 cents and EPS of 13.10 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Petra Capital

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Moelis

05/05/2025

Buy

$1.44

37.14%

Moelis retains a Buy rating and $1.44 target price on Acrow following its acquisitions of Brand Australia and Above Scaffolding for -$23m upfront, with a potential $6m earn-out.

The deals add geographic exposure in NSW and are expected to contribute around $40m revenue and at least $7m earnings (EBITDA) in FY26, at an implied sub 4x EV/EBITDA multiple, the analyst states.

Completion was effective 1 May, funded via existing debt facilities.

Management updated FY25 guidance lower due to delays in project starts, now expecting $260–270m revenue and $80–83m earnings (EBITDA), with net profit after tax lowered to $32.5–$35m.

Moelis cuts FY25 EPS estimate by -6% but raises FY26–27 by 5–6%, citing timing-related deferral of earnings. The broker expects Queensland activity to accelerate, supported by the $60m BHP Mitsubishi Alliance ((BHP)) contract and Olympic infrastructure rollout.

FORECAST
Moelis forecasts a full year FY25 dividend of 5.70 cents and EPS of 10.90 cents.
Moelis forecasts a full year FY26 dividend of 6.60 cents and EPS of 13.10 cents.

Access Extra Coverage Research History >

ACF STOCK CHART

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Dividend Yield Today On Last Actual Payout :	5.74
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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ACROW LIMITED (ACF)
Share Price Analysis and Chart