ACROW LIMITED (ACF)
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ACF

ACF - ACROW LIMITED

FNArena Sector : Building Products & Services
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 2.76
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.03

17 Sep
2025

-0.020

OPEN

$1.05

-1.90%

HIGH

$1.05

378,823

LOW

$1.03

TARGET
$1.307 26.9% 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
ACF: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 7.6 11.6 xxx
DPS (cps) xxx 5.9 6.0 xxx
EPS Growth xxx - 14.7% 53.7% xxx
DPS Growth xxx 0.0% 3.1% xxx
PE Ratio xxx N/A 8.9 xxx
Dividend Yield xxx N/A 5.8% xxx
Div Pay Ratio(%) xxx 77.3% 51.9% xxx

Dividend yield today if purchased 3 years ago: 11.47%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.65

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx7.6
DPS All xxxxxxxxxxxxxxx5.9
Sales/Revenue xxxxxxxxxxxxxxx241.7 M
Book Value Per Share xxxxxxxxxxxxxxx48.4
Net Operating Cash Flow xxxxxxxxxxxxxxx24.1 M
Net Profit Margin xxxxxxxxxxxxxxx9.63 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx16.05 %
Return on Invested Capital xxxxxxxxxxxxxxx9.51 %
Return on Assets xxxxxxxxxxxxxxx6.48 %
Return on Equity xxxxxxxxxxxxxxx16.05 %
Return on Total Capital xxxxxxxxxxxxxxx13.06 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-42.2 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx48 M
Long Term Debt xxxxxxxxxxxxxxx123 M
Total Debt xxxxxxxxxxxxxxx172 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx8 M
Price To Book Value xxxxxxxxxxxxxxx2.05

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx49.8 M
Capex % of Sales xxxxxxxxxxxxxxx20.59 %
Cost of Goods Sold xxxxxxxxxxxxxxx186 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx19 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx-

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Shaw and Partners

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

27/08/2025

1

Buy

$1.32

28.16%

Acrow slightly missed Morgans' FY25 earnings (EBITDA) expectations, coming in at the lower end of guidance at $80.2m, -2% below consensus and the analysts.

Industrial Access was the highlight, with revenue rising 83% and representing 50% of group revenue. Management expects this to rise further in FY26, although this division's margin is lower at 37% compared to Formwork at 73%.

Formwork revenue slipped -5% on project completion and while awaiting new project starts.

Morgans lowers its earnings (EBITDA) forecasts by -7% for FY26 and raises FY27 by 7%. Buy rating retained with a $1.32 target due to a positive view on the medium-term outlook in the run-up to the Brisbane Olympics.

In the short term, the analyst acknowledges Formwork remains soft due to uncertainty over the start of major projects.

FORECAST
Morgans forecasts a full year FY26 dividend of 5.80 cents and EPS of 11.00 cents.
Morgans forecasts a full year FY27 dividend of 6.60 cents and EPS of 13.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Petra Capital

02/09/2025

1

Buy

$1.68

63.11%

Acrow's FY25 earnings (EBITDA) of $80.2m came in at the low end of guidance, notes Petra Capital, with formwork revenue weaker due to project delays and softer gross margins in the second half.

Debt levels rose and cash flow declined, while Industrial Access revenue doubled and continued to consolidate acquisitions, highlights the analyst.

Petra Capital expects FY26 will remain challenging, with formwork demand subdued in the first half. Industrial Access revenue is forecast to reach around $200m, driving 23.7% revenue growth and 5.8% earnings growth.

The broker's forecasts now include the Brisbane Olympics, with activity expected from 2H27 through 1H31. The project could deliver $76-152m of sector revenue, providing meaningful upside for formwork.

The analyst highlights a pipeline of $217.5m and sees earnings stabilising as projects are delivered. Moelis cuts its target price to $1.68 from $1.80 and retains a Buy rating.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 5.60 cents and EPS of 11.20 cents.
Petra Capital forecasts a full year FY27 dividend of 7.80 cents and EPS of 15.50 cents.
Access Extra Coverage Research History >

ACF STOCK CHART

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