ACROW LIMITED (ACF)
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26/08/2026

1

Buy

$1.35

37.06%

Ord Minnett retains its Buy rating on Acrow and raises its target by 5c to $1.35 following an FY26 result broadly in line with expectations.

Revenue rose 26.8% to $336m, while underlying earnings (EBITDA) of $80.3m were broadly flat.

The Industrial Access division remained the key growth driver, the analyst notes, with revenue increasing 53% to $200.9m.

FY27 guidance of $410m-$430m revenue and $105m-$115m EBITDA was a positive surprise for Ord Minnett, supported by strong early trading.

Leverage improved to 1.9x, with management targeting 1.3x by the end of FY27.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 3.20 cents and EPS of 9.90 cents.
Ord Minnett forecasts a full year FY28 dividend of 3.60 cents and EPS of 11.10 cents.

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27/08/2026

1

Buy

$1.35

37.06%

Shaw and Partners maintains its Buy rating for Acrow with its target price increased to $1.35 from $1.30 following an FY26 financial result featuring record revenue of $336.0m, up 26.7% year-on-year, driven primarily by the continued expansion of the Industrial Access division.

Operational performance was supported by record second-half formwork revenue and a 33% increase in the secured hire pipeline to $290m, though underlying net profit after tax declined 20.4% to $27.6m due to a temporary slowdown in Queensland construction activity during the first half and higher depreciation and interest costs.

Underlying EBITDA forecasts are increased by 2.9%-3.0% across FY27-FY29, while management's upwards-revised FY27 EBITDA guidance of $105m to $115m points to a robust earnings recovery, commentary highlights.

The analyst considers the company as well positioned to capture strong growth through recent acquisitions, recurring industrial access expansion, and major infrastructure and project opportunities.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 3.70 cents and EPS of 10.80 cents.
Shaw and Partners forecasts a full year FY28 dividend of 4.10 cents and EPS of 13.00 cents.