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Acrow Formwork and Construction Services Limited
(Sydney:ACF)
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Rating:69Neutral
Price Target:
AU$0.94
â–²(6.82% Upside)
Action:Downgraded
Date:10/02/25
Acrow Formwork and Construction Services Limited demonstrates strong financial performance with solid revenue growth and operational efficiency. However, cash flow management and leverage pose risks. Technical indicators show bullish momentum but suggest caution due to overbought conditions. The stock's valuation is attractive, supported by a fair P/E ratio and high dividend yield.
Positive Factors
Revenue Growth
Sustained top-line growth (11.42% in the latest year) reflects expanding demand for formwork services and scale in project delivery. Over 2–6 months this supports fixed-cost absorption, improves unit economics, and enables reinvestment in equipment and engineering capabilities.
Negative Factors
Weak Free Cash Flow
A -22.9% decline in free cash flow and a low operating cash flow to net income ratio (0.32) show earnings are not fully converting to cash. This structural cash gap limits self-funded growth, increases reliance on external financing, and raises refinancing risk over coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line growth (11.42% in the latest year) reflects expanding demand for formwork services and scale in project delivery. Over 2–6 months this supports fixed-cost absorption, improves unit economics, and enables reinvestment in equipment and engineering capabilities.
Read all positive factors
Acrow Formwork and Construction Services Limited (ACF) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$325.09M
Dividend Yield5.62%
Average Volume (3M)443.86K
Price to Earnings (P/E)20.1
Beta (1Y)0.89
Revenue Growth25.68%
EPS Growth-11.47%
CountryAU
Employees900
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.04
Shares Outstanding369,425,140
10 Day Avg. Volume268,850
30 Day Avg. Volume443,862
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)2.08
Price to Sales (P/S)1.29
P/FCF Ratio-17.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.28Price Target Upside45.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.11
Revenue Forecast (FY)AU$374.74M
Acrow Formwork and Construction Services Limited Business Overview & Revenue Model
Company Description
Acrow Formwork and Construction Services Limited, an Australian firm operating from Sydney since 1936, offers comprehensive solutions for the construction industry. The company specializes in engineered formwork, scaffolding, and screen systems, c...
How the Company Makes Money
ACF makes money primarily by charging customers for the provision of formwork solutions and associated construction services. Revenue is typically generated through (1) project-based service and contracting fees for installing, assembling, and dis...
Acrow Formwork and Construction Services Limited Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 210.32M | 241.66M | 193.12M | 149.81M | 140.83M | 94.61M |
| Gross Profit | 77.22M | 189.77M | 163.24M | 35.33M | 26.20M | 11.54M |
| EBITDA | 44.63M | 54.64M | 65.27M | 48.51M | 34.21M | 20.84M |
| Net Income | 13.53M | 23.27M | 25.56M | 23.46M | 15.69M | 3.96M |
Balance Sheet | ||||||
| Total Assets | 428.29M | 406.14M | 312.45M | 218.52M | 184.90M | 159.03M |
| Cash, Cash Equivalents and Short-Term Investments | 6.48M | 8.02M | 5.59M | 4.94M | 3.01M | 1.75M |
| Total Debt | 227.43M | 171.78M | 106.69M | 75.20M | 64.10M | 56.25M |
| Total Liabilities | 280.19M | 257.05M | 171.49M | 115.63M | 101.58M | 97.54M |
| Stockholders Equity | 148.10M | 149.09M | 140.96M | 102.88M | 83.32M | 61.49M |
Cash Flow | ||||||
| Free Cash Flow | -22.62M | -17.86M | -7.67M | -19.25M | -14.15M | -8.22M |
| Operating Cash Flow | 20.16M | 31.91M | 32.54M | 25.69M | 8.23M | 9.19M |
| Investing Cash Flow | -55.41M | -52.97M | -49.00M | -26.26M | -18.44M | -9.84M |
| Financing Cash Flow | 38.49M | 4.91M | 13.51M | 1.32M | 7.20M | -9.83M |
Acrow Formwork and Construction Services Limited Technical Analysis
Positive
0.88
Price Trends
0.90
Positive
0.88
Positive
0.95
Negative
Market Momentum
<0.01
Negative
55.80
Neutral
73.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ACF, the sentiment is Positive. The current price of 0.88 is below the 20-day moving average (MA) of 0.90, below the 50-day MA of 0.90, and below the 200-day MA of 0.95, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.80 is Neutral, neither overbought nor oversold. The STOCH value of 73.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ACF.
Acrow Formwork and Construction Services Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$702.25M | 19.56 | 22.89% | 2.60% | 1.87% | -23.48% | |
69 Neutral | AU$547.30M | 23.14 | 29.27% | 1.86% | 1.59% | 2.81% | |
69 Neutral | AU$871.46M | 23.02 | 7.03% | 3.47% | -34.08% | -36.57% | |
69 Neutral | AU$325.09M | 20.14 | 9.11% | 5.59% | 25.68% | -11.47% | |
64 Neutral | AU$3.22B | 65.12 | 7.79% | 3.20% | 14.40% | -57.82% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | AU$139.68M | -18.23 | -12.62% | 2.78% | -2.60% | -168.93% |
* Industrials Sector Average
AU:ACF
Acrow Formwork and Construction Services Limited
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Acrow Formwork and Construction Services Limited Corporate Events
Acrow Director Peter Lancken Ups Stake Through Share Placement
Aug 4, 2026
Acrow Limited has disclosed a change in the shareholding of director Peter Lancken, who increased his indirect holding via Netwealth Investments Limited and Bond Street Custodians Limited acting for the Lancken Investment Trust and Lancken Retirem...
Acrow Completes Second Tranche of Institutional Share Placement
Aug 4, 2026
Acrow Limited has issued 43,891,245 new fully paid ordinary shares at $0.85 per share to institutional and sophisticated investors, completing the second tranche of an institutional placement first announced in June 2026. The issuance, approved by...
Acrow Seeks ASX Quotation for 43.9 Million New Shares
Aug 3, 2026
Acrow Limited has applied to the ASX for quotation of 43,891,245 ordinary fully paid shares, with an issue date of 4 August 2026. The new securities, which follow previously announced transactions, will increase the company’s tradable share ...
Acrow shareholders back capital raisings at extraordinary meeting
Jul 29, 2026
Acrow Limited has reported that shareholders at its 29 July extraordinary general meeting approved all resolutions put forward, with each motion passed by poll in line with Australian corporate governance requirements. The meeting outcomes include...
Acrow Seeks ASX Quotation for 18.8 Million New Shares
Jul 23, 2026
Acrow Limited has applied for quotation on the ASX for 18,770,588 new ordinary fully paid shares under the code ACF, with an issue date of 23 July 2026. The application formalises the listing of these securities, which were issued as part of previ...
Acrow Raises $16 Million via Oversubscribed Share Purchase Plan
Jul 22, 2026
Acrow has completed its Share Purchase Plan following strong investor demand, raising $16 million from approximately 1,500 eligible shareholders at an issue price of $0.85 per new share. The board increased the accepted amount by $6 million above ...
Acrow Limited Reports Lapse of 527,342 Performance Rights
Jul 14, 2026
Acrow Limited has notified the market that 527,342 performance rights under the code ACFAF have lapsed after the conditions attached to those rights were not met or became incapable of being satisfied as of June 30, 2026. The cessation of these co...
Acrow Calls Hybrid Extraordinary Meeting, Pushes Digital Communications
Jun 29, 2026
Acrow Limited has notified shareholders that documents for an Extraordinary General Meeting on 29 July 2026 have been dispatched in line with individual communication preferences. The company is encouraging investors to manage how they receive cor...
Acrow Opens Fully Underwritten Share Purchase Plan to Fund Expansion
Jun 29, 2026
Acrow Limited has opened its previously announced share purchase plan to eligible shareholders, offering new shares at $0.85 each, the same price as its recent placement. The plan, which is fully underwritten up to $10 million, allows participants...
Acrow Completes First Tranche of Institutional Share Placement
Jun 26, 2026
Acrow Limited has issued 38,461,697 new fully paid ordinary shares at $0.85 each to institutional and sophisticated investors as the first tranche of an institutional placement announced on 18 June 2026. The placement is being conducted alongside ...
Acrow Seeks ASX Quotation for 38.5 Million New Shares
Jun 25, 2026
Acrow Limited has applied for quotation on the ASX of 38,461,697 new fully paid ordinary shares under the code ACF, with an issue date of June 26, 2026. The application follows previously announced transactions, indicating a significant expansion ...
Acrow Secures Full Underwriting for Securities Purchase Plan
Jun 23, 2026
Acrow Limited has updated its proposed securities issuance under an existing securities purchase plan, confirming that the offer will proceed with full underwriting support. The company has entered into a variation agreement with the underwriters ...
Acrow Secures Full Underwriting for $10 Million Share Purchase Plan
Jun 23, 2026
Acrow has secured full underwriting for its $10 million share purchase plan from Morgans Corporate and Shaw and Partners, following strong institutional support for a separate $70 million two‑tranche placement. The SPP is open to eligible sh...
Acrow makes minor technical update to share placement details
Jun 19, 2026
Acrow Limited has updated its disclosure to the ASX regarding a proposed placement of new securities, adjusting the allocation between tranche one and tranche two of the offer. The company noted that, following finalisation of the placement, the t...
Acrow Raises $70m for Strategic Acquisitions and Lifts FY27 Guidance
Jun 19, 2026
Acrow Limited has completed a fully underwritten $70 million two-tranche institutional placement at $0.85 per share to fund the acquisitions of Ausgroup Industrial Services and the Preston SuperDeck business, as well as to reduce debt. The company...
Acrow Plans Share Issue Under Securities Purchase Plan
Jun 18, 2026
Acrow Limited has announced plans to issue up to 11,764,705 new ordinary fully paid shares under a securities purchase plan for existing shareholders. The offer, which has a record date of 17 June 2026 and is scheduled to close on 16 July 2026, wi...
Acrow Plans Large Share Placement to Bolster Capital Base
Jun 18, 2026
Acrow Limited has notified the Australian Securities Exchange of a proposed issue of up to 90,231,335 fully paid ordinary shares under a placement or similar capital-raising structure. The new securities are scheduled to be issued on 26 June 2026,...
Acrow launches $70m equity raising to fund Ausgroup and Preston SuperDeck acquisitions
Jun 18, 2026
Acrow Limited has launched a fully underwritten $70 million equity raising, comprising an institutional placement and a security purchase plan, to fund the cash consideration for its acquisitions of Ausgroup Industries Limited and the Preston Supe...
Acrow raises $70m to acquire Ausgroup Industrial Services and Preston SuperDeck
Jun 18, 2026
Acrow Limited has launched a fully underwritten $70 million two-tranche institutional placement, alongside a share purchase plan of up to $10 million, to fund the $54.5 million acquisition of Ausgroup Industrial Services and the Preston SuperDeck ...
Perennial Value Exits Substantial Holder Position in Acrow
Jun 4, 2026
Perennial Value Management Limited has notified Acrow that it has ceased to be a substantial holder in the company, following a series of on-market share transactions executed through custodians including Northern Trust, HSBC and Citicorp Nominees...
Acrow Seeks ASX Quotation for New Shares Issued Under Dividend Plan
May 29, 2026
Acrow Limited has applied for quotation of 631,628 new fully paid ordinary shares on the Australian Securities Exchange, to be issued on May 29, 2026, under its dividend or distribution plan. The additional securities are expected to modestly expa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.