ACF gets a bit of air time over on the dark site. Today's announcement was positive and looking forward there should be plenty more to come. Some grumblings about debt and cash flow. The first is a non starter for concern - plenty of head room. The second is more relevant but only if growth goes tits up. Stock price has been range bound for eons...that might be due to change. Exponential growth plus a yield. What's not to like?
Quote from: Hectorplains on Aug 24, 2022, 09:07 PMACF gets a bit of air time over on the dark site. Today's announcement was positive and looking forward there should be plenty more to come. Some grumblings about debt and cash flow. The first is a non starter for concern - plenty of head room. The second is more relevant but only if growth goes tits up. Stock price has been range bound for eons...that might be due to change. Exponential growth plus a yield. What's not to like?
Up 4% today on good volume, new high. Hopefully an updated guidance announcement soon too.
https://youtu.be/gXXYSHsFrxY
ACF sp has increased steadily from 50c over the period from last Nov to currently sit at 70c. Earnings update due 23 Feb. Thanks Percy/ Lorraina for the heads up on this last year.
Quote from: Whome on Feb 13, 2023, 06:35 PMACF sp has increased steadily from 50c over the period from last Nov to currently sit at 70c. Earnings update due 23 Feb. Thanks Percy/ Lorraina for the heads up on this last year.
There first real false step getting pinged in today's announcement for "speculative trading" in ACF shares by an insider. A poor look that but earnings update should be pleasing.
Not a good look.
No not a good look. Certainly need to tighten the laces internally.
Another cracker result
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02634658-6A1137543?access_token=83ff96335c2d45a094df02a206a39ff4.
And their presentation.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02634666-6A1137550?access_token=83ff96335c2d45a094df02a206a39ff4
First half results for Acrow Formwork and Construction Services outdid Shaw and Partners expectations on every metric and management upgraded FY23 earnings guidance.
The analyst observes a stronger growth trajectory from operating leverage and increasing scale. Sales increased by 34% and the composition of those sales were considered attractive.
Sales for hire, product sales and cartage grew versus the previous corresponding period by 25%, 41% and 120%, respectively, compared to the broker's estimates for 15%, 11% and 3%, respectively.
Shaw and Partners maintains its Buy rating given the company trades at a significant multiple discount to listed contracting peers. The target rises to $1.00 from 85c.
This report was published on February 24, 2023.
Target price is $1.00 Current Price is $0.73 Difference: $0.265
If ACF meets the Shaw and Partners target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY23:
Shaw and Partners forecasts a full year FY23 dividend of 3.70 cents and EPS of 9.80 cents.
At the last closing share price the estimated dividend yield is 5.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.50.
Forecast for FY24:
Shaw and Partners forecasts a full year FY24 dividend of 5.00 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 6.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.45.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
..................2022..........2023.............2024
PE................10.57..........7.5.............6.45
eps................7.38..........9.8.............11.4
eps growth................32.79%...........16.32%.
dps cents..........2,7c..........3.7c.............5c
dps growth...............37%..............35%
The eps growth of 32.79% is over three times current PE .
PEG ratio .322......s
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02651083-6A1143860?access_token=83ff96335c2d45a094df02a206a39ff4
A positive [bolt on] acquisition using cash and debt.
Trading momentum continues.
Quote from: lorraina on Apr 04, 2023, 09:10 PMhttps://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02651083-6A1143860?access_token=83ff96335c2d45a094df02a206a39ff4
A positive [bolt on] acquisition using cash and debt.
Trading momentum continues.
Looks positive. The announcement is a bit light on financial specifics though.
"has the potential to make a material positive contribution to the Company's FY 24 earnings"
"bodes well for the prospects of another year of growth in FY24"
Great guidance.
Enjoy.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02656648-6A1146068?access_token=83ff96335c2d45a094df02a206a39ff4
Quote from: lorraina on Apr 21, 2023, 10:48 AMGreat guidance.
Enjoy.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02656648-6A1146068?access_token=83ff96335c2d45a094df02a206a39ff4
Certainly have enjoyed +31% lift in sp from Dec'22 to Mar'23 to ~77cps, now over 80cps as of Friday. Their acquisitions to date have broadened the company skill sets around what they bring to their large project contracts like the Snowy River upgrades. Long may they continue their run of success. Their TA growth ladder is remarkable given such uncertainty elsewhere in the global market.
Quote from: Whome on Apr 22, 2023, 11:16 AMCertainly have enjoyed +31% lift in sp from Dec'22 to Mar'23 to ~77cps, now over 80cps as of Friday. Their acquisitions to date have broadened the company skill sets around what they bring to their large project contracts like the Snowy River upgrades. Long may they continue their run of success. Their TA growth ladder is remarkable given such uncertainty elsewhere in the global market.
These guys have become synonymous with the words, "guidance upgrade." Even with the steady cps rise, it still seems to be 20% undervalued.
ACF finished at 88 cents xdiv this afternoon.
I have drp so look forward to seeing how many I get [in a month's time].
Another bolt on acquisition and yet another earnings upgrade......I love them..
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02669931-6A1151724?access_token=83ff96335c2d45a094df02a206a39ff4
A HUGE contract win.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02695996-6A1162699?access_token=83ff96335c2d45a094df02a206a39ff4
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02697179-6A1163135?access_token=83ff96335c2d45a094df02a206a39ff4
A nice result lorraina which will likely be beaten next year in light of recent announcements.
Highlights (all are A$):
- Sales at $168m +14% on last year
- NPAT at $23m +49%
- EPS at 11.7c +63%
- Dividend at 4.4c +63%
- Backwards P/E of 7.7 based on todays closing SP of 90c
- Gross dividend yield of 4.9%
Looking forward the current pipeline is $142m which is up 70% on last year and topline sales are expected to be up 16%.
Interest bearing debts of $51m up on last year's $36m fundamentally due to growth capex and acquisitions of ~$30m.
Quote from: lorraina on Aug 14, 2023, 08:34 PMhttps://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02697179-6A1163135?access_token=83ff96335c2d45a094df02a206a39ff4
Acquisition, institutional share placement and debt facilities.
Sounds as though it is a biggie.
Details on Tuesday.
Previous acquisitions have proven very successful.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02735785-6A1178866?access_token=83ff96335c2d45a094df02a206a39ff4
page 2.
AFR today - leaping the gun! (https://www.afr.com/street-talk/acrow-formwork-launches-cash-call-to-fund-queensland-acquisition-20231103-p5ehey)
Listed small-cap Acrow Formwork has launched a $15 million equity raising to fund the purchase of MI Scaffolding, a Mackay-headquartered business that's slated to be accretive in the 2024 financial year.
Shaw and Partners and Morgans are joint lead managers on the placement. The deal's expected to be supported by Acrow's existing investor base, which includes the Kennard family of Kennards Self Storage fame.
Acrow told fundies the acquisition will be high single-digit accretive in FY24. Peter Braig
Investors were told on Friday that the MI acquisition would allow Acrow to offer over-the-water scaffolding solutions to customers such as BHP Queensland. The rump of the funding will be met through a $15 million debt facility.
Acrow shares were offered at 80¢ a share, a 6.4 per cent discount to the last close. The upfront consideration for MI is circa $26 million with a $10 million earn-out subject to delivering EBITDA targets.
Acrow hires out formwork and scaffolding systems to large construction and civil infrastructure providers across Australia. It last raised in December 2019 at 30¢ a share via Morgans and Shaws.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02736271-6A1179048?access_token=83ff96335c2d45a094df02a206a39ff4
Thanks lorraina. With 18.75m new shares, the acquisition would need to add an additional $1.7m NPAT per annum to maintain EPS of 9c for ACF. That shouldn't be too hard with forecast annualised EBITDA of $17m on the assumption existing business activity is maintained. Additional interest costs on $15m of debt will be $1-$1.5m pa pre tax. No idea on forecast increase to depreciation. Full year impact to be felt next FY. This will be tempered by the earn out provisions so I expect we will see some normalisation adjustments. No red flags for me but we may some temporary SP weakness given the institutional placement is at 80c.
Page 16 .
Page 16
Page 16.
Sorry I just can not get away from page 16.
........2021........2022.......2023.
EPS....4cents......7.2cents...11.7cents
EPS Growth.....80%..........62.5%
ROE..14.5%.......23%..........32.7%
Divie..2 cents.......2.7cents.....4.4 cents.
DPS growth.......35%...........62.96%.
Pleasantly surprised that the share price is up a cent to 87 cents.Guess others have read page 16...lol
I agree the stats are good.
For clarity:
Quote from: lorraina on Nov 06, 2023, 12:50 PMEPS....4cents......7.2cents...11.7cents
I quoted 9c EPS in my earlier post. The figures per page 16 quoted by lorraina are based on underlying earnings. My 9c is per the AR and is 'warts and all'. So both figures are correct in case anyone is wondering.
Result.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02774651-6A1194614