Acrow Formwork And Construction

Started by Hectorplains, Aug 24, 2022, 09:07 PM

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lorraina

#15
May 26, 2023, 01:48 PM

Ferg

#18
Aug 14, 2023, 09:16 PM
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

lorraina

#19
Nov 03, 2023, 02:36 PM Last Edit: Nov 03, 2023, 02:38 PM by lorraina
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.

Hectorplains

#20
Nov 03, 2023, 05:47 PM
AFR today - leaping the gun!

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.

Ferg

#22
Nov 06, 2023, 12:34 PM
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.

lorraina

#23
Nov 06, 2023, 12:50 PM Last Edit: Nov 06, 2023, 01:03 PM by lorraina
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

Ferg

#24
Nov 06, 2023, 06:24 PM
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.
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