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Acrow Formwork and Construction Services Limited
(Sydney:ACF)
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Rating:66Neutral
Price Target:
AU$1.00
▲(6.38% Upside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by financial fundamentals—especially consistently negative free cash flow and higher leverage despite strong revenue growth. Offsetting this, technicals are supportive with the stock above key moving averages and moderate positive momentum, while valuation appears reasonable with a mid-teens P/E and a ~3.45% dividend yield.
Positive Factors
Strong revenue growth
Revenue has grown strongly over multiple years, with a sharp acceleration in 2026. For a formwork services provider, sustained top-line expansion can indicate increasing project activity and service demand, creating a broader base from which to scale operations over the next several quarters.
Negative Factors
Rising leverage
Debt exceeding equity reduces financial flexibility and increases the company’s dependence on balance-sheet capacity as it expands. Higher leverage can constrain future investment choices, make the business more sensitive to weaker construction conditions, and raise the importance of sustained earnings and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Revenue has grown strongly over multiple years, with a sharp acceleration in 2026. For a formwork services provider, sustained top-line expansion can indicate increasing project activity and service demand, creating a broader base from which to scale operations over the next several quarters.
Read all positive factors
Acrow Formwork and Construction Services Limited (ACF) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$408.56M
Dividend Yield3.53%
Average Volume (3M)683.02K
Price to Earnings (P/E)17.0
Beta (1Y)0.98
Revenue Growth30.67%
EPS Growth-24.67%
CountryAU
Employees900
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.06
Shares Outstanding421,194,760
10 Day Avg. Volume821,195
30 Day Avg. Volume683,021
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)1.50
Price to Sales (P/S)0.88
P/FCF Ratio-10.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.30Price Target Upside38.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.11
Revenue Forecast (FY)AU$419.29M
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
74
Positive
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 315.78M | 241.66M | 193.12M | 149.81M | 140.83M |
| Gross Profit | 65.70M | 189.77M | 163.24M | 35.33M | 26.20M |
| EBITDA | 70.48M | 62.29M | 65.27M | 48.51M | 34.24M |
| Net Income | 17.76M | 23.27M | 25.56M | 23.46M | 15.69M |
Balance Sheet | |||||
| Total Assets | 482.72M | 406.14M | 312.45M | 218.52M | 184.90M |
| Cash, Cash Equivalents and Short-Term Investments | 31.12M | 8.02M | 5.59M | 4.94M | 3.01M |
| Total Debt | 209.94M | 171.78M | 106.69M | 75.20M | 64.10M |
| Total Liabilities | 296.82M | 257.05M | 171.49M | 115.63M | 101.58M |
| Stockholders Equity | 185.90M | 149.09M | 140.96M | 102.88M | 83.32M |
Cash Flow | |||||
| Free Cash Flow | -27.53M | -17.86M | -7.67M | -19.25M | -14.15M |
| Operating Cash Flow | 27.80M | 31.91M | 32.54M | 25.69M | 8.23M |
| Investing Cash Flow | -42.97M | -52.97M | -49.00M | -26.26M | -18.44M |
| Financing Cash Flow | 60.44M | 4.91M | 13.51M | 1.32M | 7.20M |
Acrow Formwork and Construction Services Limited Technical Analysis
Positive
0.94
Price Trends
0.92
Positive
0.90
Positive
0.91
Positive
Market Momentum
0.02
Negative
61.97
Neutral
69.94
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 0.94 is above the 20-day moving average (MA) of 0.93, above the 50-day MA of 0.92, and above the 200-day MA of 0.91, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 61.97 is Neutral, neither overbought nor oversold. The STOCH value of 69.94 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | AU$911.74M | 22.44 | 24.65% | 2.55% | 12.00% | -5.39% | |
69 Neutral | AU$573.29M | 23.78 | 26.61% | 1.93% | -0.48% | 1.65% | |
67 Neutral | AU$3.48B | 22.21 | 23.03% | 3.05% | 31.39% | 451.49% | |
66 Neutral | AU$877.96M | 16.97 | 9.25% | 3.53% | 11.40% | 22.22% | |
66 Neutral | AU$408.56M | 16.99 | 10.64% | 3.53% | 30.67% | -24.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | AU$99.70M | -86.75 | -1.51% | 1.39% | 42.47% | -144.81% |
* Industrials Sector Average
AU:ACF
Acrow Formwork and Construction Services Limited
0.97
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-6.37%
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Acrow Formwork and Construction Services Limited Corporate Events
Acrow Files Updated Corporate Governance Statement and Appendix 4G with ASX
Sep 28, 2026
Acrow Limited has released its updated corporate governance statement for the financial year ended 30 June 2026, confirming that the statement is current as of 28 September 2026 and has been approved by the board. The disclosure, lodged with the A...
Acrow Releases FY26 Annual Report and Outlines Growth Focus
Sep 28, 2026
Acrow Limited has released its FY26 Annual Report, detailing the company’s operational and financial performance over the year, key achievements, and its ongoing growth strategy in core markets. The report underlines Acrow’s intention ...
Acrow Issues New Shares to Finalise AGIS Acquisition
Sep 2, 2026
Acrow Limited has issued 7,878,394 new fully paid ordinary shares as part of the consideration to complete its acquisition of AGIS, following shareholder approval at an extraordinary general meeting in July 2026. The company has confirmed that the...
ACCC clears Acrow’s acquisition of AusGroup Industrial Services
Aug 26, 2026
Acrow Limited has secured final approval from the Australian Competition and Consumer Commission for its acquisition of AusGroup Industrial Services, clearing the way for the transaction to complete on 1 September 2026. The regulatory sign‑o...
Acrow releases unaudited FY26 results presentation with strong disclaimers
Aug 24, 2026
Acrow Formwork and Construction Services Limited has issued a presentation outlining its unaudited FY26 results, intended solely as background information for investors and stakeholders. The document emphasises that the figures and commentary are ...
Acrow Delivers Record Revenue, Expands Industrial Access and Lifts FY27 Outlook
Aug 24, 2026
Acrow reported record FY26 revenue of $336 million, up 27% year on year, driven by a 53% surge in its Industrial Access division, which now accounts for 60% of group sales. Despite higher gross profit, underlying EBITDA was flat, NPAT fell 20%, ma...
Acrow Limited Announces Semiannual Dividend and DRP Options for Shareholders
Aug 24, 2026
Acrow Limited has declared a dividend of AUD 0.0142 per ordinary fully paid share for the six‑month period ended 30 June 2026, reinforcing its practice of returning capital to shareholders on a semiannual basis. The payment will follow the A...
Acrow grows revenue on industrial access push as profit margins tighten
Aug 24, 2026
Acrow reported a 27% rise in group revenue to $336 million for the year to 30 June 2026, driven largely by a 53% surge in Industrial Access division revenue and a full‑year contribution from recent acquisitions. However, underlying net profi...
Acrow schedules FY26 results release and investor briefing
Aug 11, 2026
Acrow Limited has announced that it will release its full-year results for the twelve months ended 30 June 2026 after market close on 24 August 2026, followed by an investor and analyst briefing call on 25 August led by its senior executive team. ...
ACCC clears Acrow’s acquisition of AusGroup Industrial Services
Aug 11, 2026
Acrow has secured Phase 1 clearance from the Australian Competition and Consumer Commission for its proposed acquisition of AusGroup Industrial Services, removing a key regulatory hurdle and paving the way for completion around 31 August 2026. The...
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...
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.