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Acrow Formwork and Construction Services

ASX:ACF
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ACF
ASX
A$56M
Market Cap
  1. Home
  2. AU
  3. Capital Goods
Company description

Acrow Formwork and Construction Services Limited, together with its subsidiaries, engages in the hiring and sale of formwork and scaffolding systems, and related materials to construction and civil infrastructure providers in Australia. The last earnings update was 112 days ago. More info.


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  • Acrow Formwork and Construction Services has significant price volatility in the past 3 months.
ACF Share Price and Events
7 Day Returns
-3.1%
ASX:ACF
0.7%
AU Trade Distributors
1.7%
AU Market
1 Year Returns
14.5%
ASX:ACF
-16.7%
AU Trade Distributors
5.4%
AU Market
ACF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Acrow Formwork and Construction Services (ACF) -3.1% 0% -10% 14.5% 96.9% -
AU Trade Distributors 0.7% -3% -1.7% -16.7% 88.4% 76.7%
AU Market 1.7% 2.8% 5.5% 5.4% 23% 12.3%
1 Year Return vs Industry and Market
  • ACF outperformed the Trade Distributors industry which returned -16.7% over the past year.
  • ACF outperformed the Market in Australia which returned 5.4% over the past year.
Price Volatility
ACF
Industry
5yr Volatility vs Market

ACF Value

 Is Acrow Formwork and Construction Services undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Acrow Formwork and Construction Services to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Acrow Formwork and Construction Services.

ASX:ACF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:ACF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.916 (1 + (1- 30%) (12.65%))
0.998
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.998 * 5.96%)
8.26%

Discounted Cash Flow Calculation for ASX:ACF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Acrow Formwork and Construction Services is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:ACF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 8.26%)
2019 26.92 Est @ 94.8% 24.86
2020 44.97 Est @ 67.05% 38.37
2021 66.39 Est @ 47.63% 52.32
2022 88.98 Est @ 34.04% 64.78
2023 110.80 Est @ 24.52% 74.51
2024 130.58 Est @ 17.86% 81.12
2025 147.81 Est @ 13.19% 84.81
2026 162.48 Est @ 9.93% 86.12
2027 174.90 Est @ 7.64% 85.63
2028 185.48 Est @ 6.04% 83.88
Present value of next 10 years cash flows A$676.41
ASX:ACF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$185.48 × (1 + 2.31%) ÷ (8.26% – 2.31%)
A$3,191.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$3,191.22 ÷ (1 + 8.26%)10
A$1,443.24
ASX:ACF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$676.41 + A$1,443.24
A$2,119.66
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$2,119.66 / 177.48
A$11.94
ASX:ACF Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$11.94
Current discount Discount to share price of A$0.32
= -1 x (A$0.32 - A$11.94) / A$11.94
97.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Acrow Formwork and Construction Services is available for.
Intrinsic value
>50%
Share price is A$0.32 vs Future cash flow value of A$11.94
Current Discount Checks
For Acrow Formwork and Construction Services to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Acrow Formwork and Construction Services's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Acrow Formwork and Construction Services's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Acrow Formwork and Construction Services's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Acrow Formwork and Construction Services's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:ACF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.11
ASX:ACF Share Price ** ASX (2019-06-17) in AUD A$0.32
Australia Trade Distributors Industry PE Ratio Median Figure of 7 Publicly-Listed Trade Distributors Companies 19.81x
Australia Market PE Ratio Median Figure of 545 Publicly-Listed Companies 16.2x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Acrow Formwork and Construction Services.

ASX:ACF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:ACF Share Price ÷ EPS (both in AUD)

= 0.32 ÷ 0.11

2.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Acrow Formwork and Construction Services is good value based on earnings compared to the AU Trade Distributors industry average.
  • Acrow Formwork and Construction Services is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Acrow Formwork and Construction Services's expected growth come at a high price?
Raw Data
ASX:ACF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-10.6%per year
Global Trade Distributors Industry PEG Ratio Median Figure of 79 Publicly-Listed Trade Distributors Companies 1.33x
Australia Market PEG Ratio Median Figure of 358 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

ASX:ACF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 2.91x ÷ -10.6%

-0.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Acrow Formwork and Construction Services earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Acrow Formwork and Construction Services's assets?
Raw Data
ASX:ACF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$0.28
ASX:ACF Share Price * ASX (2019-06-17) in AUD A$0.32
Australia Trade Distributors Industry PB Ratio Median Figure of 15 Publicly-Listed Trade Distributors Companies 0.97x
Australia Market PB Ratio Median Figure of 1,687 Publicly-Listed Companies 1.65x
ASX:ACF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:ACF Share Price ÷ Book Value per Share (both in AUD)

= 0.32 ÷ 0.28

1.14x

* Primary Listing of Acrow Formwork and Construction Services.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Acrow Formwork and Construction Services is overvalued based on assets compared to the AU Trade Distributors industry average.
X
Value checks
We assess Acrow Formwork and Construction Services's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. Acrow Formwork and Construction Services has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ACF Future Performance

 How is Acrow Formwork and Construction Services expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Acrow Formwork and Construction Services expected to grow at an attractive rate?
  • Acrow Formwork and Construction Services's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Acrow Formwork and Construction Services's earnings are expected to decrease over the next 1-3 years, this is below the Australia market average.
  • Acrow Formwork and Construction Services's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:ACF Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:ACF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -10.6%
ASX:ACF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 6.7%
Australia Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 27.9%
Australia Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 12.5%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:ACF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:ACF Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 80 1
2022-06-30 78 1
2021-06-30 76 15 11 1
2020-06-30 74 13 10 1
2019-06-30 71 8 1
ASX:ACF Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 51 9 14
2018-09-30 33 7 12
2018-06-30 16 4 11
2018-03-31 8 2 5
2017-12-31 0 -1
2017-09-30 -1 -1
2017-06-30 -1 -1
2017-03-31 0 -1 -1
2016-12-31 0 -1 -1
2016-09-30 0 -1 -1
2016-06-30 0 -1 -1
2016-03-31 0 -1 0

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Acrow Formwork and Construction Services's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Acrow Formwork and Construction Services's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:ACF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Acrow Formwork and Construction Services Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:ACF Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30
2022-06-30
2021-06-30 0.06 0.06 0.06 1.00
2020-06-30 0.06 0.06 0.06 1.00
2019-06-30
ASX:ACF Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.11
2018-09-30 0.13
2018-06-30 0.19
2018-03-31 0.14
2017-12-31 -0.04
2017-09-30 -0.04
2017-06-30 -0.04
2017-03-31 -0.03
2016-12-31 -0.03
2016-09-30 -0.03
2016-06-30 -0.04
2016-03-31 -0.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Acrow Formwork and Construction Services is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Acrow Formwork and Construction Services's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Acrow Formwork and Construction Services has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ACF Past Performance

  How has Acrow Formwork and Construction Services performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Acrow Formwork and Construction Services's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Acrow Formwork and Construction Services has delivered over 20% year on year earnings growth in the past 5 years.
  • Acrow Formwork and Construction Services has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Acrow Formwork and Construction Services has become profitable in the last year making it difficult to compare the AU Trade Distributors industry average.
Earnings and Revenue History
Acrow Formwork and Construction Services's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Acrow Formwork and Construction Services Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:ACF Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 51.32 14.20 17.10
2018-09-30 33.44 12.36 11.75
2018-06-30 15.56 10.51 6.40
2018-03-31 7.78 4.95 3.29
2017-12-31 -0.62 0.01
2017-09-30 -0.62 0.11
2017-06-30 -0.61 0.20
2017-03-31 0.00 -0.64 0.39
2016-12-31 0.00 -0.66 0.58
2016-09-30 0.00 -0.62 0.50
2016-06-30 0.00 -0.58 0.42
2016-03-31 0.03 -0.47 0.24
2015-12-31 0.05 -0.33 0.03
2015-09-30 0.07 -0.42 0.24
2015-06-30 0.09 -0.52 0.46
2014-12-31 0.31 0.23 0.71
2014-09-30 0.31 -4.64 5.20
2014-06-30 0.30 -8.81 9.04
2013-12-31 0.55 -174.89 39.34
2013-09-30 0.50 -168.58 40.45
2013-06-30 0.48 -173.40 44.17
2013-03-31 0.35 -82.75 30.10
2012-12-31 0.27 -13.02 23.61
2012-09-30 0.50 -13.94 24.08
2012-06-30 0.74 -15.06 24.87

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Acrow Formwork and Construction Services has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Acrow Formwork and Construction Services used its assets more efficiently than the AU Trade Distributors industry average last year based on Return on Assets.
  • Unable to establish if Acrow Formwork and Construction Services improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Acrow Formwork and Construction Services's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Acrow Formwork and Construction Services has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ACF Health

 How is Acrow Formwork and Construction Services's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Acrow Formwork and Construction Services's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Acrow Formwork and Construction Services is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Acrow Formwork and Construction Services's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Acrow Formwork and Construction Services's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Acrow Formwork and Construction Services Company Filings, last reported 5 months ago.

ASX:ACF Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 46.73 7.07 4.48
2018-09-30 46.73 7.07 4.48
2018-06-30 39.05 0.00 4.92
2018-03-31 39.05 0.00 4.92
2017-12-31 0.36 0.00 0.55
2017-09-30 0.36 0.00 0.55
2017-06-30 0.47 0.00 0.48
2017-03-31 0.47 0.00 0.48
2016-12-31 0.74 0.00 0.76
2016-09-30 0.74 0.00 0.76
2016-06-30 1.04 0.00 1.18
2016-03-31 1.04 0.00 1.18
2015-12-31 -0.56 0.51 0.09
2015-09-30 -0.58 0.52 0.09
2015-06-30 -8.88 0.00 0.06
2014-12-31 -8.24 0.00 0.08
2014-09-30 -7.71 0.00 0.08
2014-06-30 -6.81 0.00 0.58
2013-12-31 -44.25 13.64 8.69
2013-09-30 -42.34 13.05 8.32
2013-06-30 -33.59 5.39 17.59
2013-03-31 -29.54 4.74 15.47
2012-12-31 112.47 42.53 4.10
2012-09-30 112.54 42.55 4.11
2012-06-30 118.57 33.87 3.34
  • Acrow Formwork and Construction Services's level of debt (15.1%) compared to net worth is satisfactory (less than 40%).
  • Acrow Formwork and Construction Services had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
  • Debt is well covered by operating cash flow (130.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.2x coverage).
X
Financial health checks
We assess Acrow Formwork and Construction Services's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Acrow Formwork and Construction Services has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ACF Dividends

 What is Acrow Formwork and Construction Services's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.17%
Current annual income from Acrow Formwork and Construction Services dividends. Estimated to be 6.58% next year.
If you bought A$2,000 of Acrow Formwork and Construction Services shares you are expected to receive A$63 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Acrow Formwork and Construction Services's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.65%).
  • Acrow Formwork and Construction Services's dividend is below the markets top 25% of dividend payers in Australia (5.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:ACF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Australia Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.2%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4.1%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.7%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:ACF Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 0.02 1.00
2022-06-30 0.02 1.00
2021-06-30 0.02 1.00
2020-06-30 0.02 1.00
2019-06-30 0.02 1.00
ASX:ACF Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-02-26 0.010 2.850
2018-08-27 0.005 1.057

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Acrow Formwork and Construction Services has stable dividend payments.
  • Acrow Formwork and Construction Services only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Acrow Formwork and Construction Services's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (7.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3x coverage).
X
Income/ dividend checks
We assess Acrow Formwork and Construction Services's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Acrow Formwork and Construction Services afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Acrow Formwork and Construction Services has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ACF Management

 What is the CEO of Acrow Formwork and Construction Services's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steven Boland
TENURE AS CEO 1.3 years
CEO Bio

Steven Boland has been the Chief Executive Officer and Executive Director of Acrow Formwork and Construction Services Limited (formerly NMG Corporation Limited) since March 2018 and serves as its Managing Director.

CEO Compensation
  • Insufficient data for Steven to compare compensation growth.
  • Insufficient data for Steven to establish whether their remuneration is reasonable compared to companies of similar size in Australia.
Management Team

Steven Boland

TITLE
CEO, MD & Executive Director
TENURE
1.3 yrs

David Williams

TITLE
Chief Financial Officer

Ranji Premaratne

TITLE
National Engineering Quality and Compliance Manager

Jeffery Stewart

TITLE
National Sales & Marketing Manager

Joe Cerritelli

TITLE
General Manager of Human Resources & Safety

Margaret Prokop

TITLE
Executive Director

Lee Tamplin

TITLE
Company Secretary
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure of the Acrow Formwork and Construction Services board of directors in years:

1.3
Average Tenure
  • The average tenure for the Acrow Formwork and Construction Services board of directors is less than 3 years, this suggests a new board.
Board of Directors

Peter Lancken

TITLE
Non-Executive Chairman
TENURE
1.3 yrs

Steven Boland

TITLE
CEO, MD & Executive Director
TENURE
1.3 yrs

Margaret Prokop

TITLE
Executive Director
TENURE
0.8 yrs

Mike Hill

TITLE
Independent Non-Executive Director
COMPENSATION
A$46K
AGE
46
TENURE
1.3 yrs

Joshua May

TITLE
Non-Executive Director
TENURE
1.3 yrs

Gregg Taylor

TITLE
Non-Executive Director
TENURE
1.8 yrs

Quentin Olde

TITLE
Member of Advisory Committee

Michael Pollak

TITLE
Member of Advisory Committee
AGE
43
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Acrow Formwork and Construction Services insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
27. May 19 Buy Peter Lancken Individual 22. May 19 22. May 19 170,000 A$0.29 A$49,198
08. May 19 Buy Schroder Investment Management Limited Company 03. Nov 18 08. May 19 4,127,960 A$0.37 A$1,529,729
26. Mar 19 Buy Steven Boland Individual 20. Mar 19 22. Mar 19 227,000 A$0.35 A$80,260
26. Mar 19 Buy Peter Lancken Individual 20. Mar 19 22. Mar 19 573,000 A$0.36 A$203,707
12. Feb 19 Sell New York Life Investment Management LLC Company 26. Oct 18 12. Feb 19 -2,988,060 A$0.71 A$-1,422,414
12. Feb 19 Buy New York Life Investment Management LLC Company 06. Sep 18 06. Sep 18 1,360,244 A$0.49 A$673,319
28. Dec 18 Buy Perennial Value Management Limited Company 28. Nov 18 24. Dec 18 1,975,122 A$0.50 A$959,924
28. Nov 18 Buy Perennial Value Management Limited Company 31. Oct 18 26. Nov 18 2,159,881 A$0.49 A$957,006
14. Aug 18 Buy Perennial Value Management Limited Company 16. Jul 18 10. Aug 18 3,811,729 A$0.32 A$1,170,106
01. Nov 18 Sell Perennial Value Management Limited Company 10. Sep 18 11. Sep 18 -664,364 A$0.48 A$-320,964
01. Nov 18 Buy Perennial Value Management Limited Company 07. Sep 18 30. Oct 18 2,483,763 A$0.51 A$1,245,147
17. Jul 18 Buy Perennial Value Management Limited Company 21. Jun 18 13. Jul 18 1,674,949 A$0.31 A$488,409
10. Sep 18 Sell Perennial Value Management Limited Company 17. Aug 18 06. Sep 18 -2,963,292 A$0.51 A$-1,234,052
10. Sep 18 Buy Perennial Value Management Limited Company 24. Aug 18 03. Sep 18 1,116,027 A$0.48 A$453,262
22. Jun 18 Buy Perennial Value Management Limited Company 19. Jun 18 20. Jun 18 1,913,768 A$0.28 A$527,165
05. Nov 18 Sell Schroder Investment Management Limited Company 13. Apr 18 02. Nov 18 -1,064,310 A$0.32 A$-340,579
05. Nov 18 Buy Schroder Investment Management Limited Company 13. Apr 18 02. Nov 18 3,629,222 A$0.45 A$1,619,111
03. Sep 18 Buy Peter Lancken Individual 29. Aug 18 29. Aug 18 345,000 A$0.44 A$152,058
12. Jul 18 Sell New York Life Investment Management LLC Company 09. Jul 18 09. Jul 18 -36,456 A$0.28 A$-10,390
12. Jul 18 Buy New York Life Investment Management LLC Company 10. May 18 10. Jul 18 2,336,587 A$0.29 A$648,072
22. Nov 18 Buy Peter Lancken Individual 19. Nov 18 19. Nov 18 110,936 A$0.40 A$43,996
15. Nov 18 Buy Michael Hill Individual 14. Nov 18 14. Nov 18 70,000 A$0.44 A$30,475
19. Nov 18 Buy Steven Boland Individual 16. Nov 18 16. Nov 18 75,000 A$0.42 A$31,850
15. Nov 18 Buy Peter Lancken Individual 14. Nov 18 14. Nov 18 276,232 A$0.45 A$123,016
22. Nov 18 Buy Michael Hill Individual 19. Nov 18 19. Nov 18 54,000 A$0.37 A$19,980
X
Management checks
We assess Acrow Formwork and Construction Services's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Acrow Formwork and Construction Services has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ACF News

Simply Wall St News

If You Had Bought Acrow Formwork and Construction Services (ASX:ACF) Shares Three Years Ago You'd Have Made 81%

While Acrow Formwork and Construction Services Limited (ASX:ACF) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 11% in the last quarter. … We note that for Acrow Formwork and Construction Services the TSR over the last 3 years was 88%, which is better than the share price return mentioned above. … A Different Perspective We're pleased to report that Acrow Formwork and Construction Services rewarded shareholders with a total shareholder return of 16% over the last year.

Simply Wall St -

What We Think Of Acrow Formwork and Construction Services Limited’s (ASX:ACF) Investment Potential

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Acrow Formwork and Construction Services: 0.097 = AU$5.5m ÷ (AU$72m - AU$16m) (Based on the trailing twelve months to December 2018.) So, Acrow Formwork and Construction Services has an ROCE of 9.7%. … What Are Current Liabilities, And How Do They Affect Acrow Formwork and Construction Services's ROCE? … Acrow Formwork and Construction Services has total assets of AU$72m and current liabilities of AU$16m.

Simply Wall St -

Is Acrow Formwork and Construction Services Limited's (ASX:ACF) 30% ROE Better Than Average?

Our data shows Acrow Formwork and Construction Services has a return on equity of 30% for the last year. … That means that for every A$1 worth of shareholders' equity, it generated A$0.30 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Do Insiders Own Lots Of Shares In Acrow Formwork and Construction Services Limited (ASX:ACF)?

A look at the shareholders of Acrow Formwork and Construction Services Limited (ASX:ACF) can tell us which group is most powerful. … Acrow Formwork and Construction Services is not a large company by global standards. … View our latest analysis for Acrow Formwork and Construction Services

Simply Wall St -

Is Acrow Formwork and Construction Services Limited (ASX:ACF) A Financially Sound Company?

Acrow Formwork and Construction Services Limited (ASX:ACF) is a small-cap stock with a market capitalization of AU$71m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is.

Simply Wall St -

Is Acrow Formwork and Construction Services Limited (ASX:ACF) Investing Your Capital Efficiently?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … How Do You Calculate Return On Capital Employed

Simply Wall St -

Should Acrow Formwork and Construction Services Limited (ASX:ACF) Be Your Next Stock Pick?

Attractive stocks have exceptional fundamentals. … In the case of Acrow Formwork and Construction Services Limited (ASX:ACF), there's

Simply Wall St -

Why Acrow Formwork and Construction Services Limited (ASX:ACF) Looks Like A Quality Company

We'll use ROE to examine Acrow Formwork and Construction Services Limited (ASX:ACF), by way of a worked example. … Our data shows Acrow Formwork and Construction Services has a return on equity of 27% for the last year. … Check out our latest analysis for Acrow Formwork and Construction Services?

Simply Wall St -

Do Directors Own Acrow Formwork and Construction Services Limited (ASX:ACF) Shares?

If you want to know who really controls Acrow Formwork and Construction Services Limited (ASX:ACF), then you'll have to look at the makeup of its share registry. … Acrow Formwork and Construction Services is not a large company by global standards. … Check out our latest analysis for Acrow Formwork and Construction Services

Simply Wall St -

Is Acrow Formwork and Construction Services Limited (ASX:ACF) A Financially Sound Company?

Zero-debt allows substantial financial flexibility, especially for small-cap companies like Acrow Formwork and Construction Services Limited (ASX:ACF), as the company does not have to adhere to strict debt covenants. … However, it also faces higher cost of capital given interest cost is generally lower than equity. … Is ACF right in choosing financial flexibility over lower cost of capital.

Simply Wall St -

ACF Company Info

Description

Acrow Formwork and Construction Services Limited, together with its subsidiaries, engages in the hiring and sale of formwork and scaffolding systems, and related materials to construction and civil infrastructure providers in Australia. The company offers formwork equipment, including wall and soffit systems, heavy shoring products, concrete hardware and accessories, and special formwork products; and Cuplok, Super Cuplok, surelock, and Acrowskaf scaffolding systems, as well as scaffold couplers. It also engages in mineral exploration activities in Ghana. The company was formerly known as NMG Corporation Limited and changed its name to Acrow Formwork and Construction Services Limited on March 26, 2018. Acrow Formwork and Construction Services Limited was founded in 1936 and is based in Sydney, Australia.

Details
Name: Acrow Formwork and Construction Services Limited
ACF
Exchange: ASX
Founded: 1936
A$55,906,658
177,481,455
Website: http://www.acrow.com.au
Address: Acrow Formwork and Construction Services Limited
201 Elizabeth Street,
Level 5,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX ACF Ordinary Shares Australian Securities Exchange AU AUD 27. Jun 2008
DB 59Y Ordinary Shares Deutsche Boerse AG DE EUR 27. Jun 2008
Number of employees
Current staff
Staff numbers
0
Acrow Formwork and Construction Services employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 10:35
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.