# ACF - Acrow Formwork and Construction Services



## Joe Blow (4 June 2010)

Noble Mineral Resources Limited (NMG) is an exploration and development company focused on gold projects in WA and Ghana.

http://www.nobleminres.com.au


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## maffu (3 November 2010)

*Re: NMG - Noble Mineral Resources*

I have heard good things about Noble Mineral Resources recently, I am planning on buying some in the next few days.
Surprised to see not much chat on here about them.

They have 2mil ounces of gold, with a production aim of 150,000 ounces per annum.
Current market cap of ~140mil


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## maffu (12 November 2010)

*Re: NMG - Noble Mineral Resources*



maffu said:


> I have heard good things about Noble Mineral Resources recently, I am planning on buying some in the next few days.
> Surprised to see not much chat on here about them.
> 
> They have 2mil ounces of gold, with a production aim of 150,000 ounces per annum.
> Current market cap of ~140mil




Up 25 % since I posted this and I didn't buy 
The day I was planning to buy they went into a trading halt, and when they came out they announced a 30m private placement and the shares sky rocketed.

Trying to get in at 49c now, but originally was hoping for 42c before the placement.


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## kgee (7 April 2011)

*Re: NMG - Noble Mineral Resources*

BOE
MC = $277 mil undiluted
Resource: 33mt @1.9g/t Au for 1.98m oz (Ghana)
EV/oz= $140

Took a position in these guys 
They have resource upgrade due this month, targeting 0.5-1 Moz (25-50% increase)
Close to production May/June
CEO has a couple of presentations over next 6 weeks
POG looking good

On the Rumour mill Alex Cowlie was at the recent Hong Kong presentation and has mentioned he will be adding 3 goldies to his next D&D reccommendations ( skeptical but would be nice)

Although the EV/Oz looks high it doesn't concern me too much as it should go higher as production comes on and it will be diluted with the resource upgrade.
Getting close to all time high of 75c so expect some resistance, but then its blue sky


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## kgee (8 April 2011)

*Re: NMG - Noble Mineral Resources*

Made a mistake with Resource Upgrades...target was from all sattelite deposits but after listening to BRR interview it seems Upgrades will be drip feed and we can expect Upgrade from Aheman deposit shortly...
which I find strange considering that its possibe that their is continuation between Walsh , Strauss and Aheman which might mean it can be dug up as one big open mine pit?
ps :the 1Moz figure includes extension to Bibani pit and the target for satelites is between 300-600,000 oz (Nb sattelite deposits within 300m of processing plant)


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## maffu (20 April 2011)

*Re: NMG - Noble Mineral Resources*



kgee said:


> BOE
> MC = $277 mil undiluted
> Resource: 33mt @1.9g/t Au for 1.98m oz (Ghana)
> EV/oz= $140
> ...




I ended up getting in at 50c, about 10 cents higher than when I first posted in this thread saying I would buy.
The EV/oz is much higher now, and is at a similar level to the other Ghana gold explorers/producers.
It was quite undervalued compared to the other gold miners in Ghana for a while.


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## Green Gekko (20 May 2011)

*Re: NMG - Noble Mineral Resources*

Article today in Fin Review mentioning NMG & ADU as possible takeover targets for Perseus, worth keeping an eye on possibly.


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## beatthemarket (2 July 2012)

*Re: NMG - Noble Mineral Resources*

Our analysts recently visited NMG's site in Ghana.  The visit confirmed their positive view on the operation’s potential, and that the team in place can deliver. Production has been affected by the wet season, and lower gold recoveries largely derived from tailings treatment. They anticipate a lean September quarter, improving from December quarter as ramp up continues.


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## System (28 November 2016)

On November 28th, 2016, Noble Mineral Resources Limited changed its name to NMG Corporation Limited.


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## System (3 April 2018)

On March 29th, 2018, NMG Corporation Limited (NMG) changed its name and ASX code to Acrow Formwork and Construction Services Limited (ACF).


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## peter2 (14 May 2018)

I don't mind a new float so long as the price is going up. There's no telling how high bullish sentiment will push price. Plus there's increased spending for infrastructure that'll need scaffolding.


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## greggles (3 July 2018)

ACF coming back to life after tracking sideways and consolidating between 26c and 29c on low volume for a couple of months. Volume up today and the share price has poked its head above 30c. Buy side of market depth is starting to stack up and sell side has thinned right out.

Watching buying pressure closely here.


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## peter2 (28 August 2018)

Nice. Good preliminary final results announced today and plans to expand the business.


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## greggles (28 August 2018)

peter2 said:


> Nice. Good preliminary final results announced today and plans to expand the business.




Yep, great result and nice breakout today. I think the acquisition of Natform Pty Ltd is a smart strategic move, a good fit with their business model and will help grow revenue in the coming years.


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## peter2 (4 November 2018)

Price remains in a trading range. ACF maintained it's market cap quite well through the market selloff. Volume has dropped during this consolidation which is normal. I'll be very interested to see the volume rise as the price rises. I think there's an AGM soon.


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## Dona Ferentes (26 May 2020)

Key Points: 
• Group net debt as at 30 April 2020, $1.5m better than what was expected at the time of the market update and cash savings measures announcement on 24 March 2020.  
• Uni-span acquisition is now fully integrated into Acrow with annualised cost savings of circa $2.2m (previous guidance $1.5 -$2.0m) to be realised in FY21. 
• General trading conditions and current EBITDA results better than Company expectations, following the onset of the COVID-19 lockdown restrictions. 
• Record levels of new work secured across March/April 2020. 
• Value of total Hire Revenue pipeline up 20% from 31 December 2019

_this has helped the recovery from Covid belt; up 3c or 15%_


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## Dona Ferentes (13 September 2020)

Acrow seem to be thriving in these troubled Covid times, partly the result of a timely switch from the residential sector to engineered formwork for mega infrastructure projects.

Acrow reported a 22% net sales surge to $87 million for the full year, with EBITDA climbing 30% to $15 million with the June half EBITDA doubled to $9.5 million, while revenue surged 39% to $49 million.

This is because client projects such as the Sydney and Melbourne metro projects, Snowy Hydro 2 and Brisbane’s Queen’s Wharf forged ahead with minimal disruption. With a record pipeline of new jobs, management is “comfortable” with broker forecasts of ebitda of $17-17.5 million for the current year.

 The final dividend lifted to $0.0105 a share from $0.01 previously, taking the full year payout to $0.0175 (a yield of around 5%)

Market cap only about $70million. After a few tough years, the basics seem to be falling into place.




..........................  Earnings per share .........................                        ............................... return on equity .............................

more in this Trevor Hoey article:








						Acrow takes the guesswork out of investing
					

Acrow Formwork and Construction Services Limited (ASX: ACF) is Trevor Hoey's Stock of the Week. The company's workbook has grown substantially, increasing 20% to $76.3 million since December 31, 2019.




					finfeed.com


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## divs4ever (25 August 2021)

the results out today

 have been glancing at this one for a while

and finally bought some today

 i guess i am just a sucker for smaller construction ( and construction services companies )

 DYOR

hopefully it will fit nicely in my bottom drawer


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## galumay (25 August 2021)

I looked at this long and hard earlier this year, didn't end up taking a position, but I liked it. I think its a good little business.

Just checked - the reason I didn't buy was the debt. I have a hard rule on that.


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## divs4ever (25 August 2021)

according to today's statement the debt isn't that bad 

 Net gearing of 26.7%1 , up 6.7% pts on 30 June 20 levels. 
 Operating Cash Profit of $13.2m, up 18%2

 1 Net gearing = net debt/(net debt + equity). 2 Excludes one-off IT spend of $1.3m in FY21

 Commsec has a vastly different figure 


Debt to EquityRatio of interest-bearing debt to shareholders equity, as of the last annual report. Shareholders equity is based on the book value of equity, not the current market value of a company's stock
 Debt to Equity  96%
 so who do you believe 

 DYOR

 it was only a small parcel  , if i really must  a total loss would not be crippling ( on it's own )

 cheers 


 PS i would prefer the debt was NOT rising , but these are difficult times ( with possibly more to come )


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## galumay (25 August 2021)

I just look at the borrowings and the equity on the balance sheet in the Annual Report. 

I dont think there is any risk of total loss! 

Its purely a filter I use, there are plenty of investors who think I am mad for having a hard rule on debt. I still find enough quality businesses to own part of, and I sleep better at night! 

Its in no way a criticism of your investment process, just explaining why I didn't take a position in a business I otherwise like.


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## divs4ever (25 August 2021)

galumay said:


> I just look at the borrowings and the equity on the balance sheet in the Annual Report.
> 
> I dont think there is any risk of total loss!
> 
> ...




 i normally avoid high D/E companies as well  , so no  , if you have better discipline than me , all i can be is slightly jealous  ( my sleep patterns are already rubbish , but that was before i started investing .. means i am looking at unlikely places in unusual times , not totally bad , but ... )

 but given the current climate   a total loss  ( except MAYBE 'the big 4 ' banks ) is always possible 

 we already have a wave of 'incredible shrinking companies 'at the top end of town  , and the financiers  can make the life of  small companies a total living hell , at whim ( i have seen them do similar to farmers in the past )

 good luck , i still feel like i need to force growth , so take on that little extra risk 

 cheers


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## divs4ever (22 April 2022)

Acrow upgrades prior strong FY22 earnings guidance on robust 3Q22 performance

Key Highlights:
• Acrow upgrades its FY22 earnings guidance, as the Company continues to leverage off strong Australian
construction markets, especially in the Civil Infrastructure sector
• FY22 underlying NPAT of $16.3-17.3m is now expected, at the mid-point up 93% on the previous corresponding
period (PCP)
• This strong profit guidance is premised on forecast FY22 revenue of $144-147m, which at the midpoint is 37%
above PCP
• March 2022 quarter (3Q22) hire revenue of $13.9m was a record quarterly result
• Acrow continues to win significant new work on marque projects, including the Cross River Rail, Melbourne Metro,
Bruce Highway, Melbourne Western Distributor and Snowy Hydro 2
• Aided by Acrow’s strong contract book and pipeline, the Company successfully negotiated a $7.5m increase in its
existing Equipment Finance facility with Westpac.
Acrow Formwork and Construction Services Limited (ASX: ACF) (‘Acrow’ or ‘the Company’), a leading provider of
engineered formwork, scaffolding and screen systems, is pleased to announce upgraded earnings guidance for its 12
months ended 30 June 2022 financial year (FY22).

FY22 earnings guidance upgraded, fed by a strong 3Q22 revenue growth and contract pipeline
Acrow’s March 2022 quarter (3Q22) performance exceeded its prior expectations as the Company benefited from continued
high activity levels in Australia’s commercial construction sector, especially in the Civil Infrastructure market segment.
Leveraging off this strength, Acrow has continued to win significant new packages of work on a number of marque projects,
including the Brisbane Cross River Rail, the Melbourne Metro, Queensland’s Bruce Highway upgrade, the Melbourne
Western Distributor and the large Snowy Hydro 2 renewable energy project.
Acrow’s 3Q22 Hire revenue totalled $13.9m, a quarterly record for the Company. This included the best ever single-month
result for this revenue category ($4.9m in March).
New Hire revenue contracts secured in 3Q22 totalled $12.3m, which was up a healthy 11% on PCP. The year-to-date figure
for this revenue metric, which is a crucial lead indicator of Acrow’s future performance, is 22% higher on a PCP basis.
ASX:ACF
Acrow Formwork and Construction Services Limited
C/- Level 5, 126 Phillip Street
Sydney NSW 2000
Acrow Formwork and Construction Services Limited Page 2
This strong 3Q22 revenue performance coupled with the new contracts brought to book in the quarter has underpinned a
further upgrade to the Acrow Group’s FY22 revenue guidance, which is now projected to be $144-147m. At the midpoint, this
is 37% above PCP.
This revenue uplift will, in turn, bolster Acrow’s FY22 earnings expectations. Premised on the Company’s upwardly revised
mid-point projections, the projected ranges and PCP movements are:
• EBITDA of $34.5-35.5m, up 44%
• Underlying NPAT of $16.3-17.3m, up 93%
• EPS of 6.5-6.9 cents/share, up 68%
Acrow adds to debt funding facilities in anticipation of continued growth
Aided by Acrow’s strong contract book and pipeline, the Company successfully negotiated a $7.5m increase to its existing
Equipment Finance facility with Westpac. The additional headroom in this facility will greatly assist the Company to further
capitalise on the success it is experiencing in winning significant new packages of work in the Civil Infrastructure sector.
Acrow Formwork and Construction Services Limited CEO Steven Boland said: “We are very pleased to announce a
further upgrade to our FY22 revenue and earnings guidance metrics. These now higher numbers have been underpinned by
our continued ability to leverage off the slew of Federal and State government-funded infrastructure projects going from the
design phase to reality. But it is one thing seeing increased activity levels across the commercial construction and
infrastructure sectors. It is entirely another getting a material slice of this activity. The very strong growth in both revenue and
profitability in FY22 now in prospect reflects well on Acrow’s ability to provide a compelling case for the provision of its
equipment and services. This success in part reflects the attractiveness of our suite of world class formwork, screen and
scaffold products, but it is the customer solutions focus and overall expertise of our industry leading engineering team that is
the fundamental Acrow point of difference. This gives prospective clients many of their equipment requirements under one
roof. The continued growth of our contract book also reflects well on the sustained efforts of our sales team, who have
continued to lock in new work at record levels despite the challenges still presenting in the Australian economy, the COVID19 pandemic included.
We remain confident that activity levels across the broader commercial construction sector, especially that in the civil space,
will stay strong for quite some time yet.“
This release was approved by the Acrow Board of Directors.

==============================================================================
 DYOR

 i hold ACF

 curses i was hoping i could top up in the coming months


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## galumay (23 April 2022)

One i missed out on, never quite got enough conviction to take a position.


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## divs4ever (23 April 2022)

certainly doesn't spring to mind in most strategies  ( so normally gets a low priority on the various watch-lists i have )


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## frugal.rock (23 April 2022)

What could happen if Big River and Acrow merged?
Made for each other...


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## divs4ever (23 April 2022)

given the BLD and CSR JV a ( fair ) while back  , not as far-fetched as it sounds 

 however  since Stokes ( and the SVW ) have taken a majority stake in BLD keep watching there  

 SVW  might decide to pick up small players  instead of completely swallowing BLD ( SVW  is comfortable with  a large shareholding in investments , and sometimes  assisting mergers between companies they hold a stake in  , BPT and Drillsearch come to mind )


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