ACROW LIMITED (ACF)
Share Price Analysis and Chart

22/06/2026

1

Buy

$1.30

46.89%

Acrow has announced a fully underwritten institutional equity raising of $70m with a further share purchase plan of $10m to help de-leverage the company's balance sheet.

Management expects net debt to decline to $146m from $165m at the end of FY26 with net debt/earnings (EBITDA) to fall to 1.8x from 2.4x, Ord Minnett points out.

The company is also seeking to acquire Ausgroup for $27m, composed of $22.79m cash and scrip of $6.75m on a EV/EBITDA multiple of 4.1x pre-synergies, the broker explains.

The announcement is viewed positively as debt levels have been an issue for Acrow and Ausgroup seems like a good add-on acquisition.

Target price lifts to $1.30 from $1.20. No change to Buy rating.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 3.40 cents and EPS of 8.50 cents.
Ord Minnett forecasts a full year FY27 dividend of 3.40 cents and EPS of 10.40 cents.

01/06/2026

1

Buy

$1.25

41.24%

Shaw and Partners maintains a Buy rating for Acrow with a $1.25 target price following the release of Australian Bureau of Statistics construction work done data.

Total Australian construction work done rose 3.4% during the March 2026 quarter, but Queensland recorded an -8.9% decline to expand its overall pipeline gap.

Elevated commitments from the Queensland 2025-26 State budget alongside upcoming Brisbane 2032 Olympics projects support long-term expansion opportunities for the enterprise, the report concludes.

Improved trading conditions in the Queensland formwork division during March 2026 lifted hire revenue to its highest level in over 12 months.

Projections remain completely unaltered with the stock trading significantly below its valuation benchmark, the broker states.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 5.00 cents and EPS of 9.10 cents.
Shaw and Partners forecasts a full year FY27 dividend of 5.00 cents and EPS of 11.20 cents.