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  1. #11
    percy
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    A bit old but adds a bit of colour about them.Recorded December 2019.
    https://www.acrow.com.au/about-us/

  2. #12
    Member
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    Dec 2019
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    South of the Bombays
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    Does a listing from Private Equity vendors, who have failed to find a trade buyer raise any red flags for you Percy?

    Interesting talk in the links you posted of the change in focus from residential to infrastructure coinciding with sale by PE. Also, ACF have chased acquisitions post PE ownership, which you would normally expect to see during the PE ownership transformational period.

    Given that CEO Steven Boland was in place during the PE ownership, does this suggest he had a disagreement with his PE masters on how to take the business forward and extract maximum value for shareholders?
    Last edited by Southern Lad; 12-09-2020 at 10:43 PM.

  3. #13
    percy
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    christchurch
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    Private Equity .50/50 for me.Lost some money on Tegal.Made big money with Scales.Avoided Dick Smith.So judge each on their own.
    I do not have any answers for your other questions.
    The decision to withdraw from residential,and expand via acquisition civil is timely,with the very strong tail winds civil will enjoy over the next few years.I like businesses that sell off their low margin divisions,and recycle the funds into better margin sectors.Better capital use/allocation,and saves management wasting time on low margin business.A better focused business.In this case dropping 70% of their business to concentrate the other 30 %was very bold,and is proving to be right.
    Last edited by percy; 13-09-2020 at 08:17 AM.

  4. #14
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    For me ACF needs to get some more runs on the board, but overall environment looks positive with Government sponsored infrastructure spend in Australia providing plenty of opportunity.

    if they get it right, there should be good upside available on current (cum dividend) share price.

    Personally I’m always happier to back an under the radar we’ll performing business with a good track record than back a business that the previous owners have moved on because they can’t see avenues to add value. Having said that, there are cases where listing a former PE owned business provides easier access to capital, coupled with the right management team, where there is still upside left. Hopefully ACF in this category, time will tell.

    On the FY21 EBITDA, if H2 FY20 was $9.5m, then at the current run rate you would expect FY21 EBITDA of $19m. Curious that directors are comfortable with average broker forecasts of $17m to $17.5m, also the note 23 comment that they don’t expect that the $4.25m contingent consideration for the purchase of Uni-span to be payable because EBITDA won’t reach $18m. So no great strides forward for ACF in FY21?

  5. #15
    percy
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    christchurch
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    I think your post sums up very much my thoughts on ACF.
    Hopefully the right company, in the right sector, at the right time.
    Last edited by percy; 13-09-2020 at 09:24 AM.

  6. #16
    Advanced Member
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    Dec 2001
    Location
    Wellington, , New Zealand.
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    Just a NZ scaff anecdote. Last week I told the scaff company (not Acrow but a decent size Wellington company) our job was finished but they can leave the scaff up for a bit if they wanted to. We give them the opportunity to leave if it's not in the way, saves them double handling. Last week, removed first thing the following morning. Unusual, but a construction indication like counting cranes!

  7. #17
    percy
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    Oct 2009
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    christchurch
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    https://stocknessmonster.com/announc....asx-6A997481/
    The annual report was very positive,with a strong outlook, and I think that is the reason we have seen the share price rise on good volume.
    Today 916,719n shares have traded and the last price traded was 37 cents CD,.

  8. #18
    percy
    Join Date
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    christchurch
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    Last edited by percy; 28-10-2020 at 05:48 PM.

  9. #19
    IMO
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    Floating Anchor Shoals
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    Im seeing scaffolding all over the place including Acrow (nz). Folks renovating alot. Also spoke to a supplier of Double glazed windows. he was coming every day or so with one or two windows for renovations nearby, says hes booked solid into february.

  10. #20
    percy
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    Oct 2009
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    christchurch
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    https://sendy.tarawera.co.nz/l/J6oLV...ew9pt0VmSjVobw
    ACF should get plenty of contracts with NSW $107b infrastructure spend.

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