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ACF - Acrow Limited

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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
 
Re: NMG - Noble Mineral Resources


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.
 
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

 
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)
 
Re: NMG - Noble Mineral Resources


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.
 
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.
 
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.
 
On November 28th, 2016, Noble Mineral Resources Limited changed its name to NMG Corporation Limited.
 
On March 29th, 2018, NMG Corporation Limited (NMG) changed its name and ASX code to Acrow Formwork and Construction Services Limited (ACF).
 
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.

 
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.

 
Nice. Good preliminary final results announced today and plans to expand the business.
 
peter2 said:
Nice. Good preliminary final results announced today and plans to expand the business.
Click to expand...

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.



 
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.

 
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%
 
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
 
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
 
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.
 
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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