Investors might be erring on the side of caution because of the project led nature of the biz. Bumper project acquisition last quarter doesn't necessarily mean bumper acquisitions moving forward (beyond what's already in the pipeline). In saying that, current valuation makes no sense especially with adjusted earnings from April and industry headwind moving forward, Acrow is extremely undervalued from my calcs and the ownership is gobbling up marketshare domestically at a solid rate.

Next step would be ownership actively reducing debt to make the business more attractive on paper. It's quite high compared to current assets so I'd assume this could be another reason for keeping people out but this is very backward looking approach.

In saying that, I'm holding and will continue to hold until that infra pipeline starts to dry up (Q2 2022 maybe).

DYOR