I'm a big fan of this business for a number of reasons.1. The...

I'm a big fan of this business for a number of reasons.

1. The CEO and management team is genuinely world class.
2. They have a history of successfully making disciplined and value accretive acquisitions, AND, have successfully integrated these into a national brand.
3. They have a history of organically growing the business.
4. Their biggest competitors are largely small offices of much larger international firms. These offshoots are a rounding error for the parent co and receive little support, this lack of support has seen ACF continue to win market share.
5. As the major Australian firm competing in the space against foreign bidders, they're well placed to continue winning government infrastructure work.
6. Their growing engineering practice enables them to do more complex, high margin projects and is a serious value add service offering.
7. They're pricely cheaply because of a perception of being cyclical - in reality, only a small part of their business is cyclically exposed (resi / commercial high rise). Large infrastructure projects can take a decade to build and run through the cycle, and their industrial business is long contracts that also are not cyclically exposed.
8. They're positioned to win from any future interest rate cuts. Residential and commercial construction (the cyclical part of their business) is currently in a lull due to high construction costs. Rate cuts that spur real estate prices and reduce cost of debt for developers will see this pick up.
9. They're positioned to win from the boom in spending in QLD into the Olympic games.
10. With the ability to move their formwork stock around the country as they grow their footprint, the utilisation of the businesses assets can be managed higher as it grows. I.e. If QLD is sluggish but WA runs hot, a national business can truck assets to WA and deploy there, whilst a business operating in only one state cannot.
11. Management have a habit of under promising and overdelivering.
12. The business is innovating and releasing big new products, like acrowdeck and their jump form product, and continuing to find valuable adjacent markets to expand into.

I holding and am looking to continue opportunistically acquiring. It may be a small cap, but its a bloody high quality company IMO.