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2026-11-06
◂ Monitor MSV ASX

Mitchell Services Limited

Producer · Gold · Others · Australia · Papua New Guinea Rating locked: sign in to view v8 · msv-20261009t191333-first-fill
Last 2026-11-06
A$0.62
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$131.7M
EV
A$135.2M
Cash
A$12.1M
Debt
A$11.4M
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$12.1M2025-06-30: 1,345,083 A$2025-12-31: 15,471,000 A$2026-06-30: 12,144,332 A$ Self Funding
Debt A$11.4M2025-06-30: 9,705,042 A$2025-12-31: 8,256,000 A$2026-06-30: 8,658,039 A$ Net cash A$721K
Basic shares 212.5M 2026-08-20
Runway Self Funding Self-funding in FY26: A$37.383550m operating cash flow versus A$21.241m PPE additions on the company-defined all-funding basis. This historical result is not permanent funding assurance.

Liquidity

Financial position

Audited cash A$12.144332m versus equipment financing A$8.658039m and property leases A$2.765338m. The issuer A$3.486293m net-cash measure excludes property leases. A$15m undrawn overdraft and A$21.782719m unused NAB equipment-facility capacity are borrowing headroom, not cash. The September dividend reduces cash by an estimated A$4.249011m in the valuation bridge; subsequent operating cash is not known.

Inventory composition1

Audited consumables inventory A$10.776560m is needed to operate the fleet. It sits in working capital and is not a mineral stockpile or a second equity-bridge asset.

Operating drilling consumables inventory on hand at 30 June 2026
A$10.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
212.5M
Fully diluted
222.8M

Audited FY26 shares bridge: 211,962,408 opening ordinary shares plus 488,122 vested performance rights equals 212,450,530 ordinary shares; no FY26 buy-back occurred. FY26 annual report itemized options sum to 9,878,925 (opening 9,105,645 plus 1,667,930 offered less 894,650 forfeited), superseding asynchronous Appendix totals and correcting the prior one-option difference. Add 501,030 FY26 rights to reach a conservative gross fully diluted 222,830,485 shares; strike proceeds are excluded and no future repurchases or proposed AGM placement capacity change issued capital. The August presentation confirms ordinary shares at 20 August; subsequent reviewed notices establish no issuance. The 2033 option expiry differs between the annual report narrative (18 June) and Note 17 (20 June); use the detailed Note 17 date, with no valuation impact.

Security classes11
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid shares after the 29 June 2026 performance-right conversionOrdinary Share212.5M——
FY26 ESOP performance rights outstanding after conversion of the prior-year rightsPerformance Right501KA$0—
ESOP option tranche: A$0.703 strike, disclosed expiry 2027-06-14Option811.3KA$0.7032027-06-14
ESOP option tranche: A$1.1 strike, disclosed expiry 2028-06-14Option617.5KA$1.12028-06-14
ESOP option tranche: A$0.91 strike, disclosed expiry 2029-06-01Option681.7KA$0.912029-06-01
ESOP option tranche: A$0.69 strike, disclosed expiry 2030-05-31Option881.2KA$0.692030-05-31
ESOP option tranche: A$0.63 strike, disclosed expiry 2031-06-23Option1.3MA$0.632031-06-23
ESOP option tranche: A$0.62 strike, disclosed expiry 2032-05-31Option990.2KA$0.622032-05-31
ESOP option tranche: A$0.555 strike, disclosed expiry 2033-06-20Option1.3MA$0.5552033-06-20
ESOP option tranche: A$0.34 strike, disclosed expiry 2034-06-20Option1.6MA$0.342034-06-20
ESOP option tranche: A$0.64 strike, disclosed expiry 2035-06-19Option1.7MA$0.642035-06-19

KPI history

Operating metrics · Contract drilling services platform

Average operating rigs shown
018365472FY25-Q1: 62 rigsFY25-Q1FY25-Q2: 64 rigsFY25-Q2FY25-Q3: 62 rigsFY25-Q3FY25-Q4: 65 rigsFY25-Q4FY26-Q1: 62 rigsFY26-Q1FY26-Q2: 61 rigsFY26-Q2FY26-Q3: 61 rigsFY26-Q3FY26-Q4: 62 rigsFY26-Q4
MetricUnitTrendFY25-Q1FY25-Q2FY25-Q3FY25-Q4FY26-Q1FY26-Q2FY26-Q3FY26-Q4
Average operating rigsrigsFY25-Q1: 61.70 rigsFY25-Q2: 64.00 rigsFY25-Q3: 62.30 rigsFY25-Q4: 64.70 rigsFY26-Q1: 62.30 rigsFY26-Q2: 61.00 rigsFY26-Q3: 60.70 rigsFY26-Q4: 62.00 rigs61.764.062.364.762.361.060.762.0
Drilling shiftsshiftsFY25-Q1: 8,734 shiftsFY25-Q2: 8,415 shiftsFY25-Q3: 8,736 shiftsFY25-Q4: 9,495 shiftsFY26-Q1: 9,502 shiftsFY26-Q2: 8,671 shiftsFY26-Q3: 8,702 shiftsFY26-Q4: 9,124 shifts8,7348,4158,7369,4959,5028,6718,7029,124
Service revenueAUDFY25-Q1: 52,707,000 AUDFY25-Q2: 46,658,000 AUDFY25-Q3: 46,802,000 AUDFY25-Q4: 50,484,000 AUDFY26-Q1: 53,395,000 AUDFY26-Q2: 49,003,000 AUDFY26-Q3: 48,543,000 AUDFY26-Q4: 56,495,000 AUD52,707,00046,658,00046,802,00050,484,00053,395,00049,003,00048,543,00056,495,000
Company-defined EBITDAAUDFY25-Q1: 7,032,000 AUDFY25-Q2: 5,620,000 AUDFY25-Q3: 5,315,000 AUDFY25-Q4: 7,700,000 AUDFY26-Q1: 11,787,000 AUDFY26-Q2: 9,633,000 AUDFY26-Q3: 11,177,000 AUDFY26-Q4: 10,170,000 AUD7,032,0005,620,0005,315,0007,700,00011,787,0009,633,00011,177,00010,170,000
Operating cash flowAUDFY25-Q1: 5,753,000 AUDFY25-Q2: 4,813,000 AUDFY25-Q3: -3,660,000 AUDFY25-Q4: 11,017,000 AUDFY26-Q1: 9,769,000 AUDFY26-Q2: 11,018,000 AUDFY26-Q3: 4,303,000 AUDFY26-Q4: 12,294,000 AUD5,753,0004,813,000(3,660,000)11,017,0009,769,00011,018,0004,303,00012,294,000
Operating metric source table59
MetricProjectPeriodPeriod typeValueStatus
Average operating rigsDrilling ServicesFY25-Q1Quarter61.7 rigsReported
Drilling shiftsDrilling ServicesFY25-Q1Quarter8,734 shiftsReported
Service revenueDrilling ServicesFY25-Q1Quarter52,707,000 AUDReported
Company-defined EBITDADrilling ServicesFY25-Q1Quarter7,032,000 AUDReported
Operating cash flowDrilling ServicesFY25-Q1Quarter5,753,000 AUDReported
Average operating rigsDrilling ServicesFY25-Q2Quarter64 rigsReported
Drilling shiftsDrilling ServicesFY25-Q2Quarter8,415 shiftsReported
Service revenueDrilling ServicesFY25-Q2Quarter46,658,000 AUDReported
Company-defined EBITDADrilling ServicesFY25-Q2Quarter5,620,000 AUDReported
Operating cash flowDrilling ServicesFY25-Q2Quarter4,813,000 AUDReported
Average operating rigsDrilling ServicesFY25-Q3Quarter62.3 rigsReported
Drilling shiftsDrilling ServicesFY25-Q3Quarter8,736 shiftsReported
Service revenueDrilling ServicesFY25-Q3Quarter46,802,000 AUDReported
Company-defined EBITDADrilling ServicesFY25-Q3Quarter5,315,000 AUDReported
Operating cash flowDrilling ServicesFY25-Q3Quarter-3,660,000 AUDReported
Average operating rigsDrilling ServicesFY25-Q4Quarter64.7 rigsReported
Drilling shiftsDrilling ServicesFY25-Q4Quarter9,495 shiftsReported
Service revenueDrilling ServicesFY25-Q4Quarter50,484,000 AUDReported
Company-defined EBITDADrilling ServicesFY25-Q4Quarter7,700,000 AUDReported
Operating cash flowDrilling ServicesFY25-Q4Quarter11,017,000 AUDReported
Average operating rigsDrilling ServicesFY26-Q1Quarter62.3 rigsReported
Drilling shiftsDrilling ServicesFY26-Q1Quarter9,502 shiftsReported
Service revenueDrilling ServicesFY26-Q1Quarter53,395,000 AUDReported
Company-defined EBITDADrilling ServicesFY26-Q1Quarter11,787,000 AUDReported
Operating cash flowDrilling ServicesFY26-Q1Quarter9,769,000 AUDReported
Average operating rigsDrilling ServicesFY26-Q2Quarter61 rigsReported
Drilling shiftsDrilling ServicesFY26-Q2Quarter8,671 shiftsReported
Service revenueDrilling ServicesFY26-Q2Quarter49,003,000 AUDReported
Company-defined EBITDADrilling ServicesFY26-Q2Quarter9,633,000 AUDReported
Operating cash flowDrilling ServicesFY26-Q2Quarter11,018,000 AUDReported
Average operating rigsDrilling ServicesFY26-Q3Quarter60.7 rigsReported
Drilling shiftsDrilling ServicesFY26-Q3Quarter8,702 shiftsReported
Service revenueDrilling ServicesFY26-Q3Quarter48,543,000 AUDReported
Company-defined EBITDADrilling ServicesFY26-Q3Quarter11,177,000 AUDReported
Operating cash flowDrilling ServicesFY26-Q3Quarter4,303,000 AUDReported
Average operating rigsDrilling ServicesFY26-Q4Quarter62 rigsReported
Drilling shiftsDrilling ServicesFY26-Q4Quarter9,124 shiftsReported
Service revenueDrilling ServicesFY26-Q4Quarter56,495,000 AUDReported
Company-defined EBITDADrilling ServicesFY26-Q4Quarter10,170,000 AUDReported
Operating cash flowDrilling ServicesFY26-Q4Quarter12,294,000 AUDReported
Annual service revenueDrilling ServicesFY25Year196,650,587 AUDReported
Annual company-defined EBITDADrilling ServicesFY25Year25,667,000 AUDReported
Annual operating cash flowDrilling ServicesFY25Year17,922,146 AUDReported
Annual average operating rigsDrilling ServicesFY25Year63.2 rigsReported
Company-defined FCF after all-funded PPE additionsDrilling ServicesFY25Year-2,596,000 AUDReported
Company-defined return on invested capitalDrilling ServicesFY25Year2 %Reported
Annual service revenueDrilling ServicesFY26Year207,435,763 AUDReported
Annual company-defined EBITDADrilling ServicesFY26Year42,767,000 AUDReported
Annual operating cash flowDrilling ServicesFY26Year37,383,550 AUDReported
Annual average operating rigsDrilling ServicesFY26Year61.5 rigsReported
Company-defined FCF after all-funded PPE additionsDrilling ServicesFY26Year16,143,000 AUDReported
Company-defined return on invested capitalDrilling ServicesFY26Year25.2 %Reported
Cash on handCompany2025-06-30Point In Time1,345,083 AUDReported
Equipment finance debt (excludes property leases)Company2025-06-30Point In Time9,705,042 AUDReported
Cash on handCompany2025-12-31Point In Time15,471,000 AUDReported
Equipment finance debt (excludes property leases)Company2025-12-31Point In Time8,256,000 AUDReported
Cash on handCompany2026-06-30Point In Time12,144,332 AUDReported
Equipment finance debt (excludes property leases)Company2026-06-30Point In Time8,658,039 AUDReported
Operating rigs at results callDrilling Services24 August 2026Point In Time68 rigsReported
Company guidance1
MetricProjectPeriodLowHighStatus
Operating Rig Count Expected To Increasedrilling-services1H FY27—— rigsCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-17Ann. 2026-08-24DividendA$4.2M——Completed—
2026-07-30Ann. 2026-07-16BuybackOrdinary Fully Paid Shares———OngoingBoard-authorized extension for no longer than 12 months, permitting repurchase of up to 10% of fully paid ordinary shares; authorization is not treated as execution.Max 21.2M · Period 2026-07-30 to 2027-07-29 · No more than 5% above the five-trading-day VWAP under the continuing programme terms disclosed in the FY25 annual report. · Morgans Financial Limited
2026-03-17Ann. 2026-02-19DividendA$8.5M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

Audited FY26 arrangements and financing obligations reconciled against original Loop agreement and later presentation. No material royalty, stream, offtake, commodity hedge or FX hedge was identified; MSV is a service operator.

MSV holds 46.875% of an equity-accounted Loop venture with Talisman and has a A$150,000 recoverable loan. FY26 Loop loss was A$120,522; the A$620,989 MSV recognition gain reflects net-assets movement around outside equity funding, not a dividend.

Joint Venture · Active
Counterparties
Talisman Technical
Applies to
Loop Decarbonisation Solutions · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Current MSV equity interest after tranche 1: 46.88 %
Loan recoverable from Loop: 150,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

First A$1.5m subscription for 6.25% completed and conditions subsequent met in FY26. Second A$1.5m for another 6.25% depends on another contract. Third tranche price/valuation remain to be agreed, aiming for Sumitomo 20-25%. A$24m is a conditional whole-Loop transaction reference, not MSV cash consideration.

Strategic Partnership · Active
Counterparties
Sumitomo Corporation subsidiary
Applies to
Loop Decarbonisation Solutions · Others
Economic direction
Mixed
Period
From 2025-08-29; no end date stated
Key terms
Completed first subscription cash: 1,500,000 AUD
Completed first subscription stake: 6.25 % of Loop
Conditional second tranche cash: 1,500,000 AUD
Potential ultimate Sumitomo stake: 20-25 % of Loop
How it affects our valuation

No valuation treatment is available for this arrangement.

Equipment-financing obligations deducted once from the enterprise value. Existing loans average 1.3 years remaining; one June facility floats on BBSY while others are fixed. Maintenance reinvestment is embedded in the valuation benchmark, not netted from the debt amount.

Other · Active
Counterparties
National Australia Bank and equipment-finance lessors
Applies to
Contract drilling services platform
Economic direction
Burden
Period
Dates not stated
Key terms
Equipment financing principal: 8,658,039 AUD
Disclosed effective rate range: 6.19%-7.75% %
How it affects our valuation

No valuation treatment is available for this arrangement.

Right-of-use property obligations including related-party head-office premises are deducted once in the equity bridge. The analyst benchmark treats EBITDA before financing-like property lease claims; it does not also subtract lease principal as operating cash flow.

Other · Active
Counterparties
Property lessors including Mitchell Family Investments (QLD) Pty Ltd
Applies to
Contract drilling services platform
Economic direction
Burden
Period
Dates not stated
Key terms
Property lease liabilities: 2,765,338 AUD
FY26 related-party rent: 358,989 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Part of drilling consideration settled in client shares. The financial asset is added once at reported marked value; no repeat service receivable or recurring profit is added. Identity and post-June share value are unavailable.

Other · Active
Counterparties
Unnamed ASX-listed drilling client
Applies to
Contract drilling services platform
Economic direction
Benefit
Period
Dates not stated
Key terms
Client equity holding: 600,000 shares
Initial subscribed price: 0.5 AUD/share
Year-end marked value: 234,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.