Mitchell Services Limited (AU:MSV)
ASX:MSV
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Mitchell Services Limited
(Sydney:MSV)
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Rating:56Neutral
Price Target:
AU$0.54
▲(8.20% Upside)
Action:Reiterated
Date:04/09/26
The score is held back primarily by weak financial performance—declining revenue, very low margins, and significant free cash flow deterioration—despite improved leverage. Technicals are moderately supportive with price above major moving averages, and valuation looks attractive on a very low P/E, but these positives do not fully offset the fundamental and cash flow risks.
Positive Factors
Gross margin stability
A stable gross margin near 36.6% indicates persistent ability to control direct costs or maintain pricing on core drilling and well services. Over a multi-month horizon this underpins unit economics, preserving operating leverage and protecting service profitability as activity fluctuates.
Negative Factors
Declining revenue trend
Sustained top-line contraction reduces rig utilization and scale efficiencies, increasing per-unit fixed costs. Over several months a shrinking revenue base hampers ability to cover overheads, weakens negotiating leverage with suppliers and clients, and limits capacity to invest in fleet or retain specialised crews.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin stability
A stable gross margin near 36.6% indicates persistent ability to control direct costs or maintain pricing on core drilling and well services. Over a multi-month horizon this underpins unit economics, preserving operating leverage and protecting service profitability as activity fluctuates.
Read all positive factors
Mitchell Services Limited (MSV) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$100.68M
Dividend YieldN/A
Average Volume (3M)337.09K
Price to Earnings (P/E)11.3
Beta (1Y)1.29
Revenue Growth-6.93%
EPS Growth96.28%
CountryAU
Employees663
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.04
Shares Outstanding211,962,400
10 Day Avg. Volume117,130
30 Day Avg. Volume337,091
Financial Highlights & Ratios
PEG Ratio-0.97
Price to Book (P/B)0.80
Price to Sales (P/S)0.25
P/FCF Ratio-23.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.55Price Target Upside10.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$201.80M
Mitchell Services Limited Business Overview & Revenue Model
Company Description
Mitchell Services Limited, along with its associated entities, offers a comprehensive suite of drilling solutions for both exploration activities and active mine sites across Australia. These services cater to the exploration, mining, and energy i...
How the Company Makes Money
MSV primarily makes money by providing oilfield services under contract to oil and gas producers. Its main revenue streams typically include: (1) Contract drilling services, where MSV earns day-rate or contract-based fees for supplying drilling ri...
Mitchell Services Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 199.70M | 196.84M | 236.83M | 243.14M | 213.37M | 191.38M |
| Gross Profit | 61.48M | 71.96M | 85.59M | 44.06M | 27.89M | 32.11M |
| EBITDA | 33.50M | 23.97M | 40.54M | 41.17M | 32.01M | 25.87M |
| Net Income | 8.94M | 536.87K | 9.17M | 7.61M | 15.56K | -5.90M |
Balance Sheet | ||||||
| Total Assets | 114.26M | 111.27M | 127.41M | 134.60M | 143.29M | 126.75M |
| Cash, Cash Equivalents and Short-Term Investments | 15.47M | 1.40M | 16.03M | 11.11M | 3.74M | 4.24M |
| Total Debt | 11.37M | 10.77M | 19.66M | 32.28M | 47.28M | 39.59M |
| Total Liabilities | 44.95M | 50.24M | 61.78M | 67.50M | 81.54M | 75.14M |
| Stockholders Equity | 69.31M | 61.04M | 65.63M | 67.10M | 61.75M | 51.61M |
Cash Flow | ||||||
| Free Cash Flow | 13.29M | -2.05M | 29.28M | 24.11M | 2.48M | 3.91M |
| Operating Cash Flow | 28.14M | 17.92M | 43.12M | 35.63M | 22.22M | 30.06M |
| Investing Cash Flow | -12.04M | -18.02M | -10.26M | -8.06M | -19.43M | -24.48M |
| Financing Cash Flow | -7.28M | -14.60M | -27.93M | -20.20M | -3.28M | -13.25M |
Mitchell Services Limited Technical Analysis
Neutral
0.50
Price Trends
0.50
Negative
0.46
Positive
0.38
Positive
Market Momentum
>-0.01
Positive
45.73
Neutral
37.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MSV, the sentiment is Neutral. The current price of 0.5 is above the 20-day moving average (MA) of 0.49, above the 50-day MA of 0.50, and above the 200-day MA of 0.38, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.73 is Neutral, neither overbought nor oversold. The STOCH value of 37.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:MSV.
Mitchell Services Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$100.68M | 11.26 | 13.72% | ― | -6.93% | 96.28% | |
47 Neutral | AU$293.23M | -27.03 | -22.74% | ― | ― | 1.22% | |
45 Neutral | AU$99.76M | -15.72 | -13.64% | ― | ― | 78.52% | |
44 Neutral | AU$7.53M | 7.64 | 12.98% | ― | ― | ― | |
43 Neutral | AU$46.69M | 0.85 | 142.67% | ― | ― | ― | |
41 Neutral | AU$81.45M | -12.55 | -9.03% | ― | -78.48% | 52.16% |
* Basic Materials Sector Average
AU:MSV
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Mitchell Services Limited Corporate Events
Mitchell Services Delivers Strong Q3 With Earnings Surge and Margin Expansion
Apr 20, 2026
Mitchell Services Limited reported a strong third quarter for FY26, with quarterly EBITDA rising 110% year-on-year to $11.2 million and EBT swinging to a $5.7 million profit. Revenue increased 3.7% to $48.5 million, supported by improved weather, ...
Mitchell Services Sets Date for FY26 Q3 Investor Webinar
Apr 15, 2026
Mitchell Services Limited will release its FY26 third-quarter investor update on 21 April 2026, offering shareholders and analysts detailed insight into the company’s recent operational and financial performance. The company will host an ana...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.