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EVZ Limited
Industrials · Engineering & Construction
Updated 8 hours ago
$0.37
MARKET CAP
$45.90M
P/E RATIO
37.7
DIV. YIELD
2.9%
FRANKING
100%
EVZ Limited, together with its subsidiaries, offers engineering services in Australia and Asia. The company operates through Energy and Resources; and Building Products segments.
View full descriptionThe Warsi Rating combines two proven approaches: value investing principles and dividend strategy. A stock must score 70+ on both to be rated Solid or higher.
$0.77
Discounted cash flow estimate
Business quality and balance-sheet durability.
How much the company owes vs. what it owns
Excellent. Very low debt (0.16) means strong financial flexibility and minimal bankruptcy risk.
Current Snapshot
Current D/E
0.16x
Industry Limit
1.00x
Headroom
+0.84x
Why It Matters
Debt-to-equity shows balance-sheet risk. Lower leverage usually means more flexibility when earnings soften.
Formula
Total Debt / Shareholders' EquityMethod
Compare current D/E against the industry threshold used in the scoring framework, then assess remaining headroom.
Worked Example
This company's D/E is 0.16, meaning it carries 16 cents of debt for every $1 of equity. The industrials & services limit is 1.00, leaving 0.84 of headroom.
How to Interpret
Lower values generally imply lower refinancing pressure and lower dividend stress in downturns.
Very low debt means this company has maximum flexibility. They won't need to cut dividends to service loans during downturns - your income stream is protected by a fortress balance sheet.
Sources
Short-term assets vs. short-term debts
Real cash left after running the business
Positive cash generation. Company produces real cash after capital expenditures - can fund dividends, buybacks, or growth.
Current Snapshot
Current FCF
$10M
Pass Rule
> $0
Status
Positive
Why It Matters
Free cash flow is the cash available after core operating and capital needs. It is central to dividend capacity.
Formula
Operating Cash Flow - Capital ExpendituresMethod
Review whether free cash flow is consistently positive and whether it is sufficient relative to dividends and debt needs.
Worked Example
This company generated $10M in free cash flow — cash left after operating costs and capital expenditure. Positive FCF means dividends are funded by real cash generation.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Positive cash flow means dividends are funded by actual money, not accounting profits. As Buffett says, "Cash is fact, profit is opinion." Your income is backed by real cash generation.
Sources
Profit generated per $1 of shareholder investment
Profit after production costs, before overhead
Price versus estimated intrinsic value and required return thresholds.
How current price compares with estimated intrinsic value
Consistency of profits over time
Is the business growing — and is debt being managed responsibly?
Revenue and debt both growing — check whether debt is funding productive growth or covering shortfalls. Sustainable dividends require revenue to outpace debt over time.
Current Snapshot
Revenue Change
+92.3%
Debt Change
+1896.8%
Trend State
Mixed
Why It Matters
Revenue trend shows whether the business is expanding or contracting. Debt trend adds context on whether growth is being funded conservatively.
Formula
Revenue Change (%) = (Latest Revenue - Earliest Revenue) / |Earliest Revenue| x 100; Debt Change (%) = (Latest Debt - Earliest Debt) / |Earliest Debt| x 100Method
Map annual revenue history and, where relevant, annual debt history. For financial companies, debt is excluded because deposits and reserves distort this signal.
Worked Example
Revenue changed by +92.3% across the displayed period, while debt changed by +1896.8%.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue and debt both growing — check whether debt is funding productive growth or covering shortfalls. Sustainable dividends require revenue to outpace debt over time.
Sources
Annual dividends as percentage of stock price
EVZ Limited, together with its subsidiaries, offers engineering services in Australia and Asia. The company operates through Energy and Resources; and Building Products segments. It designs, manufactures, and installs equipment for electricity, oil, and gas facilities, such as constant load power stations, base and backup power generation equipment, clean energy solutions, silos, cooling towers, pipe spooling, pressure vessels, and fabricated structural steel; and large steel tanks for the water, petrochemical, and chemical industries. The company also designs syphonic roof drainage systems for various buildings, such as airports, shipping centers, and sporting venues; and supplies and installs metal panel tanks and prefabricated hydraulic systems.
In addition, it offers customer support services, including ongoing maintenance, servicing of equipment, and sourcing of emergency equipment; pressure piping, and structural and mechanical engineering solutions; technical support; spare parts; and recurrent maintenance services. Further, the company provides communications equipment, marine installations, and mobile generation capabilities. Additionally, it is involved in the designing, constructing, on-site installation, maintenance, and shutdown of engineering services to the mining, wood chip, petrochemical, aluminum, glass, cement, defense, and agriculture industries. EVZ Limited was incorporated in 1984 and is based in Melbourne, Australia.
Who owns the company's shares and how much leadership has at stake
When leaders own 20%+, they win when you win and lose when you lose
A handful of professional investors are watching
Shares freely traded on the ASX by individual investors like you
The people running this company own a large chunk of it (32.7%). When leadership has their own money on the line, they tend to make decisions that benefit all shareholders — not just their salary. Professional fund managers also hold shares, which is a vote of confidence in the business.
Current Snapshot
Insider %
32.7%
Institutional %
20.9%
Float %
46.4%
Why It Matters
Ownership mix affects governance incentives, liquidity, and share-price behaviour under large portfolio rebalancing flows.
Formula
Public Float (%) = 100 - Insider Ownership (%) - Institutional Ownership (%)Method
Use reported ownership percentages, convert to percentage terms, and compute remaining public float as the residual.
Worked Example
If insiders own 32.7% and institutions own 20.9%, public float is 46.4%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
The people running this company own a large chunk of it (32.7%). When leadership has their own money on the line, they tend to make decisions that benefit all shareholders — not just their salary. Professional fund managers also hold shares, which is a vote of confidence in the business.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 6 Aug 2026 | Bellgrove (Adam Bernard) Other Executive | Unknown | 119K | — |
| 30 June 2026 | Van der Wal (Pieter) Company Secretary | Unknown | 160K | — |
| 13 May 2026 | Burns (Graham Robert) Non Executive Chairman | Sale at price 0.39 per share. | 5.0M | $1.9M |
Company insiders have been net sellers of shares over the past 12 months. Insider selling can occur for many reasons (tax, diversification) and is not necessarily negative.
Dividend analysis may be affected by missing data.
Market data sourced from third-party financial data providers. Analysis generated using Warsi Criteria — proprietary scoring algorithms for value investing and dividend income analysis. Not financial advice. Learn how we analyse stocks →
Adequate liquidity. 1.50 ratio meets Buffett's 1.5 target.
Current Snapshot
Current Ratio
1.50x
Warning Floor
1.00x
Target
1.50x
Why It Matters
Liquidity supports operational stability. Companies with weak liquidity can face pressure even when long-term fundamentals are sound.
Formula
Current Assets / Current LiabilitiesMethod
Compare the current ratio to the warning floor and target level used in the framework.
Worked Example
This company's current ratio is 1.50x — it has $1.50 in short-term assets for every $1 of short-term liabilities. The target is 1.5x, with a warning floor at 1.0x.
How to Interpret
Ratios above the target suggest healthier short-term resilience; ratios below 1.0x can indicate immediate funding risk.
Ample cash reserves mean the company can pay dividends even during temporary revenue drops. Your income has a buffer against short-term disruptions.
Sources
1.9% average is below the 15% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
1.9%
Threshold
15.0%
Worst Year
-26.1%
Why It Matters
ROE shows how effectively management turns shareholder capital into profit. High and stable ROE can signal pricing power, cost discipline, or both.
Formula
Net Income / Shareholders' Equity x 100Method
Use the 10-year average ROE and review the weakest year to check whether returns stayed resilient across cycles.
Worked Example
This company's 10-year average ROE is 1.9%, meaning each $1 of shareholder equity generates $0.02 in annual profit. The threshold is 15%, and the worst single year was -26.1%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
Lower ROE means your investment compounds more slowly. At 1.9%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
Worst year margin (13.4%) fell below 35% minimum. Volatility suggests weak pricing power or one-time issues.
Current Snapshot
10Y Avg
16.3%
Threshold
40%
Worst Year
13.4%
Why It Matters
Gross margin indicates how much room a business has to absorb costs and still generate profit.
Formula
(Revenue - Cost of Goods Sold) / Revenue x 100Method
Assess both the long-term average and the weakest year. The framework checks for both level and consistency.
Worked Example
This company's 11-year average gross margin is 16.3% — it keeps 16 cents of every revenue dollar after production costs. The threshold is 40%, and the weakest year was 13.4%.
How to Interpret
Sustained high margins usually support durability. Sharp margin swings can signal weaker control or cyclical pressure.
Thin margins leave no cushion for unexpected costs. A small increase in expenses or drop in prices could squeeze profits and threaten the dividend.
Sources
Stock is trading 31% BELOW the fair-value threshold (includes 30% margin of safety).
Current Snapshot
Current Margin
52.0%
Industry Threshold
30%
Status
31% Undervalued
Why It Matters
Margin of safety provides a valuation buffer against modelling uncertainty and adverse business outcomes.
Formula
(Estimated Intrinsic Value per Share - Current Price) / Estimated Intrinsic Value per Share x 100Method
Estimate intrinsic value using a two-stage DCF (10-year projection plus terminal value), then compare with current price.
Worked Example
For this stock now: intrinsic value is $0.77 per share, current price is $0.37, and margin of safety is 52.0%.
How to Interpret
Positive margin indicates price below modelled value; negative margin indicates price above modelled value. Compare against the industry's required buffer.
Price is below your required threshold, so you retain a margin-of-safety buffer against normal valuation error and market volatility.
Sources
What percentage of the stock price comes back as earnings each year
2.6% earnings yield is below the 7.5% threshold. You'd earn nearly as much from safer government bonds, which means the extra risk of owning shares isn't being compensated.
Current Snapshot
Current Yield
2.6%
Required Yield
7.5%
Spread
-4.8pp
Why It Matters
Earnings yield reframes valuation as return on price paid. It helps compare equity earnings power against lower-risk alternatives.
Formula
(Earnings per Share / Stock Price) x 100Method
Calculate current earnings yield, then compare it to the required yield for the stock's industry setting.
Worked Example
With EPS of $0.01 and a share price of $0.37, earnings yield is 2.6%. The required yield for this industry is 7.5% (based on 4.5% government bond rate plus a risk premium).
How to Interpret
A yield above the required level suggests better valuation support; below it indicates thinner compensation for equity risk.
Returns don't justify the added risk compared to safe bonds. Consider whether the dividend yield alone compensates, or wait for a better price.
Sources
8 positive EPS years meets predictability requirement. Buffett can forecast this business. (systemic event loss year(s) excluded — post-event recovery confirmed)
Current Snapshot
Positive Years
8/10
Allowed Losses
1
EPS CAGR
-32.0%
Why It Matters
Consistency in EPS helps distinguish resilient earnings power from one-off performance spikes.
Formula
Positive EPS Years / Available EPS YearsMethod
For 8+ years of data, apply industry-specific loss tolerance. For limited data, every available year must be positive.
Worked Example
This company reported positive earnings in 8 of the last 10 years, with 1 loss year. The allowed loss tolerance for this industry is 1 year. EPS growth rate (CAGR) is -32.0%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Consistent profits mean predictable dividends. You can forecast your income with confidence - this company has proven it can generate earnings reliably.
Sources
Percentage of revenue that becomes profit after all expenses
3.1% net margin is below the 8% threshold. May reflect this sector's structural characteristics.
Current Snapshot
Current Margin
3.1%
Threshold
8.0%
Relative Position
-4.9%
Why It Matters
Net income margin shows how much profit the business keeps from each dollar of revenue after all costs.
Formula
Net Income / Total Revenue x 100Method
Compare current margin with the industry-specific threshold to avoid cross-sector distortions.
Worked Example
This company's net income margin is 3.1% — it keeps 3 cents of every revenue dollar as profit after all expenses. The industrials & services threshold is 8%, putting it 4.9% below the requirement.
How to Interpret
Margins that are both strong and stable can indicate competitive strength; persistent weakness may limit reinvestment and payout capacity.
Lower margins in this sector are common, but they leave less cushion if costs rise or revenue drops. Monitor whether margins are stable over time — consistency matters more than the absolute level.
Sources
How efficiently the company turns money into profit
1.1% ROIC is below the 11.0% threshold. Company may not be earning enough to justify the money invested in it.
Current Snapshot
5Y Avg
1.1%
Threshold
11.0%
WACC Delta
-7.9pp
Why It Matters
ROIC measures capital efficiency. Businesses that repeatedly earn above their funding cost can compound value more effectively.
Formula
After-Tax Operating Profit / Invested Capital x 100Method
Use the 5-year average ROIC and compare it with industry WACC plus the required spread in this framework.
Worked Example
This company's 5-year average ROIC is 1.1%, with a cost of capital (WACC) of 9.0%. The -7.9pp gap below WACC suggests it may be destroying value on each dollar invested.
How to Interpret
A healthy spread above WACC suggests value creation; a narrow or negative spread points to weaker capital efficiency.
Returns below the cost of borrowing mean the business destroys value over time. This can erode the foundation that supports dividends — proceed with caution.
Sources
How much earnings are consumed by capital expenditure
CapEx consumes 76% of cumulative earnings — above the 50% threshold. This business requires heavy reinvestment just to maintain operations.
Current Snapshot
10Y CapEx Intensity
76%
Threshold
50%
Buffer
-26%
Why It Matters
CapEx intensity estimates how much of earnings must be reinvested just to sustain operations.
Formula
Cumulative CapEx (10yr) / Cumulative Net Income (10yr) x 100Method
Aggregate 10-year CapEx and net income, then compare the ratio with the sector threshold in the framework.
Worked Example
Over 10 years, 76% of this company's cumulative earnings were consumed by capital expenditure. The industrials & services threshold is 50%, leaving a buffer of -26% (over threshold).
How to Interpret
Lower ratios usually indicate better cash conversion. Higher ratios can reduce room for dividends and buybacks.
High capital intensity means most earnings go back into equipment and infrastructure rather than dividends or growth. Buffett prefers businesses like See's Candies that generate cash without needing much reinvestment.
Sources
Insufficient dividend history. Barsi methodology requires 6 years of data to calculate average yield.
Current Snapshot
6Y Avg Yield
N/A
6% Requirement
6.0%
Gross Yield
N/A
Why It Matters
Yield translates dividend income into a percentage of the price paid, which is central to income-first screening.
Formula
Annual Dividends per Share / Stock Price x 100Method
Use the 6-year average annual dividend for consistency and compare the result with the 6% framework requirement.
Worked Example
If annual dividends are $0.60 and the share price is $10, dividend yield is 6.0%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Without 6 years of dividend history, we can't assess whether the yield is sustainable or a one-time spike. More data is needed to evaluate income potential.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 29 Sept 2026Final | 21 Oct 2026 | $0.01 | 100% | $0.01 | $0.00 |
| ~13 Oct 2042Est | ~10 Nov 2042 | ~$0.01 | 100% | ~$0.01 | $0.00 |
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 30 Mar 2026Interim | 21 Apr 2026 | $0.01 | 100% | $0.01 | $0.00 |
| 17 Mar 2010Interim | 15 Apr 2010 | $0.36 | 100% | $0.25 | $0.11 |
Only 2 years of dividend history available. Barsi methodology requires 6+ years to evaluate consistency.
Current Snapshot
History
2yr
Predictability
N/A
Payout Health
N/A
Why It Matters
Payment consistency is a direct test of dividend reliability. Large cuts or skips often appear before confidence recovers.
Formula
Consecutive Years = count of years with dividend payments and no disqualifying skip/cut eventsMethod
Require at least 6 years of history, then check for skipped years and large cuts, allowing approved systemic-event exceptions.
Worked Example
This company has 2 years of dividend history (2010–2026). No suspensions detected — 2 consecutive years of payments. Predictability: N/A. Payout health: N/A. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
Without 6 years of history, we can't verify this company maintained dividends through economic cycles. Longer track records provide confidence your income will continue.
Sources
Industry category of the business
Industrials is not a BESST sector. Non-BESST stocks receive a lower base score but can still qualify with exceptional dividend metrics.
Current Snapshot
Industry
Engineering & Construction
BESST Match
No
Score Impact
No bonus
Why It Matters
Sector classification helps contextualise risk and demand durability, which can materially affect dividend stability.
Formula
BESST Match = Sector in {Banks, Energy, Sanitation, Insurance, Telecom}Method
Match company sector or industry against BESST categories. A match adds scoring support but does not replace core dividend checks.
Worked Example
This company operates in Engineering & Construction (Industrials sector). It does not match a BESST sector, so it receives the standard base score. Non-BESST stocks can still qualify with strong dividend metrics.
How to Interpret
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Non-essential businesses face demand drops during recessions — discretionary spending is first to be cut. This increases cyclical risk for dividends, but companies with decades of consistent payments can still demonstrate durability.
Sources
No overlapping years between dividend and earnings history.
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