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Rivco Australia Ltd
Utilities
Updated 17 hours ago
$1.45
MARKET CAP
—
P/E RATIO
—
DIV. YIELD
5.1%
FRANKING
100%
Rivco Australia Ltd provides water supply solutions to Australian irrigators and farmers. The company operates through the Permanent Water and Temporary Water 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.
$1.02
For 6% dividend yield
Business quality and balance-sheet durability.
How much the company owes vs. what it owns
Excellent. Very low debt (0.11) means strong financial flexibility and minimal bankruptcy risk.
Current Snapshot
Current D/E
0.11x
Industry Limit
1.50x
Headroom
+1.39x
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 0.11, meaning it carries 11 cents of debt for every $1 of equity. The utilities & energy infrastructure limit is 1.50, leaving 1.39 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
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
$146M
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 $146M 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
How efficiently the company turns money into profit
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
+1073.5%
Debt Change
+5700.0%
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 +1073.5% across the displayed period, while debt changed by +5700.0%.
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
4.22% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
4.2%
6% Requirement
6.0%
Gross Yield
6.0%
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
With a 6-year average annual dividend of $0.06 and a share price of $1.45, the Barsi yield is 4.2%. The minimum requirement is 6%. Including franking credits, the gross yield is 6.0%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Low yield means you need significant capital to generate meaningful income. Barsi's strategy focuses on stocks that provide substantial cash flow from day one.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| ~15 Apr 2026Est | ~24 Apr 2026 | ~$0.04 | 100% | ~$0.03 | $0.01 |
| ~14 Oct 2026Est | ~5 Nov 2026 | ~$0.05 | 100% | ~$0.03 | $0.01 |
Highest price to lock in 6% yield
Industry category of the business
Sanitation is an essential service sector with stable, predictable cash flows - ideal for dividend investing.
Current Snapshot
Industry
Utilities
BESST Match
Yes
Score Impact
+3 points
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 Utilities. It matches the Sanitation category — an essential service sector with stable demand, earning a +3 point scoring advantage.
How to Interpret
Sources
How much of a company's earnings are paid out as dividends
Payout ratio data is limited. Without this metric, it’s harder to assess whether dividends are sustainable relative to earnings.
Current Snapshot
Latest Ratio
N/A
Healthy Range
30%-75%
Zone
N/A
Why It Matters
Payout ratio links dividends to earnings capacity and helps evaluate whether current distributions are likely to remain supportable.
Formula
Payout Ratio (%) = (Annual Dividend per Share / Earnings per Share) x 100Method
Calculate year-by-year payout ratios where EPS is positive, classify each year by sustainability zone, and compare with the current TTM ratio.
Worked Example
$0.08 dividend / $0.06 EPS equals 132.9% payout ratio.
How to Interpret
Ratios in the middle range are usually more sustainable than very high ratios. Values above 100% indicate dividends exceeded earnings in that period.
Payout ratio data is limited. Without this metric, it’s harder to assess whether dividends are sustainable relative to earnings.
Sources
Rivco Australia Ltd provides water supply solutions to Australian irrigators and farmers. The company operates through the Permanent Water and Temporary Water segments. It acquires and manages a portfolio of water entitlements; and offers temporary water allocations. The company was formerly known as Duxton Water Limited and changed its name to Rivco Australia Ltd in October 2025.
The company was incorporated in 2016 and is based in Unley, 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 (24.9%). 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 %
24.9%
Institutional %
11.5%
Float %
63.6%
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 24.9% and institutions own 11.5%, public float is 63.6%.
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 (24.9%). 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 |
|---|---|---|---|---|
| 27 Mar 2026 | Peter (Edouard Fernen) Non Executive Chairman | Sale at price 0.99 per share. | 114K | $113K |
| 27 Mar 2026 | Peter (Edouard Fernen) Non Executive Chairman | Sale at price 1.01 per share. | 13K | $13K |
| 23 Mar 2026 | Duerden (Stephen) Director (Non-Executive) | Unknown | 392K | — |
| 23 Mar 2026 | Peter (Edouard Fernen) Non Executive Chairman | Unknown | 2.8M | — |
| 1 Dec 2025 | Mutton (Dennis Ray) Former | Unknown | 66K | — |
Company insiders have been net buyers of shares over the past 12 months. This may indicate management confidence in future prospects.
Value 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 →
4.6% average is below the 10% threshold. This suggests the business may lack a durable competitive advantage.
Current Snapshot
10Y Avg
4.6%
Threshold
10.0%
Worst Year
1.2%
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 4.6%, meaning each $1 of shareholder equity generates $0.05 in annual profit. The threshold is 10%, and the worst single year was 1.2%.
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 4.6%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
4.8% ROIC is below the 11.0% threshold. Company may not be earning enough to justify the money invested in it.
Current Snapshot
5Y Avg
4.8%
Threshold
11.0%
WACC Delta
-4.2pp
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 4.8%, with a cost of capital (WACC) of 9.0%. The -4.2pp 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
Consistency of profits over time
1 loss years detected (max 0 allowed). Unpredictable earnings make valuation difficult.
Current Snapshot
Positive Years
8/9
Allowed Losses
0
EPS CAGR
10.0%
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 9 years, with 1 loss year. The allowed loss tolerance for this industry is 0 years. EPS growth rate (CAGR) is 10.0%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Volatile earnings create dividend uncertainty. When profits disappear, dividends often follow. Forecasting your future income becomes difficult.
Sources
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 8 Oct 2025Final | 5 Nov 2025 | $0.04 | 0% | $0.04 | $0.00 |
| 7 Apr 2025Final | 24 Apr 2025 | $0.06 | 100% | $0.04 | $0.02 |
| 10 Oct 2024Final | 14 Nov 2024 | $0.06 | 100% | $0.04 | $0.02 |
| 11 Apr 2024Interim | 16 May 2024 | $0.06 | 100% | $0.04 | $0.02 |
| 12 Oct 2023Final | 16 Nov 2023 | $0.06 | 100% | $0.04 | $0.02 |
| 13 Apr 2023Interim | 18 May 2023 | $0.04 | 100% | $0.03 | $0.01 |
| 13 Oct 2022Final | 17 Nov 2022 | $0.04 | 100% | $0.03 | $0.01 |
| 13 Apr 2022Interim | 18 May 2022 | $0.04 | 100% | $0.03 | $0.01 |
| 14 Oct 2021Final | 18 Nov 2021 | $0.04 | 100% | $0.03 | $0.01 |
| 15 Apr 2021Interim | 20 May 2021 | $0.04 | 100% | $0.03 | $0.01 |
9 years of consistent dividends meets Barsi's 6-year minimum requirement.
Current Snapshot
History
9yr
Predictability
Moderate
Payout Health
High risk
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 9 years of dividend history (2017–2025). No suspensions detected — 9 consecutive years of payments. Predictability: Moderate. Payout health: High risk. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A consistent track record through recent years gives confidence your income will continue. This company has shown commitment to shareholder returns.
Sources
Current price ($1.45) is 42% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$1.45
Max Buy Price
$1.02
Delta
-42.2%
Why It Matters
The price ceiling links valuation discipline to income targets by defining the price that aligns with a 6% yield target.
Formula
6-Year Average Annual Dividend / 0.06Method
Use the 6-year average dividend (not one year) and divide by 0.06 to estimate the maximum entry price for target yield.
Worked Example
With a current price of $1.45 and a ceiling of $1.02, the entry is 42.2% above the ceiling.
How to Interpret
Prices below the ceiling imply a historical yield above 6%; prices above it imply a lower historical yield at entry.
At this price, you won't achieve Barsi's target 6% yield. Consider waiting for a pullback — market volatility often creates more favourable valuations for patient investors.
Sources
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Essential services maintain demand regardless of economic conditions - people always need electricity, banking, and telecommunications. Your income is protected by inelastic demand.
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