Try our mobile app

General information

Sector: Industrials

The company is not available at Interactive Brokers

Master Drilling Limited (JSE:MDI), established in 1986, is a global drilling technology solutions company focused on delivering a fully mechanised range of services to the mining, infrastructure and energy sectors. As the trusted partner of choice, the company's business model is characterised by cutting-edge technology, innovative solutions and tailor-made designs, coupled with a flexible support and logistics chain. The group partners with its clients during every project touchpoint - from the exploration phase to the production and capital stages.

The group's leading experts and advisors are able to provide a solution for every operational challenge - be it access, transportation, ventilation or analysis - focusing on the continuous research and development of new techniques and methods.

Master Drilling has a solid track record of sustained expansion, organic and inorganic growth, a robust new business pipeline and an ever-expanding portfolio of innovative services; delivering ongoing value for its shareholders. The group's strategy is to continuously anticipate and address the changing needs of its clients and the market, which includes an increasing demand for quicker access to ore bodies as well as enhanced safety and productivity.

Master Drilling’s extensive network of industry leading experts and on-the-ground specialists, combined with a reputable management team with decades of sector experience, ensures world class service and advice, trend-setting technological advances and real, sustainable business growth. In addition, Master Drilling places extensive focus on sector and geographic diversification, including varied mining and exploration operations. The group's ongoing journey is characterised by innovation, people capacity and development and increased profitability.



  • Good financial results growth rate 17.9% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (0.2%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -18.7% (LTM)
  • Share price is 21.0% higher than minimum and 18.1% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.8x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)12.70
Share price, USD: 0.7294
Common stocks: 150 393 701

Dividend Yield:  0.0%
FCF Yield LTM: -18.7%
EV / LTM EBITDA: 2.8x
Last revenue growth (y/y):  +12.3%
Last growth of EBITDA (y/y):  +23.6%
Historical revenue growth:  +17.2%
Historical growth of EBITDA:  +29.8%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 110
Net Debt ($m): 46
EV (Enterprise Value): 155
EBITDA LTM ($m): 56
EV / LTM EBITDA: 2.8x
Price to Book: 0.57x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

More information for subscribed users:
detailed calculation of
Potential and Created Value,
website traffic data

Releases

2022-08-11
Notice, in terms of Section 45(5)(a) of the Companies Act, 71 of 2008, of the granting of Financial Assistance
2022-08-05
Trading Statement
2022-06-13
Results of the Annual General Meeting of Master Drilling held on Monday, 13 June 2021
2022-05-18
Declaration of Ordinary Dividend in respect of the year ended 31 December 2021
2022-04-20
Integrated Annual Report, Notice of Annual General Meeting, No Change Statement and B-BBEE Annual Compliance Report
2022-03-18
Updated Trading Statement
2022-03-14
Further Trading Statement
2021-11-29
Trading Statement
2021-11-17
Dealings in Securities by director of the company
2021-08-31
Unaudited interim report for the six months ended 30 June 2021
2021-08-26
Revised Trading Statement
2021-08-11
Trading Statement
2021-07-30
Acquisition by Master Drilling Mining Services (Proprietary) Limited in respect of a stakeholding in The A&R Group
2021-07-26
Appointment of Director to the Master Drilling board and committees
2021-06-14
Changes in responsibilities of directors

SENS Announcements

2024-08-27
Unaudited Interim Report for the Six Months ended 30 June 2024
2024-08-16
Trading Statement
2024-06-10
Results of the Annual General Meeting of Master Drilling held on Monday, 10 June 2024
2024-05-14
Correction made to the number of shares in the issued capital used in the SENS of the dividend declaration
2024-04-30
Integrated Annual Report, Notice of Annual General Meeting and B-BBEE Annual Compliance Report
2024-03-26
Consolidated Results for the year ended 31 December 2023 and Dividend Declaration
2024-01-19
Acceptance of Awards by Executive Director and Prescribed Officer
2023-08-29
Unaudited Interim Report for the six months ended 30 June 2023
2023-08-17
Trading Statement
2023-06-13
Results of the Annual General Meeting of Master Drilling held on Tuesday, 13 June 2023
2023-04-26
Integrated Annual Report, Notice of Annual General Meeting, No Change Statement and B-BBEE Annual Compliance Report
2023-03-28
Audited Condensed Annual Financial Statements for the year ended 31 December 2022 and Dividend Declaration
2023-03-24
Changes to the Board
2023-03-22
Trading Statement
2022-08-30
Unaudited Interim Report for the six months ended 30 June 2022
2022-08-29
Exercise of Call Option to acquire just above 51% of the shares in the A&R Group of Companies
2022-08-11
Notice, in terms of Section 45(5)(a) of the Companies Act, 71 of 2008, of the granting of Financial Assistance
2022-08-05
Trading Statement
2022-06-13
Results of the Annual General Meeting of Master Drilling held on Monday, 13 June 2021
2022-05-18
Declaration of Ordinary Dividend in respect of the year ended 31 December 2021