In its October 2026 monthly report, Rivco Australia Limited (ASX:RIV) recorded a pre-tax NAV of $1.68 per share (unaudited), down 6 cents during the month. The company said the decrease reflected the payment of the October dividend and softer water entitlement valuations.
Post-tax NAV ended the month at $1.54 per share (unaudited). Rivco closed at $1.24 per share, giving a market capitalisation of $194 million, with water assets of $299 million.
Portfolio snapshot
The report set out the following portfolio position at month end:
- 61.3 GL of water entitlements
- 80% of the portfolio leased
- 3.1 years weighted average lease expiry (WALE)
- 156,205,496 shares on issue
Dividends and buyback: capital returned to shareholders
Rivco paid a fully franked dividend of 1.8 cents per share on 30 October. Total fully franked dividends paid during 2026 reached 5.5 cents per share.
The on-market share buyback continued, with 929,000 shares acquired in October at an average price of $1.212.
The report also gave two dividend yield measures for 2026.
| Measure | Figure | Basis |
|---|---|---|
| 2026 dividend yield (gross) | 6.4% | Cash dividends paid throughout 2026, grossed up for franking credits, divided by the end-of-month share price |
| 2026 dividend yield (cash) | 4.5% | Cash dividends paid throughout 2026, divided by the end-of-month share price (relevant for non-resident investors) |
When big ASX news breaks, our subscribers know first
Water conditions: storages steady, allocations vary by region
Southern Basin dam storages ended October at 68% (weighted average), unchanged from the prior month. That was 7% higher than the same time last year, when the weighted average was 61%.
| Dam | Current month | Previous month | Previous year |
|---|---|---|---|
| Dartmouth | 79% | 77% | 73% |
| Hume | 84% | 85% | 49% |
| Eildon | 61% | 61% | 56% |
| Blowering | 67% | 66% | 44% |
| Burrinjuck | 70% | 66% | 58% |
| Menindee | 26% | 28% | 81% |
| Weighted average | 68% | 68% | 61% |
Awarded allocation percentages at 2 November 2026 varied by region:
- Goulburn: High Security 68%, General Security 0%
- VIC Murray: High Security 85%, General Security 0%
- NSW Murray: High Security 97%, General Security 30%
- Murrumbidgee: High Security 95%, General Security 47%
- SA Murray: High Security 100%, General Security N/A
General Security entitlements in NSW share similar characteristics to Low Reliability entitlements in Victoria.
Water entitlements explained
A water entitlement is a long-term right to a share of the water available in a river system. Each season, the volume actually delivered to the holder is set by an allocation, which is a percentage of the entitlement announced by water authorities. Dam storages show how much water is held in reservoirs. Rivco reported that softer water entitlement valuations, together with the October dividend, were behind the 6 cent decrease in pre-tax NAV during the month.
For readers wanting the longer-term thesis behind these valuations, our full explainer on Rivco’s water scarcity investment case sets out the supply modelling for the southern Basin, the almond demand build and the new dividend framework due from January 2027.
What changes from November 2026
Rivco outlined a change to its reporting format:
- From November 2026, the company intends to transition its monthly report to a NAV statement only.
- Operational highlights and portfolio statistics will be reported on a quarterly basis.
Want Alerts Like This on the Utilities Stocks You Follow?
StockWire X Market Intelligence scores every announcement in our coverage for how significant it’s likely to be for investors, and which way it points, then alerts you on the stocks you follow. The first 1,000 founding members lock in 50% off for life: A$247 a year instead of the standard A$495. Join the founding waitlist to claim your spot.