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Vysarn Ltd ASX:VYS

Mining Services Asset Management Infrastructure Services Iron Ore

1 opened or increased8 held1 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 1 reduced. 13 managers in total.

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202420252026

17 Oct 2025 to today

Commentary Showing 2 of 30

DateManagerActionSummary

31 Aug 2026Merewether CapitalExitMerewether Capital sold its investment in Vysarn because the stock now trades at an elevated 45 times earnings after a mixed operating result. Revenue rose 31% to $140 million and net profit 41% to $15.1 million, helped by prior acquisitions, but Industrial profit fell in the second half and the Advisory segment underperformed, including a $3 million writeback on the $27 million CMP acquisition. Merewether acknowledges blue-sky potential in Pilbara water extraction and tolling but believes uncertain long-term success is already priced in. First bought at 10 cents in early 2023, Vysarn became a ten-bagger as its diversified water services thesis played out.

Mining ServicesMonthly Report, price recorded $1.08

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31 Jul 2026Ausbil Investment ManagementIncreasedAusbil Investment Management increased its position in Vysarn after the company delivered a strong trading update to end FY26, coming in ahead of target with net profit before tax up 39%, followed by the accretive acquisition of WellTech, which the manager estimates as more than 30% accretive. Ausbil sees significant value potentially unlocked through the Kariyarra Water Joint Venture, estimating it could release between $150 million and $300 million to shareholders and, if successful, place the company on a below-market earnings multiple with above-market growth. The fund participated in the recent capital raising, contributing to the stock's 12.3% monthly rise.

Mining ServicesMonthly Report, price recorded $1.15

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28 more comments on VYSPro shows every comment, with a link to each source document.

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Price at first mentionThe share price recorded when each of 13 managers first commented on VYS.

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Articles

About Vysarn Ltd

Industrials, Metals and Mining

Vysarn (ASX:VYS) is a fast-growing water services company that a range of small-cap managers hold for its exposure to mining and infrastructure. In August 2026, Merewether Capital reported FY26 revenue of $140 million and profit of $15.1 million, up 31% and 41% respectively, though it described the operating result as mixed beneath the headline acquisitions. Ausbil and Blackwattle noted a strong trading update and an earnings-accretive acquisition of WellTech, and NorthStar Impact Funds described Vysarn as a water business geared to the resources cycle with many ways to win. Vysarn operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 28 comments from 13 fund managers, including Merewether, Ausbil, Blackwattle, NorthStar and LSN Capital Partners. Based in Western Australia, Vysarn provides hydrogeological drilling, dewatering, water consultancy and wastewater infrastructure to resources, infrastructure and utility clients.

Market cap: $427m
Price to earnings: 41.3x
Return on equity: 14.0%
Dividend yield: 0.0%
Price to book: 5.15x
Net margin: 10.8%
52-week range: $0.51 to $1.20

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Vysarn Ltd (ASX:VYS)?

Fund managers including Cerutty Macro Fund, Saville Capital, Mereweather Capital, Acorn Capital, Blackwattle Investment Partners, LSN Capital Partners, Investors Mutual Limited, Hayborough Investment Partners, Merewether Capital, Oracle Advisory Group, NorthStar Impact Funds, Wilson Asset Management and Ausbil Investment Management have invested in Vysarn Ltd (ASX:VYS).

What opportunities or catalysts do fund managers highlight for Vysarn Ltd?

Ausbil highlights FY26 profit before tax up 39% ahead of target and the WellTech acquisition, which it expects to be more than 30% accretive, while LSN sees value-accretive acquisitions extending the growth runway. NorthStar views Vysarn's diversification through acquisitions as reducing its reliance on the resources cycle, and Merewether notes the core Industrial business grew profit strongly.

What are the key risks to the Vysarn Ltd investment thesis, according to fund managers?

Merewether Capital describes the FY26 result as operationally mixed, with headline growth flattered by acquisitions, and NorthStar notes the water sector is difficult to execute well and Vysarn remains leveraged to the mining cycle. Integrating multiple acquisitions adds execution risk.

What does Vysarn Ltd (ASX:VYS) do?

Vysarn Limited (VYS) provides hydrogeological drilling, test pumping, reinjection water services, and professional water consultancy, primarily within Western Australia. The Group is strategically focused on becoming a leading provider of production-critical water services and technical solutions for industries across Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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