DALRYMPLE BAY INFRASTRUCTURE LIMITED (DBI)
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DBI

DBI - DALRYMPLE BAY INFRASTRUCTURE LIMITED

FNArena Sector : Infrastructure & Utilities
Year End: December
GICS Industry Group : NONE
Debt/EBITDA: 6.81
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.88

19 Jun
2025

-0.050

OPEN

$3.93

-1.27%

HIGH

$3.93

953,341

LOW

$3.85

TARGET
$4.275 10.2% upside
Franking for last dividend paid out: 65%
OTHER COMPANIES IN THE SAME SECTOR
AGL . AIA . ALX . APA . CEN . GNE . GNP . MEZ . ORG . SRJ . TCL .
FNARENA'S MARKET CONSENSUS FORECASTS
DBI: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 16.5 19.4 xxx
DPS (cps) xxx 22.0 24.0 xxx
EPS Growth xxx 10.7% 17.6% xxx
DPS Growth xxx 5.8% 9.1% xxx
PE Ratio xxx N/A 20.1 xxx
Dividend Yield xxx N/A 6.2% xxx
Div Pay Ratio(%) xxx 133.3% 123.7% xxx

Dividend yield today if purchased 3 years ago: 11.22%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.66

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 29/08 - ex-div 5.38c (franking 67%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx16.5
DPS All xxxxxxxxxxxxxxx22.0
Sales/Revenue xxxxxxxxxxxxxxx766.5 M
Book Value Per Share xxxxxxxxxxxxxxx219.5
Net Operating Cash Flow xxxxxxxxxxxxxxx167.0 M
Net Profit Margin xxxxxxxxxxxxxxx10.67 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.48 %
Return on Invested Capital xxxxxxxxxxxxxxx2.75 %
Return on Assets xxxxxxxxxxxxxxx2.24 %
Return on Equity xxxxxxxxxxxxxxx7.48 %
Return on Total Capital xxxxxxxxxxxxxxx7.59 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx59.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx0 M
Long Term Debt xxxxxxxxxxxxxxx1,929 M
Total Debt xxxxxxxxxxxxxxx1,929 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx90 M
Price To Book Value xxxxxxxxxxxxxxx1.64

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx82.3 M
Capex % of Sales xxxxxxxxxxxxxxx10.74 %
Cost of Goods Sold xxxxxxxxxxxxxxx520 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx86 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

26/05/2025

1

Add

$4.35

12.11%

Dalrymple Bay Infrastructure's updated dividend guidance for the 12 months to June 2026 surpassed Morgans expectations, prompting an upgrade of distribution forecasts for 2025 to 2027 by 1-2%. Earnings (EBITDA) expectations remain unchanged.

The broker notes the Terminal Infrastructure Charge will rise by 3.6% from July, with the increase slightly ahead of forecasts due to CPI linkage, additional capex, and the QCA levy.

Management re-affirmed its guidance of 3-7% annual DPS growth and a 60-80% payout from Funds from Operations. Management also projected a drop in franking to the mid-30% range by 2026 from 68% in 2024 before recovering later in the decade.

Two major non-expansion capital expenditure (NECAP) projects worth around -$280m are on track and are expected to contribute first revenue in 2027/2028. Morgans explains this will partially offset higher interest expenses from the prior year.

The broker raises its DPS estimate for 2025 to 24c from 23.75c, 2026 to 24.9c from 24.4c, and 2027 to 25.75c from 25.4c.

Morgans retains an Add rating and maintains its target price at $4.35.

FORECAST
Morgans forecasts a full year FY25 dividend of 24.00 cents.
Morgans forecasts a full year FY26 dividend of 24.90 cents.
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EXTRA COVERAGE
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No. Of Recommendations

0

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY
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DBI STOCK CHART

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