DEVELOP GLOBAL LIMITED (DVP)
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DVP

DVP - DEVELOP GLOBAL LIMITED

FNArena Sector : Industrial Metals
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 6.07
Index: ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.37

02 Oct
2025

0.200

OPEN

$4.20

4.80%

HIGH

$4.38

1,319,114

LOW

$4.17

TARGET
$5.10 16.7% upside
OTHER COMPANIES IN THE SAME SECTOR
AIS . CHN . COB . IPX . JMS . MTM . OMH . WA1 .
FNARENA'S MARKET CONSENSUS FORECASTS
DVP: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 26.9 42.5 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A 58.3% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 10.2 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx26.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx231.5 M
Book Value Per Share xxxxxxxxxxxxxxx194.4
Net Operating Cash Flow xxxxxxxxxxxxxxx12.6 M
Net Profit Margin xxxxxxxxxxxxxxx31.28 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx14.79 %
Return on Invested Capital xxxxxxxxxxxxxxx13.00 %
Return on Assets xxxxxxxxxxxxxxx10.57 %
Return on Equity xxxxxxxxxxxxxxx14.79 %
Return on Total Capital xxxxxxxxxxxxxxx-0.46 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-47.9 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx42 M
Long Term Debt xxxxxxxxxxxxxxx116 M
Total Debt xxxxxxxxxxxxxxx158 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx59 M
Price To Book Value xxxxxxxxxxxxxxx2.52

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx63.0 M
Capex % of Sales xxxxxxxxxxxxxxx27.23 %
Cost of Goods Sold xxxxxxxxxxxxxxx209 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx25 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx154 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

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

26/09/2025

1

Buy

$5.10

16.70%

Develop Global's annual report showed FY25 revenue of $231m, slightly below Bell Potter's expectations, with earnings (EBITDA) of $25.4m, around half of the broker's forecast.

Losses continued with an underlying NPAT of -$5.2m due to lower cost capitalisation during the Woodlawn ramp-up (copper, zinc, and lead concentrates, with by-product silver and gold credits) and higher share-based payments.

Inaugural Woodlawn concentrate sales included $8.6m copper, $2.5m lead, and $3.5m zinc.

Net debt was $74.5m against prior net cash, with capital expenditure of -$61.3m.

The broker lowers its target to $5.10 from $5.30 and retains a Buy rating.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 42.50 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 37.00 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

Canaccord Genuity

21/08/2025

3

Downgrade to Hold from Speculative Buy

$4.40

0.69%

Develop Global has strengthened its balance sheet with a well-timed (according to Canaccord Genuity) $180m equity raise at $4.50 per share following a 118% share price rally over six months.

The funds will support an aggressive growth strategy, including -$80m for Sulphur Springs pre-production capex, -$25m for Woodlawn growth, -$25m for extending mine lives under Project DM15, and -$40m for growth opportunities.

At Woodlawn, commissioning and ramp-up are progressing to plan, highlight the analysts, with nameplate 850ktpa capacity achieved in stress testing. Ramp-up to 800ktpa is on track for the December quarter.

First concentrate shipments were delivered to commodity trading and logistics company Trafigura, with revenue expected this quarter.

Canaccord lowers its target to $4.40 from $4.95 and downgrades to Hold from Speculative Buy after factoring into forecasts the June quarterly activities report and capital raise.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
Access Extra Coverage Research History >

DVP STOCK CHART

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