Dalrymple Bay Infrastructure Ltd. (DBI) AI Stock Analysis

• Market Cap: AU$2.52B
• Dividend Yield: 4.73%
• Average Volume (3M): 9.07M
• Price to Earnings (P/E): 87.5
• Beta (1Y): 0.24
• Revenue Growth: 13.19%
• EPS Growth: 14.79%
• Country: AU
• Employees: 350
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 0.07
• Shares Outstanding: 495,761,660
• 10 Day Avg. Volume: 2,092,646
• 30 Day Avg. Volume: 9,067,948
• PEG Ratio: -1.30
• Price to Book (P/B): 2.40
• Price to Sales (P/S): 2.94
• P/FCF Ratio: 39.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$5.28
• Price Target Upside: 3.63% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.21
• Revenue Forecast (FY): AU$813.44M

• Rating: 51 Neutral
• Price Target: AU$5.50 ▲(8.06% Upside)
• Action: Downgraded Date: 02/25/26
• Date: Action: Downgraded 02/25/26

The score is held back primarily by weaker recent fundamentals (2025 net income and cash flow deterioration) alongside elevated leverage. Technicals are supportive due to an established uptrend, but overbought momentum readings add near-term risk. Valuation is a key constraint given the very high P/E, partially offset by a moderate dividend yield.

Positive Factors

Stable revenue growth

Consistent top-line expansion from 2022–2025 indicates enduring demand for terminal services and suggests stable utilisation of core assets. A rising revenue trend supports medium-term cash flow resilience and underpins the business’s ability to fund operations and contracted obligations.

High operating margins

Sustained operating margins above 30% reflect structural operating leverage of a bulk terminal business with relatively low variable costs. High margins increase durability of cash generation, allowing the company to absorb cyclical volume swings and maintain investment in maintenance and service quality.

Strategic terminal position

Control of a major export terminal serving a large basin creates durable competitive advantages: high barriers to entry, customer lock-in via logistics integration and contracted access. This entrenched market position supports steady throughput and pricing power over the medium term.

Negative Factors

Elevated leverage

Debt roughly double equity increases interest expense sensitivity and reduces financial flexibility to fund capex or withstand demand shocks. Elevated leverage constrains the company’s ability to pursue strategic investments or absorb further cash-flow weakness without refinancing or equity support.

Weakened cash generation

A sharp decline in operating and free cash flow and weakened cash conversion reduces capacity to service debt, pay sustainable dividends, and fund maintenance. Persistently lower cash generation raises risk around liquidity and capital allocation over the coming 2–6 months.

Bottom-line volatility

Large swings in net income and net margin point to exposure to below-the-line pressures (interest, other non-operating items) and volume/price cyclicality. This volatility undermines predictability of earnings, weakens ROE and complicates long-term planning and dividend visibility.

Dalrymple Bay Infrastructure Ltd. Business Overview & Revenue Model

Company Description

Dalrymple Bay Infrastructure Limited owns the lease of and right to operate the Dalrymple Bay terminal, a coal export metallurgical coal facility in Bowen Basin in Queensland. The company provides terminal infrastructure and services for producers and consumers of Australian coal exports. Dalrymple Bay Infrastructure Limited was incorporated in 2020 and is based in Brisbane, Australia.

How the Company Makes Money

DBI generates revenue through various streams, primarily by charging fees for the use of its port facilities and services. This includes wharfage fees, storage fees, and loading fees, which are levied on coal producers and exporters who utilize the infrastructure for their operations. Additionally, DBI may enter into long-term contracts with key clients, ensuring a steady income stream. Significant partnerships with mining companies and coal producers enhance its revenue potential, as these relationships often lead to increased throughput at its facilities. Factors such as global coal demand, pricing trends, and operational efficiencies also significantly influence DBI's earnings.

Dalrymple Bay Infrastructure Ltd. Financial Statement Overview

Summary

Revenue and operating margins remain strong, but 2025 saw a sharp drop in net income and a meaningful decline in operating/free cash flow. Elevated leverage (debt roughly ~2x equity) and weaker ROE reduce financial flexibility and increase risk despite solid operating performance.

Income Statement

Revenue has expanded steadily from 2022–2025 (with a strong step-up in 2021), showing a generally positive top-line trajectory. Profitability at the operating level remains solid (operating margin ~30%+ in 2024–2025), but the key weakness is the sharp drop in bottom-line performance in 2025: net income fell materially versus 2024 and the net margin compressed to ~3.5% from ~10.7%, indicating higher costs, interest, or other below-the-line pressure despite stable operating performance. Results also look volatile historically (notably the 2020 loss), which tempers the quality/stability of earnings.

Balance Sheet

Leverage is elevated, with debt running at roughly ~1.8x–2.3x equity in most years and rising again in 2025 (~2.1x). Equity has been broadly stable but down modestly versus 2022–2024, while assets are also relatively stable—suggesting limited balance-sheet strengthening. Returns on equity weakened meaningfully in 2025 (down to ~2.8% from ~7.5% in 2024), reducing the cushion that helps support higher leverage.

Cash Flow

Cash generation weakened sharply in 2025: operating cash flow and free cash flow fell by roughly half year-over-year, and operating cash flow covered net income by only ~0.53x (down from ~1.39x in 2024), which points to weaker cash conversion in the most recent year. A positive offset is that free cash flow has generally tracked net income closely (near ~1.0x in 2024–2025), indicating reported earnings are not being heavily overstated by non-cash items—however, the overall volatility in cash flows (including negative cash flow in 2020) remains a risk factor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	844.60M	766.54M	642.12M	626.36M	453.95M
Gross Profit	257.10M	296.10M	229.04M	234.79M	105.61M
EBITDA	296.78M	279.29M	273.97M	266.08M	296.25M
Net Income	29.26M	81.80M	73.93M	68.97M	129.08M
Balance Sheet
Total Assets	3.55B	3.42B	3.86B	3.77B	3.53B
Cash, Cash Equivalents and Short-Term Investments	110.45M	89.89M	451.14M	192.50M	42.03M
Total Debt	2.16B	1.93B	2.49B	2.15B	2.26B
Total Liabilities	2.51B	2.33B	2.76B	2.61B	2.47B
Stockholders Equity	1.04B	1.09B	1.10B	1.16B	1.06B
Cash Flow
Free Cash Flow	63.19M	166.93M	132.96M	142.92M	75.32M
Operating Cash Flow	63.30M	167.04M	172.08M	189.25M	123.11M
Investing Cash Flow	-164.92M	297.69M	-419.12M	-13.33M	-44.69M
Financing Cash Flow	122.19M	-445.98M	125.67M	-46.24M	-161.63M

Dalrymple Bay Infrastructure Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.09
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DBI, the sentiment is Positive. The current price of 5.09 is above the 20-day moving average (MA) of 5.03, above the 50-day MA of 4.90, and above the 200-day MA of 4.41, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 56.18 is Neutral, neither overbought nor oversold. The STOCH value of 18.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:DBI.

Dalrymple Bay Infrastructure Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WWG	74 Outperform	AU$60.26M	11.08	20.77%	4.55%	66.80%	625.00%
AZJ	72 Outperform	AU$7.01B	23.71	7.03%	4.29%	3.01%	-23.84%
CLX	71 Outperform	AU$180.00M	8.84	11.37%	4.59%	1.33%	-11.07%
SRG	66 Neutral	AU$1.79B	31.97	13.62%	1.85%	23.76%	21.18%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MGH	59 Neutral	AU$1.72B	21.99	9.26%	1.30%	15.14%	-7.23%
DBI	51 Neutral	AU$2.52B	87.46	8.17%	4.73%	13.19%	14.79%

Dalrymple Bay Infrastructure Ltd. Corporate Events

Dalrymple Bay Infrastructure lodges 2025 governance statement with ASX

Dalrymple Bay Infrastructure Limited, owner of the Dalrymple Bay Terminal, operates critical export infrastructure for high-quality Australian metallurgical coal, underpinning the global steelmaking supply chain. The company targets reliable cash generation and growth through maintaining efficient terminal operations and planning for potential capacity expansions to meet strong export demand.

The company has released its Appendix 4G and 2025 Corporate Governance Statement for the year ended 31 December 2025, in line with ASX listing requirements. The governance materials, approved by the board and available via its website, outline DBI’s adherence to the ASX Corporate Governance Council’s recommendations, reinforcing transparency and compliance for investors and other stakeholders.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure lifts payouts on stronger FY-25 earnings and revamped capital strategy

Dalrymple Bay Infrastructure reported FY-25 TIC revenue of $307.6 million and EBITDA of $294.3 million, both up on the prior year, alongside a statutory net profit of $29.2 million and a 10.6% rise in funds from operations to $173.3 million. The company refinanced $1.07 billion of debt on improved terms, maintained its investment-grade profile, and lifted FY-25 distributions to 24.625 cents per security, 11.9% above FY-24.

Following a capital allocation review, DBI plans to use more debt to fund non-expansion capital projects, channel operational efficiencies into higher payouts, and target distribution growth of 3–7% a year. Distribution guidance for TIC Year 25/26 has been raised to 26.375 cents per security, backed by $429.6 million of NECAP projects on time and budget that are expected to boost regulated revenue from mid-2027, while safety and environmental performance remained strong with no serious incidents reported.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Declares Quarterly Distribution for December 2025 Period

Dalrymple Bay Infrastructure Limited, listed on the ASX under the code DBI, issues fully paid ordinary/notes stapled securities as its primary listed instrument in the Australian market. The company manages infrastructure assets linked to the Dalrymple Bay terminal, supporting bulk commodity exports and providing investors with exposure to essential logistics services.

The company has declared a quarterly distribution of AUD 0.0675 per stapled security for the period ended 31 December 2025. The distribution will trade ex on 27 February 2026, with a record date of 2 March 2026 and payment scheduled for 19 March 2026, signalling continued capital returns to securityholders and reinforcing the yield profile of the DBI securities.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Releases 2025 Sustainability Report

Dalrymple Bay Infrastructure has released its 2025 Sustainability Report, detailing its approach to managing environmental, social and governance issues across its coal export terminal operations. The publication underscores the company’s focus on operational excellence and resilience as it navigates climate change, energy transition dynamics and evolving stakeholder expectations.

The report highlights DBI’s ongoing commitment to sustainability and decarbonisation objectives while supporting long-term demand for metallurgical coal infrastructure serving the steel industry. By framing its climate and market assumptions within clear risk and uncertainty disclosures, the company signals both confidence in continued coal export demand and awareness of regulatory, market and climate-related challenges facing the sector and its investors.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Regal Partners Sells Down Dalrymple Bay Infrastructure Stake Below Substantial Holder Level

Dalrymple Bay Infrastructure Ltd. has disclosed that Regal Partners Funds Management Pty Ltd and its associated entities have ceased to be substantial holders in the company. According to the notice, Regal-linked entities sold several tranches of Dalrymple Bay Infrastructure ordinary shares between 3 February and 6 February 2026, reducing their stake below the substantial holding threshold.

The exit of Regal Partners as a substantial shareholder may alter the company’s institutional investor mix and potentially affect trading liquidity in the short term. While the notice does not disclose Regal’s remaining position or motives, the sell-down underscores active portfolio repositioning by a key fund manager in the Australian infrastructure and resources-adjacent sector.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

UBS Group AG Exits Substantial Shareholder Position in Dalrymple Bay Infrastructure

UBS Group AG and its related entities have ceased to be a substantial shareholder in Dalrymple Bay Infrastructure Limited as of 4 February 2026, according to a regulatory notice lodged with the company. The change reflects a reduction in UBS’s relevant interest in the company’s voting securities below the substantial holding threshold, signalling a shift in the company’s institutional investor base that may marginally affect trading dynamics and perceived market sponsorship but does not directly alter Dalrymple Bay Infrastructure’s operations or control structure.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Sets Date for FY-25 Results and Investor Call

Dalrymple Bay Infrastructure Limited has scheduled the release of its financial results for the year ended 31 December 2025 for Tuesday, 24 February 2026, and will host an investor conference call the same day at 11:00am AEDT, with participants required to register online to obtain dial-in details. A webcast recording of the call will be made available on the company’s website, underlining DBI’s ongoing engagement with investors and other stakeholders as it reports on performance from its core coal export infrastructure operations.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Confirms Full Compliance in Quarterly Debt Report

Dalrymple Bay Infrastructure Limited has lodged its Issuer Quarterly Report for the quarter ended 31 December 2025, confirming full compliance with the terms of its unsecured notes, the associated trust deed and the relevant provisions of the Corporations Act. The company reported that no events or circumstances arose during the period that would trigger immediate repayment or enforcement of the debentures, indicating a stable debt position and regulatory compliance that should reassure noteholders and other creditors about the robustness of DBI’s capital structure.

The most recent analyst rating on (AU:DBI) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Releases 2026 Financial Calendar

Dalrymple Bay Infrastructure Ltd. has announced its 2026 financial calendar, detailing key dates such as the release of full-year and half-year results, record dates for distributions, and its annual general meeting. These events are significant for stakeholders as they outline the company’s financial reporting schedule and distribution plans, which are subject to board approval. The announcement reflects DBI’s commitment to transparency and provides a roadmap for investors and stakeholders to anticipate key financial events.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.10 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Secures $1.07 Billion Refinancing

Dalrymple Bay Infrastructure Limited (DBI) has successfully closed a $1.07 billion refinancing deal, securing new loan facilities through its subsidiary, Dalrymple Bay Finance Pty Limited. This refinancing allows DBI to repay existing debts, including the 2020 USPP Note Series, and reduce interest costs by approximately $75 million over the period to 2030. The move is part of DBI’s proactive debt management strategy, capitalizing on competitive debt market pricing to enhance financial flexibility and support its NECAP projects. The refinancing does not materially change the average tenor of DBI’s debt and maintains its investment-grade credit rating, positioning the company for future capital management opportunities.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

State Street Corporation Ceases Substantial Holding in Dalrymple Bay Infrastructure

Dalrymple Bay Infrastructure Ltd. has announced that State Street Corporation and its subsidiaries have ceased to be substantial holders in the company as of December 3, 2025. This change in substantial holding may impact the company’s shareholder structure and could influence future voting outcomes and strategic decisions.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Updates Dividend Distribution Record Date

Dalrymple Bay Infrastructure Ltd. announced an update to its previous dividend distribution notification, changing the Record Date to ensure adequate processing time for payments to security holders by MUFG Corporate Markets. This adjustment, related to the quarter ending September 30, 2025, reflects the company’s commitment to efficient financial operations and impacts stakeholders by ensuring timely dividend payments.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Adjusts Q3-25 Distribution Record Date

Dalrymple Bay Infrastructure Limited has announced a change to the record date for its Q3-25 distribution, moving it from December 15, 2025, to December 5, 2025. This adjustment may impact stakeholders by altering the timeline for dividend-related activities, reflecting the company’s commitment to maintaining efficient operations and potentially affecting investor expectations.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Announces Dividend Distribution

Dalrymple Bay Infrastructure Ltd. announced a dividend distribution of AUD 0.06125 per fully paid ordinary note stapled security, covering the financial period ending on September 30, 2025. The ex-date for this distribution is set for December 12, 2025, with a record date of December 15, 2025, and payment scheduled for December 19, 2025. This announcement reflects the company’s ongoing commitment to providing returns to its stakeholders, potentially enhancing its market positioning and investor confidence.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Announces Q3-25 Distribution

Dalrymple Bay Infrastructure Limited announced a Q3-25 distribution of 6.125 cents per stapled security, aligning with its guidance for the fiscal year 2025/2026. This distribution contributes to a total year-to-date distribution of 17.875 cents per security, reflecting a yield of 5.5%. The distribution will be paid on December 19, 2025, and is part of the company’s strategy to provide stable returns to its securityholders.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.

Dalrymple Bay Infrastructure Appoints New Non-Executive Director to Strengthen Leadership

Dalrymple Bay Infrastructure Ltd. has appointed Mr. Tom Laidlaw as an independent non-executive director. With over 25 years of experience in infrastructure and energy sectors, Mr. Laidlaw’s leadership and expertise in managing large-scale assets are expected to enhance DBI’s focus on value creation for its stakeholders. This strategic appointment is likely to strengthen DBI’s operational capabilities and industry positioning, supporting its growth and stability in the competitive coal export market.

The most recent analyst rating on (AU:DBI) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Dalrymple Bay Infrastructure Ltd. stock, see the AU:DBI Stock Forecast page.