Develop Global Limited (AU:DVP)
ASX:DVP
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Develop Global Limited
(Sydney:DVP)
Select Model
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Rating:68Neutral
Price Target:
AU$4.50
▲(6.89% Upside)
Action:ReiteratedDate:01/07/26
The score is driven primarily by solid financial stability and growth (low leverage and strong revenue growth) but tempered by weak profitability and negative free cash flow. Technicals add support due to a clear uptrend, while valuation is only moderate given a mid-range P/E and no dividend yield.
Positive Factors
Strong revenue growth trend
Sustained high revenue growth (48.6% reported) signals durable demand for services and successful contract wins. Over 2-6 months this supports scale economics, bargaining power with suppliers, and provides a runway to fix operating leverage and improve margins if management controls costs.
Negative Factors
Weak operating profitability
Persistent negative EBIT and net margins indicate the company struggles to convert revenue into operating profits. Over months this undermines retained earnings, limits reinvestment capacity, and suggests structural cost or pricing issues that must be fixed to sustain long-term value creation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth trend
Sustained high revenue growth (48.6% reported) signals durable demand for services and successful contract wins. Over 2-6 months this supports scale economics, bargaining power with suppliers, and provides a runway to fix operating leverage and improve margins if management controls costs.
Read all positive factors
Develop Global Limited (DVP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.37B
Dividend YieldN/A
Average Volume (3M)1.44M
Price to Earnings (P/E)232.1
Beta (1Y)2.46
Revenue Growth57.22%
EPS GrowthN/A
CountryAU
Employees433
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)<0.01
Shares Outstanding329,985,470
10 Day Avg. Volume921,382
30 Day Avg. Volume1,437,006
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)2.10
Price to Sales (P/S)5.71
P/FCF Ratio-27.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$6.02Price Target Upside43.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.18
Revenue Forecast (FY)AU$423.83M
Develop Global Limited Business Overview & Revenue Model
Company Description
Develop Global Limited, together with its subsidiaries, engages in the exploration and development of mineral resource properties in Australia. It primarily explores for copper, zinc, lead, silver, and gold deposits. The company's flagship project...
How the Company Makes Money
Develop Global Limited makes money primarily through contract revenue from delivering mining services to third-party mine owners/operators. This typically includes being paid for underground mining activities (e.g., development, production, and as...
Develop Global Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.98M | 231.47M | 147.23M | 67.78M | 4.51M | 0.00 |
| Gross Profit | 3.34M | 22.13M | 100.07M | -11.13M | 873.35K | -415.39K |
| EBITDA | 11.28M | 26.96M | 14.13M | -1.33M | -8.63M | -89.37M |
| Net Income | 73.09M | 72.39M | -12.13M | -17.89M | -9.22M | -89.88M |
Balance Sheet | ||||||
| Total Assets | 908.55M | 898.08M | 471.23M | 245.80M | 204.88M | 57.32M |
| Cash, Cash Equivalents and Short-Term Investments | 180.39M | 58.63M | 41.50M | 21.77M | 43.21M | 16.83M |
| Total Debt | 157.83M | 158.29M | 40.81M | 28.74M | 4.23M | 103.78K |
| Total Liabilities | 269.24M | 267.67M | 121.79M | 96.14M | 60.33M | 21.72M |
| Stockholders Equity | 638.75M | 629.96M | 349.27M | 149.66M | 144.55M | 35.60M |
Cash Flow | ||||||
| Free Cash Flow | -57.22M | -47.71M | -22.75M | -27.76M | -15.61M | -5.01M |
| Operating Cash Flow | 21.89M | 12.62M | 11.00M | 12.24M | -6.62M | -2.43M |
| Investing Cash Flow | -98.45M | -84.40M | -32.15M | -38.62M | -25.47M | -2.43M |
| Financing Cash Flow | 144.95M | 88.90M | 40.88M | 4.92M | 58.49M | 19.43M |
Develop Global Limited Technical Analysis
Negative
4.21
Price Trends
4.99
Negative
4.55
Negative
4.40
Negative
Market Momentum
-0.26
Positive
39.76
Neutral
62.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DVP, the sentiment is Negative. The current price of 4.21 is below the 20-day moving average (MA) of 4.58, below the 50-day MA of 4.99, and below the 200-day MA of 4.40, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 39.76 is Neutral, neither overbought nor oversold. The STOCH value of 62.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:DVP.
Develop Global Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$1.83B | 11.24 | 6.57% | 2.46% | 4.41% | 14.44% | |
68 Neutral | AU$1.37B | 232.09 | 11.52% | ― | 57.22% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | AU$1.15B | -7.65 | -9.67% | ― | ― | ― | |
43 Neutral | AU$1.19B | -8.87 | -35.30% | ― | ― | -20.85% | |
43 Neutral | AU$1.41B | -4.01 | -19.36% | ― | 16.06% | -50.94% | |
42 Neutral | AU$784.02M | -9.79 | -18.49% | ― | 620.73% | -21.19% |
* Basic Materials Sector Average
AU:DVP
Develop Global Limited
4.21
1.54
57.68%
AU:PRN
Perenti Global
1.95
0.68
53.30%
AU:BCI
BCI Minerals Ltd
0.39
0.16
65.96%
AU:IPX
Iperionx Limited
3.51
0.76
27.64%
AU:VUL
Vulcan Energy Resources Ltd.
3.19
-0.66
-17.10%
AU:A4N
Alpha HPA Limited
0.54
-0.27
-33.33%
Develop Global Limited Corporate Events
Develop Global Simplifies Capital Structure as Options and Rights Lapse
Mar 19, 2026
Develop Global Limited has reported changes to its capital structure, advising the market that certain options and performance rights on issue have ceased. The update was lodged as a new announcement to inform shareholders and regulators of the re...
Develop Global Issues New Shares on Conversion of Unquoted Securities
Mar 19, 2026
Develop Global Limited has notified the market of the issue of new fully paid ordinary shares following the conversion of unquoted options or other unquoted convertible securities. The company will issue a total of 79,158 DVP ordinary shares acros...
Develop Global Issues New Unquoted Performance Rights Under Staff Incentive Plan
Mar 17, 2026
Develop Global Limited has notified the market of the issue of 588,074 unquoted performance rights under its employee incentive scheme, dated 10 March 2026. The new securities, which are subject to transfer restrictions and will not be quoted on t...
Develop Global Releases Interim Financial Report for Half-Year to 31 December 2025
Mar 9, 2026
Develop Global Limited has released its interim financial report for the half year ended 31 December 2025, detailing its consolidated financial performance, cash flows and changes in equity for the period. The report, which has been reviewed by ex...
Develop Global Posts Strong Operating Cash Inflows Amid Heavy Mine Investment
Jan 27, 2026
Develop Global Limited reported positive operating cash flow of A$18.8 million for the December 2025 quarter and A$26.8 million for the half year, driven by A$94.6 million in customer receipts for the quarter and A$178.6 million year to date, alon...
Develop Global sets date for December quarterly report and investor conference call
Jan 18, 2026
Develop Global Limited has scheduled the release of its quarterly report for the period ended 31 December 2025 on 28 January 2026, providing investors and stakeholders with an update on its recent performance and activities. Managing Director Bill...
Develop Global Notifies Market of Cessation of 63,992 Options
Jan 13, 2026
Develop Global Limited has notified the market that 63,992 options (DVPAAG), expiring on various dates and at various prices, have ceased as of 12 January 2026. The cessation, disclosed via an Appendix 3H filing, reflects a routine adjustment to t...
Develop Global Issues New Shares on Conversion of Unquoted Securities
Jan 13, 2026
Develop Global Limited has notified the market of the issue of 28,508 new fully paid ordinary shares following the exercise or conversion of previously unquoted equity securities. The additional shares, issued on 12 January 2026, marginally expand...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.