TOC Property Backed Lending Trust (DVNO) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 5.93%
• Average Volume (3M): 6.54K
• Price to Earnings (P/E): 9.9
• Beta (1Y): -0.16
• Revenue Growth: 24.93%
• EPS Growth: 27.71%
• Country: UK
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: Asset Management
• EPS (TTM): 0.02
• Shares Outstanding: 24,978,200
• 10 Day Avg. Volume: 8,274
• 30 Day Avg. Volume: 6,541
• PEG Ratio: 0.04
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 13.04
• P/FCF Ratio: 18.65
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: 74.00p ▲(9.63% Upside)
• Action: Downgraded Date: 12/30/25
• Date: Action: Downgraded 12/30/25

The score is driven primarily by strong recent profitability, modest leverage, and solid free cash flow, complemented by an attractive dividend yield. These positives are tempered by weaker technical positioning (below key moving averages with negative MACD) and some uncertainty from uneven historical revenue and cash-conversion data.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful business expansion and effective market penetration, supporting long-term financial health.

Balance Sheet Health

A debt-free balance sheet with high equity reduces financial risk and enhances the company's ability to invest in growth opportunities.

Strategic Regional Focus

Focusing on strategic regions can enhance competitive positioning and drive sustainable growth by leveraging local market opportunities.

Negative Factors

Negative EBIT Margin

Negative EBIT margins indicate operational inefficiencies that could hinder profitability and require strategic adjustments to improve.

Volatile Net Profit Margin

Volatile profit margins can create uncertainty in earnings, affecting investor confidence and the company's ability to plan long-term.

Fluctuating Investment Activities

Inconsistent investment activities can impact cash flow stability and may indicate challenges in capital allocation or project execution.

TOC Property Backed Lending Trust Business Overview & Revenue Model

Company Description

Develop North PLC provides a portfolio of fixed rate loans primarily secured over land and/or property in the United Kingdom. It also invests in financial assets comprising loans. The company makes investments primarily through senior secured loans; and other loans, such as bridging loans, subordinated loans, selected loan financings, and other debt instruments. The company was formerly known as TOC Property Backed Lending Trust Plc and changed its name to Develop North PLC in May 2022. Develop North PLC was incorporated in 2016 and is based in Chelmsford, the United Kingdom.

How the Company Makes Money

TOC Property Backed Lending Trust makes money by earning interest from the loans it issues to property developers and investors. These loans are typically secured against real estate assets, which reduces the risk of default. The trust generates revenue primarily through interest income and fees associated with the lending process. Additionally, the trust may benefit from capital gains realized from any equity stakes or participatory interests in property projects. The company's earnings are influenced by factors such as interest rate environments, property market conditions, and the creditworthiness of its borrowers.

TOC Property Backed Lending Trust Financial Statement Overview

Summary

Strong latest-year profitability (very high net margin in 2024) and modest leverage support quality, alongside solid free cash flow. Offsetting factors include a choppy multi-year revenue path and some dataset inconsistency around cash conversion ratios.

Income Statement

Profitability is strong, with 2024 revenue of 1.51m and very high net margin (~77%), improving sharply versus 2023 (~31%). Revenue has been choppy over the period (declines in 2022–2023 followed by a rebound in 2024), which reduces visibility, but the latest year shows a clear step-up in earnings power.

Balance Sheet

Leverage appears conservative overall, with 2024 debt-to-equity at ~0.11 and equity (~19.9m) supporting a 22.2m asset base. Debt levels have fluctuated (including years with no debt), which suggests capital structure changes, but current leverage remains modest. Returns on equity are positive and improved in 2024 (~5.9%), though still moderate.

Cash Flow

Cash generation is solid: 2024 operating cash flow and free cash flow were both ~1.06m, with strong free cash flow growth. Free cash flow matched net income across periods (1.0x), indicating reported profits are broadly supported by cash. However, the provided operating cash flow to net income ratio is inconsistent year-to-year (including a 0.0 value in 2024), creating some uncertainty in cash conversion quality based on the dataset.

Breakdown	TTM	Nov 2024	Nov 2023	Nov 2022	Nov 2021	Nov 2020
Income Statement
Total Revenue	1.78M	1.51M	839.00K	1.04M	1.43M	1.35M
Gross Profit	1.78M	1.51M	839.00K	1.04M	1.43M	1.35M
EBITDA	49.00K	1.25M	0.00	514.00K	0.00	1.09M
Net Income	1.06M	1.17M	261.00K	514.00K	929.00K	856.00K
Balance Sheet
Total Assets	23.08M	22.18M	20.89M	26.13M	22.72M	23.88M
Cash, Cash Equivalents and Short-Term Investments	332.00K	3.01M	1.15M	638.00K	4.54M	1.00M
Total Debt	2.85M	2.10M	0.00	4.00M	0.00	1.15M
Total Liabilities	3.15M	2.24M	191.00K	4.00M	135.00K	1.28M
Stockholders Equity	19.93M	19.94M	20.70M	22.02M	22.58M	22.60M
Cash Flow
Free Cash Flow	2.22M	1.06M	998.00K	718.00K	681.00K	1.26M
Operating Cash Flow	2.22M	1.06M	998.00K	718.00K	681.00K	1.26M
Investing Cash Flow	-2.26M	-2.17M	5.25M	-7.42M	4.96M	2.86M
Financing Cash Flow	-355.00K	78.00K	-5.73M	2.79M	-2.09M	-3.63M

TOC Property Backed Lending Trust Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 67.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:DVNO, the sentiment is Positive. The current price of 67.5 is below the 20-day moving average (MA) of 77.67, below the 50-day MA of 74.34, and below the 200-day MA of 74.02, indicating a neutral trend. The MACD of 0.68 indicates Positive momentum. The RSI at 64.31 is Neutral, neither overbought nor oversold. The STOCH value of 78.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:DVNO.

TOC Property Backed Lending Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POLN	82 Outperform	£463.90M	4.27	9.23%	5.79%	82.69%	21.07%
FSG	73 Outperform	£444.79M	4.98	―	5.73%	―	―
SWEF	73 Outperform	£21.12M	-6.70	-1.48%	5.72%	-45.39%	-115.23%
DVNO	68 Neutral	―	9.86	5.32%	5.93%	24.93%	27.71%
ICG	67 Neutral	£4.63B	5.37	24.36%	4.13%	28.34%	44.04%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
BPT	54 Neutral	£2.05B	18.07	6.88%	2.85%	62.91%	-15.13%

TOC Property Backed Lending Trust Corporate Events

Develop North PLC Announces Third Interim Dividend for 2025

Develop North PLC has announced a third interim dividend of 1.0 penny per Ordinary share for the year ending 30 November 2025. This dividend will be paid on 12 January 2026 to shareholders registered by 19 December 2025, reflecting the company’s ongoing commitment to returning value to its investors.

Develop North PLC Adjusts Investment Policy Borrowing Limit

Develop North PLC has announced a non-material change to its investment policy, increasing its borrowing limit from 30% to 35% of the Net Asset Value at the time of drawdown. This adjustment does not require prior approval from the FCA or shareholders and does not affect other proposed changes announced in July 2025. The change aims to enhance the company’s operational flexibility without significantly impacting its strategic direction or stakeholder interests.