TOC Property Backed Lending Trust (DVNO) AI Stock Analysis

• Market Cap: £19.48M
• Dividend Yield: 5.13%
• Average Volume (3M): 1.44K
• Price to Earnings (P/E): 16.8
• Beta (1Y): <0.01
• Revenue Growth: 17.67%
• EPS Growth: 377.32%
• Country: UK
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 57
• Industry: Asset Management
• EPS (TTM): 0.05
• Shares Outstanding: 24,978,200
• 10 Day Avg. Volume: 3,067
• 30 Day Avg. Volume: 1,443
• PEG Ratio: -1.00
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 32.25
• 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

• Rating: 72 Outperform
• Price Target: ―

Develop North PLC shows strong financial health with robust revenue growth and no debt. However, the negative EBIT margin highlights a need for operational improvements. The stock's technical indicators suggest caution due to overbought conditions. Valuation is fair with a strong dividend yield. Recent corporate events, including strategic appointments and regional focus, support a positive outlook, contributing to an overall solid stock score.

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

TOC Property Backed Lending Trust exhibits strong revenue growth and an excellent gross profit margin, yet faces challenges with negative EBIT margins. The balance sheet is robust with no debt and significant equity, mitigating financial risk. Cash flow performance is stable, though investment activities are fluctuating, requiring careful management. Overall, the company is financially sound but should address operational efficiency to improve margins.

Income Statement

The company showed a significant increase in revenue from the previous year, with a revenue growth rate of approximately 79.9%. The gross profit margin remains strong at 100%, indicating effective cost management in generating revenue. However, the EBIT margin has turned negative, reflecting operational challenges, and the net profit margin is volatile due to fluctuating EBIT results.

Balance Sheet

The company maintains a stable financial position with zero total debt and a strong equity ratio of 89.9%. This indicates a highly leveraged equity base, reducing financial risk. Return on Equity (ROE) is approximately 5.87%, reflecting moderate profitability on equity.

Cash Flow

Operating cash flow has increased slightly, and free cash flow shows stability with a positive free cash flow to net income ratio. However, fluctuations in investing cash flow suggest variability in investment activities. The operating cash flow to net income ratio is approximately 0.9, indicating a healthy conversion of income into cash.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.51M	839.00K	1.04M	1.43M	1.35M
Gross Profit	1.51M	724.00K	1.04M	1.43M	1.35M
EBITDA	1.25M	0.00	0.00	0.00	0.00
Net Income	1.17M	261.00K	514.00K	929.00K	856.00K
Balance Sheet
Total Assets	22.18M	20.89M	26.13M	22.72M	23.88M
Cash, Cash Equivalents and Short-Term Investments	3.01M	1.15M	638.00K	4.54M	1.00M
Total Debt	0.00	0.00	4.00M	0.00	1.15M
Total Liabilities	2.24M	191.00K	4.00M	135.00K	1.15M
Stockholders Equity	19.94M	20.70M	22.02M	22.58M	22.60M
Cash Flow
Free Cash Flow	1.06M	998.00K	718.00K	681.00K	1.26M
Operating Cash Flow	1.06M	998.00K	718.00K	681.00K	1.26M
Investing Cash Flow	-2.17M	5.25M	-7.42M	4.96M	2.86M
Financing Cash Flow	78.00K	-5.73M	2.79M	-2.09M	-3.63M

TOC Property Backed Lending Trust Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 78.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• 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 78 is above the 20-day moving average (MA) of 77.80, above the 50-day MA of 77.32, and above the 200-day MA of 76.17, indicating a bullish trend. The MACD of 0.23 indicates Positive momentum. The RSI at 100.00 is Negative, neither overbought nor oversold. The STOCH value of 64.71 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
SWEF	74 Outperform	£129.53M	21.50	2.92%	6.29%	-22.78%	-29.11%
DVNO	72 Outperform	£19.48M	16.85	5.76%	5.13%	17.67%	377.32%
Sector *	63 Neutral	$6.96B	18.86	-1.16%	6.91%	4.65%	-25.28%
LIV		£81.19M	15.74	4.83%	9.28%	―	―
MAFL	71 Outperform	£9.01M	3.34	23.46%	―	-109.83%	25.98%
450		£14.09M	―	-13.15%	―	―	―
BSFA	51 Neutral	£2.47M	―	-46.41%	―	-64.18%	12.05%

TOC Property Backed Lending Trust Corporate Events

Develop North PLC Appoints Dr. Sameer Al Ansari as Deputy Chairman

Develop North PLC has appointed Dr. Sameer Al Ansari as a Non-Executive Director and Deputy Chairman, effective May 2, 2025. Dr. Al Ansari, a distinguished figure in finance and investment, will be instrumental in advancing Develop North’s investment strategies and elevating its international presence, aiming to attract new investments and stimulate economic growth in the North East region.

Spark’s Take on GB:DVNO Stock

According to Spark, TipRanks’ AI Analyst, GB:DVNO is a Outperform.

Develop North PLC is fundamentally strong with robust revenue growth and a solid balance sheet. While technical analysis suggests caution due to overbought conditions, the company’s valuation is reasonable with an appealing dividend yield. Corporate events highlight strategic growth and shareholder value initiatives, contributing positively to the stock’s outlook.

To see Spark’s full report on GB:DVNO stock, click here.

Develop North PLC Successfully Passes AGM Resolutions

Develop North PLC announced that all resolutions proposed at its Annual General Meeting on May 1, 2025, were passed by the necessary majorities. The results of the votes and details of the resolutions will be made available on the company’s website and submitted to the National Storage Mechanism for public inspection.

Spark’s Take on GB:DVNO Stock

According to Spark, TipRanks’ AI Analyst, GB:DVNO is a Outperform.

Develop North PLC is fundamentally strong with robust revenue growth and a solid balance sheet. While technical analysis suggests caution due to overbought conditions, the company’s valuation is reasonable with an appealing dividend yield. Corporate events highlight strategic growth and shareholder value initiatives, contributing positively to the stock’s outlook.

To see Spark’s full report on GB:DVNO stock, click here.

Develop North PLC Reports Strong Financial Performance Amid Strategic Regional Focus

Develop North PLC reported a net asset value total return of 6.3% for the year ending November 2024, with investment income rising by 13% to £1.94 million. The company deployed £9.2 million into seven projects, with a strong focus on the North East of England, reflecting its strategic regional emphasis. Despite economic volatility, the company maintained its dividend policy and executed share buybacks to enhance shareholder value. The company’s portfolio value increased to £21.1 million, with a continued focus on high-quality loan investments.

Develop North PLC Announces Fourth Interim Dividend

Develop North PLC has declared a fourth interim dividend of 1.00 pence per Ordinary share for the year ending 30 November 2024. This dividend will be paid on 11 April 2025 to shareholders registered by 21 March 2025, reflecting the company’s ongoing commitment to returning value to its stakeholders.