DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

26/09/2025

1

Buy

$5.10

21.72%

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.

09/10/2025

3

Hold

$4.50

7.40%

Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.

While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.

Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.

For Develop Global, the broker's September quarter production forecast are 61% higher for zinc and 68% higher for copper vs the June quarter. EBITDA forecast trimmed by -15% for FY26 but increased by 6% for FY27.

Hold. Target rises to $4.50 from $4.40, mainly on revised zinc and copper price forecasts.