DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

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DVP - DEVELOP GLOBAL LIMITED

FNArena Sector : Industrial Metals

Year End: June

GICS Industry Group : Materials

Debt/EBITDA: 3.16

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$2.80 13 Mar 2025	0.020 OPEN $2.76	0.72% HIGH $2.92	477,799 LOW $2.76

TARGET

$4.00

42.9% upside

OTHER COMPANIES IN THE SAME SECTOR
AIS . CHN . COB . IPX . JMS . OMH . WA1 .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	- 5.4	- 1.1	xxx
DPS (cps)	xxx	0.0	0.0	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	N/A	N/A	xxx
PE Ratio	xxx	N/A	N/A	xxx
Dividend Yield	xxx	N/A	0.0%	xxx
Div Pay Ratio(%)	xxx	N/A	N/A	xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	-5.4
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	147.2 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	143.1
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	11.0 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-8.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	-4.86 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	-4.55 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	-3.38 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	-4.86 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	-3.29 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-0.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	22 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	19 M
Total Debt	xxx	xxx	xxx	xxx	xxx	41 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	41 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.52

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	30.6 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	20.80 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	149 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	8 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	83 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Bell Potter	04/03/2025	1	Buy	$4.00	42.86%	Develop Global's 1H25 revenue beat Bell Potter's forecast but net profit missed due to drawdown expenses related to Trafigura borrowings. Operating cash flow rate rose to $17.6m from -$8.4m the year before. The broker changed mine development sequence. Under the new timeline, it no longer sees the need for an equity raising in FY26-27. The analyst also cut debt estimates for Sulphur Spring development. EPS forecasts are lowered for FY25-27. No change to $4 target price or Buy rating. FORECAST Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.10 cents. Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.40 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Bell Potter

04/03/2025

Buy

$4.00

42.86%

Develop Global's 1H25 revenue beat Bell Potter's forecast but net profit missed due to drawdown expenses related to Trafigura borrowings. Operating cash flow rate rose to $17.6m from -$8.4m the year before.

The broker changed mine development sequence. Under the new timeline, it no longer sees the need for an equity raising in FY26-27. The analyst also cut debt estimates for Sulphur Spring development.

EPS forecasts are lowered for FY25-27. No change to $4 target price or Buy rating.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.10 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.40 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Canaccord Genuity	18/02/2025	1	Speculative Buy	$4.80	71.43%	Develop Global's revenue from mining services in the Dec Q was 16% higher than Canaccord Genuity and up 10% quarter on quarter. The beat was primarily driven by a 10% increase in development metres at Bellevue, with Bellevue Gold ((BGL)) contract revenue increasing 21%. Mine development at Mt Marion underground was completed late in the Dec Q with an early termination payment received. At Beta Hunt, mining ended during the quarter with development performance above contract schedules. Canaccord increases its FY25 forecast revenue for the mining services division and incorporates an updated commodity price deck. Speculative Buy retained, target rises to $4.80 from $4.70. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents. Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 40.00 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Canaccord Genuity

18/02/2025

Speculative Buy

$4.80

71.43%

Develop Global's revenue from mining services in the Dec Q was 16% higher than Canaccord Genuity and up 10% quarter on quarter.

The beat was primarily driven by a 10% increase in development metres at Bellevue, with Bellevue Gold ((BGL)) contract revenue increasing 21%.

Mine development at Mt Marion underground was completed late in the Dec Q with an early termination payment received. At Beta Hunt, mining ended during the quarter with development performance above contract schedules.

Canaccord increases its FY25 forecast revenue for the mining services division and incorporates an updated commodity price deck. Speculative Buy retained, target rises to $4.80 from $4.70.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 40.00 cents.

Access Extra Coverage Research History >

DVP STOCK CHART

FNArena News on DVP

1	FNArena Corporate Results Monitor – 05-03-2025 Mar 05 2025 - Australia

2	Australian Broker Call Extra Edition – Feb 18, 2025 Feb 18 2025 - Daily Market Reports

3	Australian Broker Call Extra Edition – Dec 11, 2024 Dec 11 2024 - Daily Market Reports

4	FNArena Corporate Results Monitor – 01-10-2024 Oct 01 2024 - Australia

5	Australian Broker Call Extra Edition – Apr 12, 2024 Apr 12 2024 - Daily Market Reports

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Dividend Yield Today On Last Actual Payout :	0.00
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

	Yield	Yield on investment
This Year
Year 1
Year 2
Year 3
Year 4
Year

1	FNArena Corporate Results Monitor – 05-03-2025 Mar 05 2025 - Australia

2	Australian Broker Call Extra Edition – Feb 18, 2025 Feb 18 2025 - Daily Market Reports

3	Australian Broker Call Extra Edition – Dec 11, 2024 Dec 11 2024 - Daily Market Reports

4	FNArena Corporate Results Monitor – 01-10-2024 Oct 01 2024 - Australia

5	Australian Broker Call Extra Edition – Apr 12, 2024 Apr 12 2024 - Daily Market Reports

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DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart