DEVELOP GLOBAL LIMITED (DVP)
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DVP

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

$3.78

28 Aug
2025

-0.120

OPEN

$3.92

-3.08%

HIGH

$3.92

740,030

LOW

$3.77

TARGET
$5.30 40.2% upside
OTHER COMPANIES IN THE SAME SECTOR
AIS . CHN . COB . IPX . JMS . MTM . OMH . WA1 .
FNARENA'S MARKET CONSENSUS FORECASTS
DVP: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 5.4 2.6 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 148.5 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

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
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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-5.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx147.2 M
Book Value Per Share xxxxxxxxxxxxxxx143.1
Net Operating Cash Flow xxxxxxxxxxxxxxx11.0 M
Net Profit Margin xxxxxxxxxxxxxxx-8.24 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-4.86 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.55 %
Return on Assets xxxxxxxxxxxxxxx-3.38 %
Return on Equity xxxxxxxxxxxxxxx-4.86 %
Return on Total Capital xxxxxxxxxxxxxxx-3.29 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx22 M
Long Term Debt xxxxxxxxxxxxxxx19 M
Total Debt xxxxxxxxxxxxxxx41 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx41 M
Price To Book Value xxxxxxxxxxxxxxx1.52

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx30.6 M
Capex % of Sales xxxxxxxxxxxxxxx20.80 %
Cost of Goods Sold xxxxxxxxxxxxxxx149 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx8 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx83 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

29/07/2025

1

Buy

$5.30

40.21%

Develop Global's mining services revenue in 4Q25 of $51.0m was up 14% y/y and compared with Bell Potter's forecast of $51.5m. FY25 revenue came in at $212m, beating guidance of $200m.

The quarter saw production ramp-up at Woodlawn, keeping it on track to reach nameplate capacity in the December quarter, in line with the broker's forecast. The company is fast-tracking decline development at the Sulphur Springs project, now expected to start in 1Q26.

The broker factored in recent $180m equity raising in the forecast, increased mine life and capex for Sulphur Spring and lifted mine life and recoveries for Woodlawn. FY25 EPS up 10% but FY26 trimmed by -10% and FY27 by -12%.

Buy. Target rises to $5.30 from $5.00.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.60 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 42.50 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

21/08/2025

3

Downgrade to Hold from Speculative Buy

$4.40

16.40%

Develop Global has strengthened its balance sheet with a well-timed (according to Canaccord Genuity) $180m equity raise at $4.50 per share following a 118% share price rally over six months.

The funds will support an aggressive growth strategy, including -$80m for Sulphur Springs pre-production capex, -$25m for Woodlawn growth, -$25m for extending mine lives under Project DM15, and -$40m for growth opportunities.

At Woodlawn, commissioning and ramp-up are progressing to plan, highlight the analysts, with nameplate 850ktpa capacity achieved in stress testing. Ramp-up to 800ktpa is on track for the December quarter.

First concentrate shipments were delivered to commodity trading and logistics company Trafigura, with revenue expected this quarter.

Canaccord lowers its target to $4.40 from $4.95 and downgrades to Hold from Speculative Buy after factoring into forecasts the June quarterly activities report and capital raise.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.
Access Extra Coverage Research History >

DVP STOCK CHART

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