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Overvalued
Morningstar Quantitative Rating as of 12 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 4.51 Fair value 5.17 One-star price 5.93
Morningstar Quantitative Rating as of 12 NOV 2026.
Morningstar Quantitative Rating as of 12 NOV 2026. The slider runs from the five-star price (4.51) to the one-star price (5.93).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 5.64 |
| Price - 12 month high | 6.01 |
| Price - 12 month low | 4.26 |
| Pricing date | 12 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.76 |
| Market capitalization | 2,796.10 |
| 12 Month High price date | 24 JUN 2026 |
| 12 Month Low price date | 19 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 1.50 |
| Price - 1 Day % Change | 0.18% |
| Price - 13 week price percent change | 5.42% |
| Price - 26 week price percent change | 6.02% |
| Price - 5 Day % Change | 0.53% |
| Price - 52 week price percent change | 28.77% |
| Price - YTD price percent change | 12.57% |
| Price % Change Month To Date | 1.44% |
| EPS excluding extraordinary items - most recent fiscal year | 0.059 |
| EPS excluding extraordinary items - trailing 12 month | 0.071 |
| EPS Normalized - most recent fiscal year | 0.059 |
| Revenue/share - most recent fiscal year | 1.330 |
| Revenue/share - trailing 12 month | 1.406 |
| Book value per share - most recent fiscal year | 2.091 |
| Book value per share - most recent half-year | 2.089 |
| Book value (tangible) per share - most recent fiscal year | -4.612 |
| Book value (tangible) per share - most recent half-year | -4.759 |
| Cash per share - most recent fiscal year | 0.223 |
| Cash per share - most recent half-year | 0.134 |
| Cash Flow per share - most recent fiscal year | 0.128 |
| Cash Flow per share - trailing 12 month | 0.250 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.264 |
| EBITD per share - trailing 12 month | 0.607 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.059 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.071 |
| EPS including extraordinary items - most recent fiscal year | 0.059 |
| EPS including extraordinary items - trailing 12 month | 0.071 |
| Free Cash Flow per share - trailing 12 month | -0.156 |
| P/E excluding extraordinary items, most recent fiscal year | 79.13 |
| P/E Normalized, most recent fiscal year | 79.13 |
| Price to sales - most recent fiscal year | 4.01 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | 22.56 |
| Price to Book - most recent fiscal year | 2.70 |
| P/E excluding extraordinary items high, trailing 12 months | 101.69 |
| P/E excluding extraordinary items low, trailing 12 months | 24.78 |
| Net Debt, LFI | 2,032.25 |
| Net Debt, LFY | 2,051.61 |
| Dividend Yield - 5 Year Average | 6.26% |
| Dividend Yield - indicated annual dividend divided by closing price | 4.68% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.68% |
| Free Cash Flow - most recent fiscal year | -101.62 |
| LT debt/equity - most recent fiscal year | 208.50% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 208.54% |
| LT debt/equity - most recent half-year | 202.64% |
| Total debt/total equity - most recent half-year | 202.69% |
| Free Cash Flow - trailing 12 month | -77.12 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 659.36 |
| Revenue - trailing 12 month | 697.28 |
| EBITD - most recent fiscal year | 294.32 |
| EBITD - trailing 12 month | 300.97 |
| Earnings before taxes - most recent fiscal year | 48.51 |
| Earnings before taxes - trailing 12 month | 57.24 |
| Net Income available to common - most recent fiscal year | 29.26 |
| Net Income available to common - trailing 12 months | 35.34 |
| Earnings before taxes Normalized - most recent fiscal year | 48.51 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.07 |
| Net Profit Margin % - 1st historical fiscal year | 4.44% |
| Net Profit Margin % - trailing 12 month | 5.07% |
| Operating margin - 1st historical fiscal year | 9.82% |
| Operating margin - trailing 12 month | 10.18% |
| Pretax margin - trailing 12 month | 8.21% |
| Pretax margin - 1st historical fiscal year | 7.36% |
| Operating Margin - 5 year average | 27.12% |
| Pretax Margin - 5 year average | 19.27% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 11.11% |
| Free Operating Cash Flow/Revenue, TTM | -11.06% |
| Net Profit Margin - 5 year average | 13.83% |
| Return on average assets - most recent fiscal year | 0.85% |
| Return on average assets - trailing 12 month | 1.01% |
| Return on average equity - most recent fiscal year | 2.76% |
| Return on average equity - trailing 12 month | 3.40% |
| Return on average assets - 5 year average | 1.94% |
| Return on average equity - 5 year average | 6.51% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | — |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | 7.99% |
| Revenue/share (5 yr growth) | — |
| Growth rate% - Revenue, 3 year | 4.42% |
| Growth rate% - EPS, 3 year | -25.03% |
| Book value per share growth rate, 5 year | 3.76% |
| Capital Spending growth rate, 5 year | — |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
DBI +2.69%: delivered another solid half, with earnings growing, distributions stepping higher and management reiterating its medium-term target for ongoing dividend growth. For a stock we primarily own for income, the result was very much in line with our expectations.
DBI +3%: announced FY26/27 distribution guidance of 28.62c per stapled security, an 8.5% uplift on the prior year’s guidance of 26.375c. Importantly, the company also reaffirmed its longer-term target of growing distributions by 3-7% p.a. for the foreseeable future.
Toll roads, pipelines, electricity networks and airports often have revenues contractually linked to CPI. They are textbook inflation hedges: cash flows rise with inflation, asset values increase in replacement-cost terms, and the essential nature of the assets helps protect volumes. The caveat is that they are also rate-sensitive and can behave like long-duration bonds from a valuation perspective. If rates rise sharply, multiples can compress in the short term, even if underlying cash flows remain resilient. That said, we believe portfolios should have an allocation to this space as we head into EOFY.
The Active Income Strategy continues to do what it’s designed to do, deliver high, consistent income with capital growth over time, while cushioning volatility when markets get tougher – as they are currently.
DBI delivered a mixed FY25 result yesterday, with revenue and cash flow both strong, though there was a sharp decline in reported earnings - an accounting rather operational issue.
There has been a lot going on in DBI in recent months, with its inclusion in the ASX 200 index and the complete sell-down by its largest shareholder, Brookfield. The exit played out in two blocks. The first came in June, when Barrenjoey handled the sale of 115m shares for $428m at $3.72, a ~7% discount to the prevailing price.
DBI -2.08%: delivered a solid first-half result today, with earnings per security coming in at 8.7c, a healthy lift on the 7.4c delivered a year ago. While just shy of the street’s 9c expectation, the result still highlights steady momentum.
The owner of a large coal export terminal in QLD of the same name, has had a great run in terms of share price, reducing its yield – now at 5% (mostly franked) at current levels.
Last month, the owner and operator of the Dalrymple Bay Coal Terminal QLD delivered a strong FY24 result and guidance for the year ahead, exactly what you want to see if you hold a stock for reliable and sustainable yield:
DBI +0.8%: Rallied to new all-time highs today on solid FY24 results and guidance for the year ahead, though the best of it was seen early, with a fairly meaningful pullback later in the day.
MM remains long & bullish DBI for Income
MM remains long & bullish DBI
MM is long and bullish Dalrymple around $5.25
MM remains long & bullish DBI ~$5.40
MM remains long & bullish DBI
MM remains long & bullish DBI for yield
MM has turned more neutral on DBI ~$4.75
MM is long and bullish DBI
MM remains long & bullish DBI for income
MM are buying DBI in the Active Income Portfolio, allocating 4% around $3.36
Dalrymple Bay Infrastructure operates the Dalrymple Bay Coal Terminal near Mackay in Central Queensland. It serves close to 20 coal mines in the central Bowen Basin and has maximum capacity to export 84 million metric tons per year. The terminal is lightly regulated under the purview of the Queensland Competition Authority. The firm has a lease over the terminal until 2051, with an option to extend to 2100.
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