# Dalrymple Bay Infrastructure (DBI.AU)

Canonical: https://gigainvestors.com/s/DBI.AU

Analysis as of: 2026-10-16T07:41:02.868Z. Financial observations: FY2018–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 5.66 per share; close as of 2026-10-15.

Estimated value: low AUD 2.17 per share, central AUD 2.46 per share, high AUD 2.86 per share. Buy at or below the central value AUD 2.46 per share. Valuation as of 2026-10-16T07:41:02.868Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.34×

- FY2019: 0.32×

- FY2020: 0.36×

- FY2021: 0.33×

- FY2022: 0.37×

- FY2023: 0.35×

- FY2024: 0.39×

- FY2025: 0.30×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: 6.5 pp

- Typical gross margin (annual median): 36.9%

- Recent gross margin (lower of latest and 3-year median): 30.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 0.2%

- FY2021: 4.0%

- FY2022: 4.8%

- FY2023: 4.7%

- FY2024: 6.7%

- FY2025: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 291M

- Net income, five-year total: AUD 383M

- Working capital / revenue, annual change: -0.3 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.92×

- FY2023: 1.01×

- FY2024: 1.49×

- FY2025: -3.24×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.05 to 0.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.2%

- Per-share value growth: 24.8%

- Per-share value change: AUD 0.10

- Per-share value, starting three-year median: AUD 0.05

- Per-share value, ending three-year median: AUD 0.15

- Average buyback yield: 1.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2018: AUD 0.05

- FY2019: AUD 0.05

- FY2020: AUD -0.23

- FY2021: AUD 0.26

- FY2022: AUD 0.14

- FY2023: AUD 0.15

- FY2024: AUD 0.18

- FY2025: AUD 0.06

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.21×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -3.1%

- FY2021: 0.6%

- FY2022: -3.2%

- FY2023: -2.5%

- FY2024: -2.5%

- FY2025: -1.0%

## Holders

## Price story

Price needs cash profits to grow 11.4% a year for ten years · sales +10.2%

Story as of 2026-10-16T10:00:11.777Z; price observation 2026-10-15.

Price needs cash profits to grow 11.4% a year for ten years

### Sales · FY2024–2025

sales +10.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: AUD 411M 

- FY2019: AUD 443M 

- FY2020: AUD 23M 

- FY2021: AUD 454M 

- FY2022: AUD 626M 

- FY2023: AUD 642M 

- FY2024: AUD 767M 

- FY2025: AUD 845M 

### Gross margin · FY2025

gross margin 30.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 39.1% 

- FY2019: 36.4% 

- FY2020: 42.5% 

- FY2021: 23.3% 

- FY2022: 37.5% 

- FY2023: 35.7% 

- FY2024: 38.6% 

- FY2025: 30.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are AUD 844.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2025: revenue 844602000; grossProfit 257096000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBI.AU: Dalrymple Bay Infrastructure Limited owns the lease of and right to operate the Dalrymple Bay terminal, a metallurgical coal export facility in Bowen Basin in Queensland, Australia. It provides terminal infrastructure and services for producers and consumers of Australian coal exports. Dalrymple Bay Infrastructure Limited was incorporated in 2020 and is based in Brisbane, Australia.

### Why customers stay

Margins ranged from 30.4% to 38.6% during 2023–25; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2023: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2024: grossProfit / revenue = 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2025: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); 8-year return on capital observations [[2020,0.002217318323964881],[2021,0.04000294453648941],[2022,0.0478570983286482],[2023,0.04745705472132562],[2024,0.06675547227880764],[2025,0.05386596502861184]]; median 0.04765707652498691. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2018: growth capex 0; upkeep 31100000; owner earnings 31400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2019: growth capex 0; upkeep 33700000; owner earnings 72200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2021: growth capex 5185683.981264591; upkeep 42609316.01873541; owner earnings 125519483.98126459. Growth capex / owner earnings = 0.04131377708689929.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2022: growth capex 1535463.8741503507; upkeep 44791536.12584965; owner earnings 63528863.87415035. Growth capex / owner earnings = 0.0241695472028601.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2023: growth capex 0; upkeep 39118000; owner earnings 74669600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); FY2024: growth capex 0; upkeep 108000; owner earnings 122069200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); Dividend observations: [[2018,0],[2019,67132000],[2020,67132000],[2021,67132000],[2022,29561000],[2023,101383000],[2024,107829000],[2025,116504000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DBI.AU SharesStats.PercentInsiders = 0.8370000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:02.868Z); Ten-year compound average after fade. Initial solved rate 0.15086439512497607. Price 5.66; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2020-12: AUD 2.09 per share

- 2021-01: AUD 2.09 per share

- 2021-02: AUD 2.10 per share

- 2021-03: AUD 2.20 per share

- 2021-04: AUD 2.24 per share

- 2021-05: AUD 2.14 per share

- 2021-06: AUD 2.10 per share

- 2021-07: AUD 2.22 per share

- 2021-08: AUD 2.21 per share

- 2021-09: AUD 2.25 per share

- 2021-10: AUD 2.28 per share

- 2021-11: AUD 2.06 per share

- 2021-12: AUD 2.03 per share

- 2022-01: AUD 1.99 per share

- 2022-02: AUD 2.03 per share

- 2022-03: AUD 2.15 per share

- 2022-04: AUD 2.15 per share

- 2022-05: AUD 2.05 per share

- 2022-06: AUD 1.97 per share

- 2022-07: AUD 2.07 per share

- 2022-08: AUD 2.21 per share

- 2022-09: AUD 2.06 per share

- 2022-10: AUD 2.39 per share

- 2022-11: AUD 2.45 per share

- 2022-12: AUD 2.43 per share

- 2023-01: AUD 2.48 per share

- 2023-02: AUD 2.51 per share

- 2023-03: AUD 2.68 per share

- 2023-04: AUD 2.55 per share

- 2023-05: AUD 2.55 per share

- 2023-06: AUD 2.64 per share

- 2023-07: AUD 2.76 per share

- 2023-08: AUD 2.71 per share

- 2023-09: AUD 2.80 per share

- 2023-10: AUD 2.71 per share

- 2023-11: AUD 2.75 per share

- 2023-12: AUD 2.69 per share

- 2024-01: AUD 2.78 per share

- 2024-02: AUD 2.76 per share

- 2024-03: AUD 2.74 per share

- 2024-04: AUD 2.79 per share

- 2024-05: AUD 2.77 per share

- 2024-06: AUD 2.96 per share

- 2024-07: AUD 3.04 per share

- 2024-08: AUD 3.10 per share

- 2024-09: AUD 3.23 per share

- 2024-10: AUD 3.35 per share

- 2024-11: AUD 3.44 per share

- 2024-12: AUD 3.60 per share

- 2025-01: AUD 3.62 per share

- 2025-02: AUD 3.69 per share

- 2025-03: AUD 3.85 per share

- 2025-04: AUD 4.11 per share

- 2025-05: AUD 4.05 per share

- 2025-06: AUD 4.25 per share

- 2025-07: AUD 4.48 per share

- 2025-08: AUD 4.37 per share

- 2025-09: AUD 4.37 per share

- 2025-10: AUD 4.43 per share

- 2025-11: AUD 4.51 per share

- 2025-12: AUD 5.01 per share

- 2026-01: AUD 4.86 per share

- 2026-02: AUD 5.16 per share

- 2026-03: AUD 5.05 per share

- 2026-04: AUD 5.42 per share

- 2026-05: AUD 5.54 per share

- 2026-06: AUD 5.75 per share

- 2026-07: AUD 5.60 per share

- 2026-08: AUD 5.20 per share

- 2026-09: AUD 5.60 per share

- 2026-10: AUD 5.55 per share

## Annual estimated value (AUD per share)

- FY2022: low AUD 1.76 per share, central AUD 1.96 per share, high AUD 2.21 per share

- FY2023: low AUD 2.53 per share, central AUD 2.76 per share, high AUD 3.06 per share

- FY2024: low AUD 2.13 per share, central AUD 2.42 per share, high AUD 2.80 per share

- FY2025: low AUD 2.31 per share, central AUD 2.60 per share, high AUD 3.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.