Up 40% in a year, why Macquarie expects this ASX 200 dividend stock to keep outperforming in 2026

Macquarie forecasts more outperformance from this fast-rising ASX 200 dividend stock.

Key points
  • Dalrymple Bay Infrastructure shares have increased by 5.1% today, contributing to a 40.3% year-over-year rise, and offering a partly franked dividend yield of 4.9% with quarterly payouts.
  • The company's recent refinancing of $1.07 billion in loan facilities is expected to save approximately $75 million in interest costs by 2030 and enhance financial flexibility.
  • Analysts at Macquarie expect Dalrymple Bay's dividend yield to rise to 5.5% in 2026 and 6.1% in 2027.

S&P/ASX 200 Index (ASX: XJO) dividend stock Dalrymple Bay Infrastructure Ltd (ASX: DBI) is charging higher today.

Shares in the infrastructure company – which owns the Dalrymple Bay Coal Terminal (DBCT) in Queensland – closed yesterday trading for $4.54. In early afternoon trade on Wednesday, shares are changing hands for $4.77 apiece, up 5.1%.

For some context, the ASX 200 is down 0.2% at this same time.

Today's outperformance is nothing new for the ASX 200 dividend stock, with the Dalrymple Bay share price now up 40.3% since this time last year.

Atop this benchmark smashing share price gain, Dalrymple Bay shares trade on a partly franked 4.9% trailing dividend yield. And the stock has added appeal for many passive income investors as it makes quarterly dividend payouts.

And looking ahead, analysts at Macquarie Group Ltd (ASX: MQG) expect Dalrymple's dividend yield to increase to 5.5% in 2026 and then to 6.1% in 2027. And that's atop of further forecast share price gains.

Here's why.

A wad of $100 bills of Australian currency lies stashed in a bird's nest.

Image source: Getty Images

ASX 200 dividend stock tipped to keep on giving

Dalrymple Bay shares closed up 1.6% yesterday after the company announced that it had successfully secured $1.07 billion of new loan facilities.

With the new facilities reducing the company's exposure to previously existing more expensive and less flexible debt, the ASX 200 dividend stock expects to save around $75 million in interest costs through to 2030.

"This refinance is strongly cashflow accretive to DBI and reaching financial close on these new facilities was a key part of our capital allocation review process," Dalrymple Bay CEO Michael Riches said.

"DBI maintains substantial debt capacity to fund its committed NECAP [Non-Expansionary Capital Expenditure] projects, now at a significantly lower cost and this refinance creates greater flexibility and options," he added.

Commenting on the benefits of the new funding arrangement, Macquarie said:

Upside from the transaction is: No longer is debt risk margins +350bps for additional borrowing. The risk premium has dropped to 150-200bps. Whilst the current debt has locked much of this, all future NECAP financing cost is materially cheaper, lifting the long-term value of DBI.

Macquarie reiterated its outperform rating on the ASX 200 dividend stock. According to the broker:

We think DBI is a unique investment with dividend growth of 5% and a valuation EV/EBITDA multiple of 13x, which is below comparable port multiples. Main upside event is 8X development, and medium-term repricing to capture more of the difference between NQXT [North Queensland Export Terminal] and DBCT [Dalrymple Bay Coal Terminal].

Macquarie increased its price target for Dalrymple Bay shares to $5.33 (up from the prior $4.91), which it said reflects lower funding costs.

That represents a potential upside of 11.7% from current levels. And it doesn't include those upcoming dividends.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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