ASX 200 stock Dalrymple Bay Infrastructure Ltd (ASX: DBI) is in focus after it drew a positive outlook in a recent report from Canaccord genuity.
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Company overview
Dalrymple Bay Infrastructure owns and operates the metallurgical coal export facility at Dalrymple Bay. The facility is located at the Port of Hay Point, south of Mackay in Queensland.
It is the world's largest coal export facility, serving the coal-rich Bowen Basin. It is an important link in the global steelmaking supply chain.
The company provides handling and loading capacity to independent customers shipping coal for export.
Its share price has risen significantly in the past 12 months, up 35.3%.
For context, the S&P/ASX 200 Industrials (ASX:XNJ) index is up roughly 5% in that same span.
What did it report in February?
In late February, the company released full-year results for the financial year 2025.
This included:
- Terminal Infrastructure Charge (TIC) revenue rose 3.9% to $307.6 million
- EBITDA increased 5.2% to $294.3 million
- Statutory net profit after tax was $29.2 million
- Funds From Operations (FFO) grew 10.6% to $173.3 million
- Net debt stood at $1,975.7 million at year end
- Total distributions for FY-25 climbed 11.9% to 24.625 cents per security.
The share price spiked following these results, but has since softened over the last week or so.
Why you should add this ASX 200 stock to your portfolio.
According to a recent report from Canaccord Genuity, Dalrymple Bay Infrastructure's business model is underpinned by a regulated framework and favourable contract structure.
This supports defensive, inflation-linked earnings with high cash flow visibility.
The firm said in yesterday's report the Terminal Infrastructure Charges indexed to inflation, 100% take-or-pay contracts, socialisation of un-contracted capacity, and recoverable operating costs collectively drive ~95% EBITDA margins and stable, predictable cash-flow growth with minimal exposure to coal price or volume volatility.
According to Canaccord Genuity, the company's CPI-linked earnings base combined with these incremental initiatives supports a credible pathway to mid-to-high single-digit FFO growth and double-digit dividend growth over the medium term.
Consensus currently expects a three-year (FY25-28) FFO and DPS CAGR of ~7% and ~10%, respectively.
From a valuation perspective, DBI trades on a forward EV/EBITDA of 14.1x and a forward dividend yield of 5.6%, representing compelling value relative to key ASX infrastructure peers (e.g. TCL at ~25x and 4.9%). Our conviction is further supported by DBI's superior contract visibility and simpler regulatory framework relative to key peers, alongside strong earnings momentum and, in our view, further upside risk to consensus.
