ASX 200 stock Dalrymple Bay Infrastructure Ltd (ASX: DBI) is in focus today as investors hastily exit their positions.
Dalrymple Bay owns and operates the metallurgical coal export facility at Dalrymple Bay, 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 and is an important link in the global steelmaking supply chain.
Today, its share price is down more than 3% despite the broader ASX 200 storming ahead.
At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is a full 1% higher.
This comes after an investor update earlier this week.
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What did Dalrymple Bay Infrastructure report?
- Funds From Operations (FFO) rose 10.6% year-on-year to $173.3 million
- EBITDA increased 5.2% to $294.3 million for FY-25
- Distributions per security lifted 11.9% to 24.625 cents
- Capital projects worth $429.6 million completed or underway as at 31 March 2026
- $1.07 billion in new debt financing executed during the period
- Zero serious injuries or illnesses recorded for FY-25
Despite these results, its share price has fallen almost 4%.
After a volatile 2026 so far, its share price remains 6% higher than the start of the calendar year.
What is Morgans saying about this ASX 200 stock?
The team at Morgans have released updated guidance on this ASX 200 stock following its investor presentation.
The broker noted that this ASX 200 company's share price has increased 17% since Morgan's high conviction upgrade of the stock's rating in March.
However it seems the broker now views it as fully valued.
We moderate from BUY to HOLD, given 12 month potential total return has compressed to c.3%. 12 month target price set at $5.31/sh, down -4cps from previously due to negligible forecast changes related to actual March CPI (used in the July annual escalation of TIC revenue), higher QCA-approved non-expansionary capex for inclusion in the asset base than previously indicated by DBI (also impacts July's revenue escalation), and updated debt service forecasts.
Limited upside
From today's share price hovering around $5.26, this updated price target of $5.31 from Morgans indicates it is trading close to fair value.
The broker said the next key event is this month's AGM.
We expect DBI to provide new DPS guidance for the next 12 months at or around that time and target 29.5cps.
It appears the broader market agrees there is limited upside for this ASX 200 stock.
Specifically, 8 analyst forecasts via TradingView place an average upside potential of roughly 5% on the company.
