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Develop Global Limited
(Sydney:DVP)
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Rating:67Neutral
Price Target:
AU$6.00
â–²(7.91% Upside)
Action:Reiterated
Date:06/14/26
The score is driven primarily by solid financial stability and strong top-line growth, tempered by weak profitability and negative free cash flow. Technical momentum is supportive, but valuation looks relatively expensive given the P/E and lack of dividend yield data.
Positive Factors
Revenue Growth
Sustained ~18.8% revenue growth indicates expanding contract wins and demand for mining services. Over 2-6 months this underpins higher utilisation of fixed resources, strengthens bargaining power on pricing and contract terms, and supports scale-driven margin recovery if cost control continues.
Negative Factors
Profitability Weakness
Negative operating and net margins show the business is not yet converting revenue into sustainable profits. Over months this pressures internal reinvestment, limits retained earnings for project funding, and requires persistent efficiency gains or pricing power to achieve durable returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained ~18.8% revenue growth indicates expanding contract wins and demand for mining services. Over 2-6 months this underpins higher utilisation of fixed resources, strengthens bargaining power on pricing and contract terms, and supports scale-driven margin recovery if cost control continues.
Read all positive factors
Develop Global Limited (DVP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.80B
Dividend YieldN/A
Average Volume (3M)1.44M
Price to Earnings (P/E)20.1
Beta (1Y)2.92
Revenue Growth48.61%
EPS GrowthN/A
CountryAU
Employees651
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.28
Shares Outstanding329,985,470
10 Day Avg. Volume921,382
30 Day Avg. Volume1,437,006
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)2.10
Price to Sales (P/S)5.71
P/FCF Ratio-27.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$7.20Price Target Upside29.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.6
Revenue Forecast (FY)AU$768.03M
Develop Global Limited Business Overview & Revenue Model
Company Description
Operating with its various subsidiaries across Australia, Develop Global Limited specializes in the exploration and advancement of mineral resource properties. The firm's primary focus lies in uncovering deposits of base and precious metals such a...
How the Company Makes Money
Develop Global Limited makes money primarily through (1) contract mining and mining services revenue and (2) project-related revenue and value uplift from its own development assets (where advanced enough to generate sales or other monetisable out...
Develop Global Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 288.98M | 231.47M | 147.23M | 67.78M | 4.51M | 0.00 |
| Gross Profit | 3.34M | 22.13M | 100.07M | -11.13M | 873.35K | -415.39K |
| EBITDA | 11.28M | 26.96M | 14.13M | -1.33M | -8.63M | -89.37M |
| Net Income | 73.09M | 72.39M | -12.13M | -17.89M | -9.22M | -89.88M |
Balance Sheet | ||||||
| Total Assets | 908.55M | 898.08M | 471.23M | 245.80M | 204.88M | 57.32M |
| Cash, Cash Equivalents and Short-Term Investments | 180.39M | 58.63M | 41.50M | 21.77M | 43.21M | 16.83M |
| Total Debt | 157.83M | 158.29M | 40.81M | 28.74M | 4.23M | 103.78K |
| Total Liabilities | 269.24M | 267.67M | 121.79M | 96.14M | 60.33M | 21.72M |
| Stockholders Equity | 638.75M | 629.96M | 349.27M | 149.66M | 144.55M | 35.60M |
Cash Flow | ||||||
| Free Cash Flow | -57.22M | -47.71M | -22.75M | -27.76M | -15.61M | -5.01M |
| Operating Cash Flow | 21.89M | 12.62M | 11.00M | 12.24M | -6.62M | -2.43M |
| Investing Cash Flow | -98.45M | -84.40M | -32.15M | -38.62M | -25.47M | -2.43M |
| Financing Cash Flow | 144.95M | 88.90M | 40.88M | 4.92M | 58.49M | 19.43M |
Develop Global Limited Technical Analysis
Negative
5.56
Price Trends
6.22
Negative
5.64
Negative
5.02
Positive
Market Momentum
-0.17
Positive
37.57
Neutral
23.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DVP, the sentiment is Negative. The current price of 5.56 is below the 20-day moving average (MA) of 6.15, below the 50-day MA of 6.22, and above the 200-day MA of 5.02, indicating a neutral trend. The MACD of -0.17 indicates Positive momentum. The RSI at 37.57 is Neutral, neither overbought nor oversold. The STOCH value of 23.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:DVP.
Develop Global Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | AU$1.21B | 11.75 | 20.65% | ― | 30.24% | 4.06% | |
77 Outperform | AU$1.81B | 19.91 | 13.05% | 2.24% | 13.92% | 95.48% | |
75 Outperform | AU$1.95B | 15.94 | 6.65% | 2.46% | 1.39% | 40.82% | |
67 Neutral | AU$1.80B | 20.15 | 11.52% | ― | 48.61% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$113.66M | 12.71 | 13.72% | ― | -6.93% | 96.28% | |
46 Neutral | AU$1.18B | -15.56 | -9.67% | ― | ― | ― |
* Basic Materials Sector Average
AU:DVP
Develop Global Limited
5.54
1.04
23.11%
AU:PRN
Perenti Global
2.09
0.40
23.82%
AU:BCI
BCI Minerals Ltd
0.40
0.05
12.68%
AU:MAH
Macmahon Holdings Limited
0.86
0.57
197.58%
AU:MLX
Metals X Limited
1.37
0.73
112.40%
AU:MSV
Mitchell Services Limited
0.54
0.27
99.63%
Develop Global Limited Corporate Events
State Street group exits substantial holder position in Develop Global
Jul 13, 2026
Develop Global Limited has disclosed that State Street Corporation and several of its asset management and trustee subsidiaries, including State Street Global Advisors entities in the U.S., Europe and Australia, have ceased to be substantial holde...
Develop Global sets date for June quarter results and investor briefing
Jul 13, 2026
Develop Global Limited has announced that its June 2026 Quarterly Report will be released to the market on Tuesday, 28 July 2026, with the document to be accessible via the ASX announcements platform under code DVP and on the company’s websi...
Develop Global Reports Lapse of 1.4 Million Performance Rights
Jul 8, 2026
Develop Global Limited, traded on the ASX as DVP, is a resources-sector company that employs performance rights within its broader capital and remuneration framework. These rights are typically conditional instruments that align staff incentives w...
Develop Global to Enter S&P/ASX 200 as Qube Exits After Acquisition
Jul 3, 2026
Develop Global Limited will join the SP/ASX 200 Index, replacing Qube Holdings Limited after Qube is removed due to its planned acquisition by Rubik Australia Pty Limited, effective prior to the open of trading on July 09, 2026. The index change u...
Develop Global issues 285,000 new shares from conversion of unquoted securities
Jul 1, 2026
Develop Global Limited has issued 285,000 ordinary fully paid shares following the exercise or conversion of previously unquoted options or convertible securities. The new shares, dated 22 June 2026, reflect the company’s ongoing use of equi...
MLG Oz wins A$70m mining and crushing contract at Pioneer Dome lithium project
Jun 29, 2026
MLG Oz Limited has secured a fully integrated open pit mining and crushing services contract from Develop Global at the Cade Pit, the first mining stage of the Pioneer Dome Lithium Project in Western Australia’s Eastern Goldfields. The 12-mo...
Develop secures key mining contract as Pioneer Dome nears first lithium sales
Jun 29, 2026
Develop Global has awarded a A$70 million open-pit mining and crushing contract for its Pioneer Dome lithium project in Western Australia to Kalgoorlie-based MLG Oz, a move that secures a key operational milestone ahead of first production. With m...
Develop Global Director Reshuffles Indirect Shareholdings Without Changing Total Stake
Jun 25, 2026
Develop Global Limited has notified the ASX of a change in director Michael Gerrard Blakiston’s relevant interests in the company’s ordinary shares, reflecting an internal transfer between entities through which he holds indirect stake...
Develop Global issues 7.8m long-dated unquoted warrants as part of capital strategy
Jun 24, 2026
Develop Global Limited has notified the market of a new issue of 7,833,792 unquoted warrants with an exercise price of A$9.1050, expiring on 22 June 2031, to be issued on 22 June 2026. The securities form part of a previously flagged transaction a...
Develop Global director lifts indirect shareholding via on-market purchase
Jun 17, 2026
Develop Global Limited has disclosed a change in director Duncan Bradford’s indirect interests in the company’s shares, via holdings in EDGZ Pty Ltd, where he is a shareholder and director. The filing notes that this is an indirect int...
Develop Global Director Trims Indirect Shareholding in On-Market Trade
Jun 17, 2026
Develop Global Limited disclosed a change in the indirect shareholding of director Michael Gerrard Blakiston, who holds interests via HSBC Custody Nominees on behalf of the Northern Trust Company and the Solemn Vow Unit Trust, as well as through B...
Develop Global Issues New Tranche of Unquoted Performance Rights
Jun 17, 2026
Develop Global Limited has issued 13,414 unquoted performance rights under its employee incentive scheme, with the securities designated as DVPAV and dated 22 May 2026. These performance rights are subject to transfer restrictions and will not be ...
Develop Global secures US$400m Trafigura funding to advance copper and lithium growth projects
Jun 9, 2026
Develop Global has approved final investment decisions for its Sulphur Springs copper-silver-zinc project and Pioneer Dome lithium project, securing a US$400 million funding package from global commodities trader Trafigura. The financing comprises...
Develop Global advances Pioneer Dome lithium DSO project toward mid-2026 investment decision
May 27, 2026
Develop Global is progressing its Pioneer Dome Lithium Project in Western Australia, where recent 20,000m infill and grade-control drilling has confirmed a high-grade lithium deposit with low impurities, suitable for direct shipping ore and in man...
Develop to redeploy capital and workforce as Bellevue contract ends, pivoting to Core Lithium and own projects
May 12, 2026
Develop Global will conclude its underground mining contract at Bellevue Gold’s Western Australian mine on 31 July 2026, freeing about A$50 million of equipment and infrastructure for redeployment. The shift coincides with the start of a new...
Develop Global wins A$274m Core Lithium underground mining contract
May 12, 2026
Develop Global has secured a A$274 million contract to carry out all underground development and production at Core Lithium’s BP33 mine, part of the Finniss Lithium Project in the Northern Territory, starting underground mining in July 2026 ...
Develop Global’s Quarterly Cash Flows Highlight Heavy Investment and Stabilising Operations
Apr 22, 2026
Develop Global Limited reported quarterly cash flows showing modest net operating cash outflows of A$2.05 million for the March 2026 quarter, but a positive A$17.82 million in operating cash flow for the financial year to date, supported by A$79.4...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.