Pinned straw:
20-Nov-2025: https://investors.dbinfrastructure.com.au/DownloadFile.axd?file=/Report/ComNews/20251120/03025613.pdf
That link above may download a .PDF file to your device rather than open the file in your browser, but if you have any issues with that link, you can use the one below and click on "ASX Announcements" and then "Investor Presentation - Dalrymple Bay Terminal Site Visit"
Source: https://investors.dbinfrastructure.com.au/investor-centre/
Nine Sample Slides:
I hold DBI in my SMSF and I topped up the position today. I originally added DBI to my Super after watching the second (and most recent) meeting here between Andrew and DBI's CEO Michael Riches.
On September 30th DBI announced that their Board had appointed Michael Riches as DBI's MD, in addition to his role as CEO, so his title is now ‘Managing Director and Chief Executive Officer’.
DBI has a compelling business case, even though they are not a growth story that is going to shoot the lights out. With their quarterly partially franked dividends DBI is a dependable income provider with some growth as well, that is a solid inclusion for an income portfolio or just as a place to park cash while waiting for better opportunity to deploy that cash, IMO.
I have trimmed some of my gold producer positions today (NST, CMM, EVN) and fully exited CSC (Capstone Copper) and have re-initiated positions in ARB and TNE - both of whom have fallen enough recently to provide some double digit percentage gains if they trade back up to where they were trading just 5 to 6 weeks ago. I don't believe they are worth less today than they were 5 to 6 weeks ago, and while I do understand that they both had quality / management premiums in their share prices then, so would have looked expensive to many, I believe those premiums were well-deserved.
I view TNE and ARB as two of the highest quality companies on the ASX, and ARB in particular as having one of the best management teams, and I'm always happy to add them back into my SMSF when they have share price falls like they have had in recent weeks. Both are up today, so I'm hoping the selling is over with both of them, but even if it's not, happy with these prices I paid today. I looked at MAQ as well, but the near-to-mid-term upside looks greater with ARB and TNE.
DBI is not in the same league as ARB and TNE (or MAQ), not by a long shot, but DBI do provide me with some diversification which I reckon I need when my SMSF is so heavily weighted to gold companies.
DBI is a solid defensive position in my view, as evidenced by the fact that their SP either didn't drop at all, or dropped less when it did drop, during the market's recent "down" days. DBI is actually a very well structured infrastructure play with very little downside over the next few years because of their structure and the fact that they are fully contracted via take or pay contracts and they have a waiting list for any spare capacity they may have in the future, so I rate them as a great place to park cash.
Discl: Held IRL 1.56% and in SM
@Bear77, fully agree. It was a good slide pack which added/reinforced how good a position DBI is actually in:
- The Port has a clear history of Port Expansions and Non-Expansion Capital Expenditure (NECAP) to add incremental capacity and incremental improvement of the facilities - these result in revenue step up, with clear cost recovery mechanisms
- Long tail to coal reserves in the Bowen Basin ...
- The Take-or-Pay is a very unique arrangement, more so against the backdrop of its location, proximity to major mines vs other port options, available capacity and coal production requirements/commitments
- Alternative ports are either (1) too far (2) closed access for cost effective exporting - this is a huge moat for DBI
This was a really good slide:
Makes clear that DBI only (1) leases the port and the land around the port (2) owns access to the port
DBI:
- Does not regulate the access of the Port - QCA
- Does not own the Land on which the port sits - NQBP
- Does not manage the channel, dredging - NQBP
- Does not own the Port - DBCT Holdings
- Does not manage the operations of the Port - DBCT P/L
I actually don't think of DBI as a "defensive" holding, but I consider it as "playing offense-with-a-defensive" holding.
As you say, the growth and capital gains will not be tech-growth like, but I really like the slower-but-steadier growth trajectory, backed by high-quality dividends, with a lot of unique downside safety nets and as tight a moat as I've seen. Hell, this is no Woolies ...!
Have slowly built my position, nibbling when it goes below 4.30 - was hoping to nibble some more today if the market correction continued, but that didn't quite play out.
