Pinned straw:
Discl: Held IRL 4.12% and in SM
DBI announced its TIC Year Forecast Terminal Infrastructure Charge (TIC) for TIC Year 26/27 and Distribution Guidance for TY26/27, together with its FY25 AGM material.
DBI also announced the TY-26/27 Distribution Guidance of 28.62 cents per stapled security, up 8.5% YoY.
Chart Review
Nice breakout is occurring this morning - the price is now blasting past the previous all-time-high of $5.58.
From the last up move which started on 12 Mar 2026, the price retraced nicely a tad past 38.2%, at prior congestion levels ~$5.17, before taking off again - textbook price movement really.
We have higher lows and now, a higher high, so the bullish trend is very much intact.
This is very much supported by the increased TIC, which translates directly to increased revenue, and by the increased TY 26/27 Distribution, both which keeps shareholders like me very happy indeed!
@Saiton, a good one to add to your watch list from a pattern and fundamentals perspective!
TERMINAL INFRASTRUCTURE CHARGE
The annual TIC Charge growth chart is a nice one as (1) it is indexed to the CPI and (2) the Non-expansion Capital Expenditure (NECAP).
DISTRIBUTIONS
And so is the Distributions chart which runs by TIC year - this continues to grow steadily, supporting the very nice price growth in DBI.
Nice update @jcmleng
Big thing for me with this asset is that they had ~$100m of NECAP (Capital) spending approved by the regulator this year and that helped contribute to an 8% Terminal Income Charge (TIC) increase. Over the next 12 months though, planned NECAP spending is over $300m, so if they can get all that done, the TIC increase might be more like 14%-15% next year.
On top of that, following a capital allocation review last year, DBI committed to a 60-80% dividend payout ratio with an aim to pay towards the higher end of that range. Last year they were at 70%. So it's not hard to envision DBI getting their 15% TIC increase and simultaneously moving the payout ratio up to 75%, which if my numbers are correct would lead to an approx 13% dividend increase to 30cps this time next year.
The alternative to this might be that they have been regularly hinting that they are looking at M&A options available to them. "While DBI remains focused on organic growth, we continue to explore opportunities to acquire high-quality infrastructure assets with a risk profile consistent with that of DBT." So perhaps they hold the dividend ratio steady at 70% and retain some funds to buy an accretive asset?
Either way, I think DBI is one of the most rock-solid defensive assets on the ASX, as they look set to grow income well above inflation for the next 5+ years, but you're no longer getting it all that cheap at ~30ish FY27 forward P/E or 15ish P/FFO