DYNO NOBEL LIMITED (DNL)
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DNL

DNL - DYNO NOBEL LIMITED

FNArena Sector : Mining Sector Contracting
Year End: September
GICS Industry Group : Materials
Debt/EBITDA: 2.63
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Dyno Nobel manufactures and supplies commercial explosives, blasting systems and related services to the mining, quarrying and construction industries.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.82

06 Nov
2026

-0.110

OPEN

$3.89

-2.80%

HIGH

$3.92

8,833,852

LOW

$3.76

TARGET
$4.345 13.7% upside
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . ARI . C79 . CDA . DOW . EHL . GNG . IMD . IPG . LBL . LYL . MAD . MAH . MIN . MLG . MND . MSV . MYE . NWH . ORI . PRN . RAN . RCR . RKT . SGH . SRG . SXE . TEA . VBC . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
DNL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 7.8 18.6 xxx
DPS (cps) xxx 11.9 9.2 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx - 67.3% - 22.5% xxx
PE Ratio xxx N/A 18.3 xxx
Dividend Yield xxx N/A 2.7% xxx
Div Pay Ratio(%) xxx 151.8% 49.6% xxx

Dividend yield today if purchased 3 years ago: 4.13%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.50

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/06 - (franking ex-div 4.60c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx7.8
DPS All xxxxxxxxxxxxxxx11.9
Sales/Revenue xxxxxxxxxxxxxxx3,710.1 M
Book Value Per Share xxxxxxxxxxxxxxx246.8
Net Operating Cash Flow xxxxxxxxxxxxxxx574.7 M
Net Profit Margin xxxxxxxxxxxxxxx3.97 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx3.17 %
Return on Invested Capital xxxxxxxxxxxxxxx2.34 %
Return on Assets xxxxxxxxxxxxxxx1.81 %
Return on Equity xxxxxxxxxxxxxxx3.17 %
Return on Total Capital xxxxxxxxxxxxxxx7.30 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-61.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx626 M
Long Term Debt xxxxxxxxxxxxxxx1,391 M
Total Debt xxxxxxxxxxxxxxx2,017 M
Goodwill - Gross xxxxxxxxxxxxxxx1,779 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx647 M
Price To Book Value xxxxxxxxxxxxxxx1.26

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx474.2 M
Capex % of Sales xxxxxxxxxxxxxxx12.78 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,688 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx538 M
Research & Development xxxxxxxxxxxxxxx23 M
Investments - Total xxxxxxxxxxxxxxx458 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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xx/xx/xxxx

3

xxxxxxx

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xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

20/10/2026

1

Upgrade to Overweight from Equal-weight

$4.80

25.65%

Morgan Stanley is increasingly confident in the medium-term earnings outlook for Dyno Nobel. Earnings quality is seen improving with additional upside from defence.

The company is entering a new phase as a pure global explosives business, commentary posits, with the separation of fertiliser complete.

The broker assesses the market has largely de-risked FY28 but remains too cautious in the longer term. Morgan Stanley forecasts FY31 explosives EBIT of $728m.

The company has secured two US government-backed projects at Graham, supported by more than US$1bn in government funding and first TNT production due in 2028.

Rating is upgraded to Overweight from Equal-weight. Target rises to $4.80 from $3.50. Industry view: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 9.00 cents and EPS of 18.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 9.00 cents and EPS of 19.00 cents.

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

02/11/2026

2

Overweight

$4.10

7.33%

Jarden maintains its overweight rating for Dyno Nobel with its target price unchanged at $4.10 ahead of the FY26 result release on 9 November.

Jarden notes that investor focus will centre on the trajectory towards the FY28 EBIT ambition of $600m and details regarding balance sheet capacity utilisation.

Tight market conditions in Dyno North Americas and sustained growth in Asia Pacific operations are expected to support performance.
Access Extra Coverage Research History >

DNL STOCK CHART

FNArena News on DNL

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 06-11-26

Nov 06 2026 - Weekly Reports
2
Rudi’s View: Previews To November Results

Nov 05 2026 - Rudi's View
3
Rudi’s View: Optimism Up, Headwinds Remain

Nov 04 2026 - Rudi's View
4
Australian Broker Call *Extra* Edition – Nov 02, 2026

Nov 02 2026 - Daily Market Reports
5
Next Week At A Glance – 2-6 Nov 2026

Oct 30 2026 - Weekly Reports

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