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

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.26

21 Nov
2025

-0.090

OPEN

$3.29

-2.69%

HIGH

$3.31

6,066,766

LOW

$3.26

TARGET
$3.546

+0.04 change from previous day

 8.8% 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 . RUL . SGH . SRG . SXE . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
DNL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 7.8 25.7 xxx
DPS (cps) xxx 11.9 12.7 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx - 67.3% 7.1% xxx
PE Ratio xxx N/A 13.0 xxx
Dividend Yield xxx N/A 3.8% xxx
Div Pay Ratio(%) xxx 151.8% 49.6% xxx

Dividend yield today if purchased 3 years ago: 2.94%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.57

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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.2

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Citi

11/11/2025

1

Upgrade to Buy from Neutral

$4.00

22.70%

After a thorough analysis of Dyno Nobel's FY25 results, Citi highlights its transformation into a pure explosives business is delivering strong growth.

This is supported by innovation, structural tailwinds, and the transformation program is targeting $600m EBIT by FY28. The broker notes AN volumes remain important but the company's ability to shift to bundled end-to-end solutions underpins sustained profitability.

Target lifted to $4.00 from $3.50. Rating upgraded to Buy from Neutral.

At first glance, the broker wrote:

Citi views today's Dyno Nobel’s FY25 result as solid, with group earnings (EBIT) of $714m at the top end of guidance and ahead of expectations.

The Explosives division performed strongly, highlights the broker, guiding to FY26 EBIT of $460-500m, around 4% above expectations, supported by continued growth at DNEL and progress on the Perdaman Offtake Agreement.

The broker notes Fertiliser separation is advancing and leverage of 1.4x remains below forecasts, though higher interest and tax costs led to a modest EPS miss. Citi expects the FY25 momentum to continue into FY26.

FORECAST
Citi forecasts a full year FY26 dividend of 10.10 cents and EPS of 24.80 cents.
Citi forecasts a full year FY27 dividend of 10.90 cents and EPS of 18.70 cents.

Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

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

0

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
Access Extra Coverage Research History >

DNL STOCK CHART

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