Dyno Nobel (AU:DNL)
ASX:DNL
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Dyno Nobel
(Sydney:DNL)
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Rating:61Neutral
Price Target:
AU$4.00
▲(23.84% Upside)
Action:Reiterated
Date:03/10/26
The score is held up mainly by a comparatively stable balance sheet, but is weighed down by declining revenue/profitability and a significant drop in free cash flow. Technical indicators also lean bearish with the price below key moving averages and negative MACD, while valuation is pressured by a high P/E despite the dividend yield.
Positive Factors
Balance sheet strength
Moderate leverage and a strong equity base give Dyno Nobel lasting financial resilience. A 0.46 debt-to-equity and 56.6% equity ratio provide capacity to fund working capital, support site logistics and weather cyclical mining downturns without immediately needing dilutive capital or deep cuts to operations.
Negative Factors
Sustained revenue decline
Two consecutive years of material revenue decline reduce scale benefits and weaken negotiating leverage with suppliers and customers. Lower volumes can erode fixed-cost absorption, pressure margins, and make it harder to sustain investments in service capabilities and new product initiatives that drive long-term competitiveness.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Moderate leverage and a strong equity base give Dyno Nobel lasting financial resilience. A 0.46 debt-to-equity and 56.6% equity ratio provide capacity to fund working capital, support site logistics and weather cyclical mining downturns without immediately needing dilutive capital or deep cuts to operations.
Read all positive factors
Dyno Nobel (DNL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.65B
Dividend Yield3.6%
Average Volume (3M)5.66M
Price to Earnings (P/E)41.1
Beta (1Y)0.92
Revenue Growth-16.59%
EPS GrowthN/A
CountryAU
Employees5,600
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.09
Shares Outstanding1,754,075,900
10 Day Avg. Volume5,374,447
30 Day Avg. Volume5,655,553
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)1.30
Price to Sales (P/S)1.55
P/FCF Ratio57.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.72Price Target Upside15.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.18
Revenue Forecast (FY)AU$3.55B
Dyno Nobel Business Overview & Revenue Model
Company Description
Dyno Nobel Limited is a global provider and distributor of commercial explosives, with operations spanning the United States, Australia, and Mexico. The company's offerings include specialized packaged explosives such as Powermite cartridges and D...
How the Company Makes Money
Dyno Nobel makes money by manufacturing and selling explosives and by providing associated blasting solutions and services to resource and infrastructure customers.
Key revenue streams:
- Explosives product sales: Revenue is generated from the su...
Dyno Nobel Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.74B | 3.71B | 5.28B | 5.41B | 6.32B | 4.35B |
| Gross Profit | 1.04B | 1.02B | 2.60B | 2.48B | 3.34B | 2.29B |
| EBITDA | 666.30M | 628.30M | -190.20M | 792.40M | 1.83B | 637.80M |
| Net Income | 169.20M | 145.50M | -310.90M | 560.00M | 1.01B | 149.10M |
Balance Sheet | ||||||
| Total Assets | 7.00B | 7.83B | 8.40B | 10.55B | 10.86B | 9.39B |
| Cash, Cash Equivalents and Short-Term Investments | 175.40M | 647.20M | 1.07B | 405.00M | 763.50M | 651.80M |
| Total Debt | 1.60B | 2.02B | 1.96B | 1.97B | 1.96B | 1.91B |
| Total Liabilities | 2.95B | 3.40B | 3.55B | 4.12B | 4.57B | 4.02B |
| Stockholders Equity | 4.05B | 4.43B | 4.85B | 6.43B | 6.29B | 5.37B |
Cash Flow | ||||||
| Free Cash Flow | -7.70M | 100.50M | -88.50M | 205.70M | 659.30M | 295.20M |
| Operating Cash Flow | 347.40M | 574.70M | 290.20M | 700.80M | 1.09B | 650.20M |
| Investing Cash Flow | 194.50M | -526.60M | 1.29B | -481.80M | -574.70M | -342.40M |
| Financing Cash Flow | -910.30M | -481.30M | -887.10M | -584.60M | -413.20M | -211.20M |
Dyno Nobel Technical Analysis
Positive
3.23
Price Trends
3.50
Positive
3.35
Positive
3.25
Positive
Market Momentum
0.09
Positive
59.61
Neutral
46.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:DNL, the sentiment is Positive. The current price of 3.23 is below the 20-day moving average (MA) of 3.76, below the 50-day MA of 3.50, and below the 200-day MA of 3.25, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 59.61 is Neutral, neither overbought nor oversold. The STOCH value of 46.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:DNL.
Dyno Nobel Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | AU$10.59B | 43.92 | 6.34% | 2.28% | 1.79% | 156.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$6.65B | 41.08 | 3.99% | 3.60% | -16.59% | ― | |
43 Neutral | AU$78.81M | -1.78 | -73.16% | ― | 21.36% | -70.37% | |
43 Neutral | AU$25.13M | -3.69 | -82.31% | ― | 23.44% | 42.80% |
* Basic Materials Sector Average
AU:DNL
Dyno Nobel
3.79
1.25
48.92%
AU:ORI
Orica Limited
22.86
4.38
23.72%
AU:CXL
Calix Ltd.
0.37
0.04
14.06%
AU:CG1
Carbonxt Group Ltd.
0.06
0.01
31.82%
Dyno Nobel Corporate Events
Dyno Nobel updates market on ongoing on‑market share buy-back
Jun 18, 2026
Dyno Nobel Limited has continued its on-market buy-back program for its ordinary fully paid shares, updating the market as of June 19, 2026. The company reported that a total of 52,454,904 shares had been repurchased prior to the previous day, wit...
Dyno Nobel Updates Market on Progress of On-Market Share Buy-Back
Jun 16, 2026
Dyno Nobel Limited has disclosed an update to its on-market share buy-back program for its ordinary fully paid shares listed under the ASX code DNL. The company, identified by ABN 42004080264, continues to report daily on the progress of the buy-b...
Dyno Nobel Issues 86,030 New Shares Following Option Conversions
Jun 8, 2026
Dyno Nobel Limited has notified the market of the issue of 86,030 new ordinary fully paid shares following the conversion or exercise of previously unquoted options or other convertible securities. The new securities, issued on 4 June 2026, modest...
Dyno Nobel Issues New Unquoted Performance Rights Under Employee Incentive Plan
Jun 8, 2026
Dyno Nobel Limited has notified the market of the issue of 42,050 unquoted performance rights under its employee incentive scheme, dated 4 June 2026. The new performance rights, which will not be quoted on the ASX, indicate the company’s con...
Dyno Nobel Issues New Shares Following Conversion of Unquoted Securities
Jun 8, 2026
Dyno Nobel Limited has issued 50,356 ordinary fully paid shares following the exercise or conversion of previously unquoted securities. The new shares, dated 4 June 2026, reflect the company’s ongoing management of its equity base and may mo...
Dyno Nobel Director Increases Equity Stake Under Share Plan
Jun 8, 2026
Dyno Nobel Limited has reported a change in the securities held by non-executive director Gregory Robinson, reflecting allocations made under the company’s Non-executive Director Share Plan. Robinson’s direct holdings increased through...
Dyno Nobel Cancels 1.5 Million Shares in On-Market Buy-Back
Jun 5, 2026
Dyno Nobel Limited has cancelled 1,521,937 ordinary fully paid shares following completion of an on-market buy-back, as disclosed in an Appendix 3H filing dated June 5, 2026. The reduction in issued capital via buy-back is likely to marginally inc...
Dyno Nobel Updates ASX on Progress of On-Market Share Buy-Back
Jun 4, 2026
Dyno Nobel Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares listed on the ASX. The company disclosed that it had repurchased a cumulative total of 51,437,757 shares prior to the latest tradi...
Bank of America exits substantial stake in Dyno Nobel
Jun 3, 2026
Bank of America Corporation and its related entities have disclosed that they ceased to be a substantial shareholder in Dyno Nobel Limited as of 1 June 2026, ending a previously reported major holding in the explosives maker. The change, lodged vi...
Dyno Nobel Reports Ongoing On-Market Share Buy-Back Activity
Jun 2, 2026
Dyno Nobel Limited has been conducting an on-market share buy-back of its ordinary fully paid shares, under a program first notified to the market in December 2025. The latest update, lodged on June 3, 2026, reports that the company has repurchase...
Dyno Nobel Continues On-Market Share Buy-Back Program
Jun 1, 2026
Dyno Nobel Limited has disclosed an update to its on-market share buy-back, confirming that a total of 51,052,163 ordinary fully paid shares had been repurchased before the most recent trading day. The company reports that a further 181,766 shares...
Dyno Nobel Updates Market on Progress of On‑Market Share Buy‑Back
May 27, 2026
Dyno Nobel Limited has provided an update on its ongoing on-market share buy-back, covering ordinary fully paid shares traded under ASX code DNL. The company reported that a total of 50,676,580 shares had been repurchased before the previous tradi...
Dyno Nobel Updates Market on Progress of On‑Market Share Buy‑Back
May 25, 2026
Dyno Nobel has provided an updated notification to the ASX regarding its ongoing on-market share buy-back, confirming that the program remains active as of 26 May 2026. The company reported that a total of 50,593,640 shares had been repurchased be...
Dyno Nobel Reports Daily Progress on Ongoing Share Buy‑Back
May 24, 2026
Dyno Nobel Limited has updated the market on its ongoing on‑market share buy‑back program for its ordinary fully paid shares listed on the ASX under ticker DNL. The company reported that, as of the latest daily notification dated 25 Ma...
Dyno Nobel Updates Market on Progress of On‑Market Share Buy‑Back
May 21, 2026
Dyno Nobel Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The company reported that as of 21 May 2026 it had repurchased a cumulative t...
Dyno Nobel Declares Interim Dividend of AUD 0.046 Per Share
May 10, 2026
Dyno Nobel Limited has announced a new interim dividend of AUD 0.046 per ordinary fully paid share for the six‑month period ended 31 March 2026, reinforcing its policy of returning cash to shareholders. The dividend will trade ex‑divid...
Dyno Nobel’s Explosives Strength Underpins Guidance as Fertilisers Exit Completed
May 10, 2026
Dyno Nobel reaffirmed its full-year earnings guidance after a strong first half, as its explosives operations drove EBIT excluding significant items up 39% to $243m and NPAT excluding significant items up 83% to $161m. The company lifted its inter...
Dyno Nobel Confirms No Change in Director John Ho’s Shareholding Exposure
Apr 2, 2026
Dyno Nobel Limited has reported that director John Ho’s indirect relevant interest in the company’s securities remains unchanged, with holdings steady at 157,489,475 fully paid ordinary shares and aggregate relevant interests, includin...
Dyno Nobel Details Ongoing On‑Market Share Buy‑Back Activity
Mar 30, 2026
Dyno Nobel Limited has continued its on-market share buy-back program for its ordinary fully paid shares, providing an updated notification to the ASX dated March 31, 2026. The company reported that a total of 48,544,326 shares had been repurchase...
Dyno Nobel Continues On-Market Share Buy-Back Program
Mar 25, 2026
Dyno Nobel Limited, listed on the ASX under ticker DNL, is conducting an on-market buy-back of its ordinary fully paid shares as part of its capital management strategy. The company has been progressively acquiring its own stock since an initial n...
Dyno Nobel Updates Market on Progress of On‑Market Share Buy‑Back
Mar 24, 2026
Dyno Nobel Limited has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program for ordinary fully paid shares. The company disclosed that as of 25 March 2026 it had repurchased a cumulative 4...
Dyno Nobel Updates Market on Progress of On-Market Share Buy-Back
Mar 23, 2026
Dyno Nobel Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of the latest notification dated 24 March 2026, it has repurchased a total of 47,293,759 sh...
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.