Dyno Nobel Ltd

DNL: XASX (AUS)

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Incitec Pivot Earnings: Record Performance From Asia-Pacific Explosives

Mark Taylor

Nov 11, 2024

No-moat manufacturer and distributor of explosives and fertilizer Incitec Pivot reported a 31% decline in underlying fiscal 2024 NPAT to AUD 401 million. This was well ahead of our forecast for a 39% decline to AUD 354 million, though, due chiefly to lower-than-expected depreciation and tax. We read no material implication for our midcycle estimates but increase our fair value estimate by 3% to AUD 3.50 for time value of money. At AUD 3.11 shares are somewhat undervalued, in 3-star territory.

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Dyno Nobel Ltd

Incitec Pivot Earnings: Record Performance From Asia-Pacific Explosives

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