Dyno Nobel Ltd

DNL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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A Stronger Fiscal Second Half Beckons

Mark Taylor

Sep 24, 2025

Business Strategy and Outlook

Dyno Nobel (nee Incitec Pivot) aims to expand its business around its strong global market share in explosives. This provides an increasingly stable earnings stream relative to previously more volatile earnings from its now mostly exited fertilizer business. Dyno Nobel was a material player in the Australian domestic fertilizer market, but largely sold down this position in 2025 to focus on explosives. Competitive advantages include a duopoly Australian explosives business and global explosives operations.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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Dyno Nobel Ltd

A Stronger Fiscal Second Half Beckons

Business Strategy and Outlook

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