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Dyno Nobel Ltd ASX:DNL

2 opened or increased5 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 12 managers in total.

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202420252026

11 May 2025 to today

Commentary Showing 2 of 28

DateManagerActionSummary

28 Sep 2026Wilson Asset ManagementHeldWilson Asset Management continues to hold Dyno Nobel (ASX: DNL) because the global explosives and blasting services provider, which supports mining, quarrying and construction customers, now operates as a pure-play explosives business following its exit from fertilisers. WAM notes that at its 2026 Investor Day management reaffirmed an FY2028 EBIT target of $600 million and introduced an FY2031 EBIT target of $800 million, ahead of market expectations, driven mainly by existing operations, energetics earnings and selective bolt-on acquisitions. WAM believes expansion into defence energetics is strategically attractive, leveraging existing explosives expertise in a growing market where listed peers trade on higher valuation multiples.

Mining ServicesNewsletter, price recorded $3.92

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21 Sep 2026Pendal GroupHeldPendal Group continues to hold its position in Dyno Nobel after the company hosted an investor day and narrowed its FY26 EBIT guidance, with the revised midpoint slightly below consensus, though net profit after tax came in 4% better on lower interest costs and a reduced tax rate. Pendal highlights the standout announcement of a new FY31 EBIT target of $800 million, up from a prior FY28 goal of $600 million, supported by recent progress in defence energetics contracts. The manager notes the buyback has been suspended to preserve capital for future bolt-on acquisitions, viewing the long-dated target as a positive sentiment driver despite limited near-term earnings revisions.

Mining ServicesNewsletter, price recorded $4.02

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26 more comments on DNLPro shows every comment, with a link to each source document.

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Articles

28 Sep 2026Dyno Nobel's Pure-Play Bet Pays Off, Then a Gas Supplier Collapses
13 Jul 2026Dyno Nobel's Pure-Play Explosives Pivot Pays Off on Tight Supply

About Dyno Nobel Ltd

Materials, Chemicals

Dyno Nobel (ASX:DNL), formerly Incitec Pivot, is now a pure-play explosives company that fund managers believe is under-appreciated. In September 2026, Yarra Capital Management said Dyno Nobel has gone under the radar, highlighting quality gas-backed ammonium nitrate production in Australia and the US and demand supported by strong commodity prices. Pendal noted an investor day where FY26 EBIT guidance was narrowed, with the midpoint slightly below consensus, and Wilson Asset Management described its global blasting services business. Pendal earlier reported a fall after gas supplier QPM entered administration, affecting its Moranbah plant. Dyno Nobel operates in the Materials sector within the Chemicals industry, and Thesis Tracker has captured 25 comments from 12 fund managers, including Yarra, Pendal and Wilson Asset Management. Founded in 2003 and headquartered in Melbourne, Dyno Nobel manufactures explosives, initiating systems and ammonium nitrate and provides blasting services to mining, quarrying and construction customers.

Market cap: $6.9b
Price to earnings: 27.7x
Return on equity: 5.8%
Dividend yield: 3.1%
Price to book: 1.70x
Net margin: -1.0%
52-week range: $2.83 to $4.22

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Dyno Nobel Ltd (ASX:DNL)?

Fund managers including Maple-Brown Abbott, Yarra Capital Management, Cooper Investors, Ten Cap, Montgomery Investment Management, Atlas Funds Management, Endeavor Asset Management, Pendal Group, Wilson Asset Management, Blackwattle Investment Partners, Paradice Investment Management and Oracle Advisory Group have invested in Dyno Nobel Ltd (ASX:DNL).

What opportunities or catalysts do fund managers highlight for Dyno Nobel Ltd?

Yarra and Wilson highlight a simplified pure-play explosives business with quality gas-backed manufacturing assets, strong mining demand and potential cost savings.

What are the key risks to the Dyno Nobel Ltd investment thesis, according to fund managers?

Pendal notes FY26 guidance narrowed slightly below consensus and gas supply risk after QPM, which supplies the Moranbah ammonium nitrate plant, entered voluntary administration.

What does Dyno Nobel Ltd (ASX:DNL) do?

Dyno Nobel Ltd., founded in 2003 and headquartered in Melbourne, Australia, manufactures and sells explosives, fertilisers, and industrial chemicals. The company operates through two primary divisions: Asia Pacific and Americas. The Asia Pacific division includes Incitec Pivot Fertilisers, Southern Cross International, and Dyno Nobel Asia Pacific, providing fertilisers and industrial explosives to the regional mining and agricultural sectors. The Americas division, Dyno Nobel Americas, supplies industrial explosives and services to the mining, quarrying, and construction industries. Operations are supported by corporate and intersegment eliminations to ensure accurate group-level reporting.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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