Dyno Nobel Management
Management criteria checks 4/4
Dyno Nobel's CEO is Mauro de Moraes, appointed in Jan 2024, has a tenure of 2.67 years. total yearly compensation is A$3.65M, comprised of 35.4% salary and 64.6% bonuses, including company stock and options. directly owns 0.019% of the company’s shares, worth A$1.30M. The average tenure of the management team and the board of directors is 2.7 years and 3.5 years respectively.
Key information
Mauro de Moraes
Chief executive officer
AU$3.7m
Total compensation
| CEO salary percentage | 35.44% |
| CEO tenure | 2.7yrs |
| CEO ownership | 0.02% |
| Management average tenure | 2.7yrs |
| Board average tenure | 3.5yrs |
Recent management updates
Recent updates
Narrative Update • Jun 22
DNL: Explosives Focus And Dividend Payout Will Support Future Steady Returns
Analysts have slightly trimmed their fair value estimate for Dyno Nobel to A$3.61. This reflects a modestly higher discount rate alongside adjusted assumptions for revenue growth, profit margins, and future P/E multiples.Narrative Update • Jun 07
DNL: Pure Play Explosives Focus And Dividend Payout Will Support Measured Returns
Dyno Nobel's analyst price target has been revised slightly to A$3.62 from A$3.61 as analysts fine tune their models around a modestly lower discount rate, a small shift in expected revenue decline, a marginally higher profit margin, and a steady future P/E assumption. What's in the News Dyno Nobel shares recently reached a multi year high, with the move linked in news reports to the company becoming a pure play explosives business and reporting an 83% rise in half year profit.Narrative Update • May 20
DNL: Lower Discount Rate And Dividend Payout Will Support Measured Return Outlook
Analysts have raised their price target on Dyno Nobel to A$3.61 from A$3.43, reflecting updated assumptions that include a slightly lower discount rate, a modestly higher profit margin and a reduced future P/E multiple, even as forecast revenue growth is marked down a touch. What's in the News Dyno Nobel declared an ordinary dividend of A$0.046 per share for the six months ended March 31, 2026, providing cash returns to shareholders for this period (Key Developments).Analysis Article • May 19
Dyno Nobel's (ASX:DNL) Performance Is Even Better Than Its Earnings Suggest
Dyno Nobel Limited ( ASX:DNL ) recently posted some strong earnings, and the market responded positively. We did some...Narrative Update • Apr 27
DNL: Slightly Higher P/E Assumptions Will Support A Measured Return Outlook
Analysts have nudged their price target on Dyno Nobel slightly higher to A$21.10 from A$20.90, citing a small adjustment in discount rate assumptions and updated expectations around revenue trends, profit margins, and future P/E levels. Valuation Changes Fair Value: A$3.43 is unchanged, indicating no revision to the core valuation estimate.Narrative Update • Apr 11
DNL: Refined Discount Rate And P/E Framework Will Support Measured Future Return Profile
Analysts have raised their A$ price target for Dyno Nobel by A$X.X0, citing updated assumptions for the discount rate, profit margin and future P/E that, in their view, better reflect the company’s current risk profile and earnings power. Analyst Commentary Bullish Takeaways Bullish analysts see the higher A$ price target as more aligned with their revised discount rate and earnings assumptions, which they view as better capturing Dyno Nobel’s current risk profile.Narrative Update • Mar 28
DNL: Refined Discount Rate And P/E Assumptions Will Guide Balanced Return Outlook
Analysts have lifted their A$ price target on Dyno Nobel by A$X to A$Y. This reflects updated assumptions around discount rates, revenue growth, profit margins and a slightly higher future P/E multiple following recent research updates.Narrative Update • Mar 13
DNL: Expanded Buyback And Jefferies Upgrade Will Support Forward P/E Repricing
Analysts have trimmed their A$ price target for Dyno Nobel, reflecting slightly lower fair value and margin assumptions, along with updated views on revenue trends and future P/E multiples following recent research, including the Jefferies upgrade rationale. Analyst Commentary Bullish Takeaways Bullish analysts see the revised A$ price targets as still offering some upside relative to their updated fair value work, even after trimming assumptions.Narrative Update • Feb 27
DNL: Buyback Expansion And Refined P/E Assumptions Will Shape Future Rating Balance
Analysts have lifted their A$ fair value estimate for Dyno Nobel by A$0.00, citing modest adjustments to the discount rate and P/E assumptions following the recent upgrade in Street research coverage. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade in research coverage as a signal that the market is paying closer attention to Dyno Nobel's earnings profile and P/E assumptions, which can support a more confident fair value framework.Narrative Update • Feb 11
DNL: Buybacks And P/E Assumptions Will Shape Balanced Rating Outlook
Analyst price targets for Dyno Nobel have been revised to A$3.59 from A$3.35. Analysts point to updated assumptions around discount rates, profit margins and future P/E as key reasons for the change.Narrative Update • Jan 27
DNL: Buybacks And Dividends Will Support Mixed Rating Outlook
Dyno Nobel's analyst price target has been revised slightly higher to A$3.59 from A$3.54, as analysts factor in modest adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions following recent mixed rating actions. Analyst Commentary Bullish Takeaways Bullish analysts are comfortable lifting fair value assumptions slightly, which supports the higher A$3.59 price target and reflects some confidence in Dyno Nobel's ability to execute against current forecasts.Narrative Update • Jan 12
DNL: Neutral View Suggests Buybacks And Dividends Will Steady Future Returns
Narrative Update: Dyno Nobel Analyst Target Revision Analysts have lowered their price target for Dyno Nobel to A$3.35 from A$3.54, citing valuation as the key driver of the updated view. Analyst Commentary Analyst commentary around Dyno Nobel is centered on valuation, with the recent move to a Neutral stance and a A$3.35 price target suggesting that, in their view, the share price now more closely reflects fundamentals.Analysis Article • Jan 09
Insufficient Growth At Dyno Nobel Limited (ASX:DNL) Hampers Share Price
Dyno Nobel Limited's ( ASX:DNL ) price-to-sales (or "P/S") ratio of 1.6x might make it look like a strong buy right now...Analysis Article • Dec 22
Dyno Nobel Limited (ASX:DNL) Shares Could Be 30% Below Their Intrinsic Value Estimate
Key Insights Using the 2 Stage Free Cash Flow to Equity, Dyno Nobel fair value estimate is AU$4.68 Dyno Nobel is...Narrative Update • Dec 18
DNL: Share Buyback And Dividend Policy Will Support Future Upside Potential
Analysts cut their price target on Dyno Nobel by A$0.08 to A$3.35. This reflects a more cautious stance on valuation despite only modest tweaks to growth and discount rate assumptions.Analysis Article • Dec 05
Dyno Nobel (ASX:DNL) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Narrative Update • Dec 04
DNL: Dividend Payout And Neutral Rating Will Shape Steady Near Term Outlook
Analysts have modestly lowered their price target on Dyno Nobel to A$3.35 from A$3.54, citing valuation concerns following its recent outperformance. Analyst Commentary Analysts note that the downgrade to Neutral is primarily driven by valuation following Dyno Nobel's recent share price strength, rather than a material deterioration in fundamentals.Narrative Update • Nov 20
DNL: Dividend Declaration and Forecast Metrics Signal Steady Outlook Ahead
Dyno Nobel's analyst price target has been revised upward from $3.30 to $3.51. This change reflects increased optimism from analysts based on improved revenue growth projections and slightly higher expected profit margins.Narrative Update • Nov 05
DNL: Fair Value Estimate Will Remain Stable Amid Slight Forecast Adjustments
Analysts have raised their price target for Dyno Nobel slightly, from $3.29 to $3.30. They cite modest improvements in revenue growth expectations and a marginally lower discount rate in their updated forecasts.Narrative Update • Oct 22
Analysts Lift Dyno Nobel Price Target as Valuation Edges Up Despite Lower Growth
Analysts have raised their price target for Dyno Nobel slightly to $3.29 from $3.28, citing updated discount rates and revised growth expectations. Valuation Changes Fair Value has increased marginally, moving from A$3.28 to A$3.29 per share.Narrative Update • Oct 08
Dyno Nobel Asia Pacific's Record Earnings And Advanced Technology To Drive Global Explosives Leadership
Analysts have raised their price target for Dyno Nobel from $3.06 to $3.28. This reflects improved profit margin projections and a slightly lower discount rate, despite expectations for reduced revenue growth.Narrative Update • Sep 24
Dyno Nobel Asia Pacific's Record Earnings And Advanced Technology To Drive Global Explosives Leadership
Dyno Nobel's consensus analyst price target has increased to A$3.06, primarily reflecting a higher future P/E multiple, despite revenue growth forecasts remaining largely unchanged. Valuation Changes Summary of Valuation Changes for Dyno Nobel The Consensus Analyst Price Target has risen slightly from A$2.98 to A$3.06.
New Narrative • Dec 19
Dyno Nobel Asia Pacific's Record Earnings And Advanced Technology To Drive Global Explosives Leadership
Incitec Pivot's strategy to lead in global explosives aims to double earnings through advanced technology, affecting revenue and growth.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | AU$255m |
| Dec 31 2025 | n/a | n/a | AU$201m |
| Sep 30 2025 | AU$4m | AU$1m | AU$147m |
| Jun 30 2025 | n/a | n/a | -AU$12m |
| Mar 31 2025 | n/a | n/a | -AU$171m |
| Dec 31 2024 | n/a | n/a | -AU$228m |
| Sep 30 2024 | AU$2m | AU$848k | -AU$285m |
Compensation vs Market: Mauro's total compensation ($USD2.61M) is about average for companies of similar size in the Australian market ($USD3.07M).
Compensation vs Earnings: Mauro's compensation has been consistent with company performance over the past year.
CEO
Mauro de Moraes
2.7yrs
Tenure
AU$3,654,000
Compensation
Mr. Mauro Neves de Moraes, BEng, MSBA, GAICD, serves as Chief Executive Officer & Managing Director at Dyno Nobel Limited (formerly known as Incitec Pivot Limited) since January 22, 2024 and serves as its...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Director | 2.7yrs | AU$3.65m | 0.019% A$ 1.3m | |
| Chief Financial Officer | 1.2yrs | AU$898.00k | no data | |
| President of Dyno Nobel Americas | 8.7yrs | AU$2.14m | 0.031% A$ 2.1m | |
| Vice President of Investor Relations | no data | no data | no data | |
| Chief Legal & Corporate Affairs Officer | 2.3yrs | no data | no data | |
| Chief People Officer | 4.8yrs | no data | no data | |
| Chief Development & Sustainability Officer | 4.9yrs | no data | no data | |
| Chief HSE & Operations Excellence Officer | 4.8yrs | no data | no data | |
| President of EMEA & LATAM | 1.7yrs | no data | no data | |
| President - Dyno Nobel Asia Pacific | less than a year | no data | no data | |
| Company Secretary | 7.1yrs | no data | no data | |
| Group Financial Controller | 1.2yrs | no data | no data |
2.7yrs
Average Tenure
Experienced Management: DNL's management team is considered experienced (2.7 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Director | 2.7yrs | AU$3.65m | 0.019% A$ 1.3m | |
| Independent Non-Executive Director | 7.8yrs | AU$255.00k | 0.0072% A$ 491.3k | |
| Independent Non-Executive Chairman | 6.8yrs | AU$505.00k | 0.017% A$ 1.2m | |
| Non-Independent Non-Executive Director | 3.5yrs | no data | no data | |
| Independent Non-Executive Director | 5.3yrs | AU$250.00k | 0.0036% A$ 248.0k | |
| Independent Non-Executive Director | 3.5yrs | AU$230.00k | 0.0034% A$ 228.3k | |
| Independent Non-Executive Director | less than a year | no data | no data | |
| Independent Non-Executive Director | 2yrs | AU$250.00k | 0.00078% A$ 53.2k |
3.5yrs
Average Tenure
64yo
Average Age
Experienced Board: DNL's board of directors are considered experienced (3.5 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/14 08:38 |
| End of Day Share Price | 2026/09/14 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/09/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Dyno Nobel Limited is covered by 34 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| David Matthew Kratochvil | Alliance Global Partners |
| Josh Kannourakis | Barrenjoey Markets Pty Limited |
| Brook Campbell-Crawford | Barrenjoey Markets Pty Limited |