Dyno Nobel Ltd

DNL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Incitec Pivot: Fertilizer Business Remains in the Fold for Now and Guidance Reiterated

Mark Taylor

Sep 16, 2024

No-moat explosives and fertilizer manufacturer/distributor Incitec Pivot ceased negotiations for the sale of its fertilizer business in July 2024. Despite an intention to continue to assess options for structural separation, perhaps via a demerger, the closure of negotiations at least allowed an AUD 900 million on-market share buyback to proceed. We applaud the decision not to rush a fertilizer sale. The segment comprises about one third or AUD 1.20 per share of our fair value estimate.

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Dyno Nobel Ltd

Incitec Pivot: Fertilizer Business Remains in the Fold for Now and Guidance Reiterated

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