May 12, 2025 12:12 AM GMT Dyno Nobel Limited | Asia Pacific A step in the right direction Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Divestments take us a step closer to Fertiliser separation but proceeds appear light. Underlying explosives performance appears solid albeit clouded by resegments and turnarounds. We view this result as a step i ...