Industrie De Nora SpA (IT:DNR)
:DNR
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Industrie De Nora SpA
(DNR)
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Rating:73Outperform
Price Target:
€9.00
▲(45.16% Upside)
Action:Reiterated
Date:05/09/26
The score reflects a strong balance sheet and very low valuation (low P/E), supported by bullish technical trend/momentum. Offsetting these positives, recent fundamentals show meaningful quality risks: TTM operating profitability turned negative and free cash flow deterioration suggests weaker cash conversion that needs to stabilize.
Positive Factors
Strong balance sheet
A conservative balance sheet with very low leverage provides durable financial flexibility to fund capex, absorb cyclical downturns, support working capital and pursue strategic investments (e.g., hydrogen or service expansion). This reduces refinancing risk and supports multi-month resilience.
Negative Factors
Weakened cash conversion
Free-cash-flow compression and operating cash flow deterioration limit the company's ability to self-fund capex, working capital and distributions. Over 2–6 months this reduces strategic optionality and forces reliance on balance-sheet buffers or external financing for investments or cyclical needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
A conservative balance sheet with very low leverage provides durable financial flexibility to fund capex, absorb cyclical downturns, support working capital and pursue strategic investments (e.g., hydrogen or service expansion). This reduces refinancing risk and supports multi-month resilience.
Read all positive factors
Industrie De Nora SpA (DNR) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.52B
Dividend Yield1.43%
Average Volume (3M)229.66K
Price to Earnings (P/E)17.2
Beta (1Y)0.79
Revenue Growth-2.38%
EPS Growth4.18%
CountryIT
Employees2,045
SectorIndustrials
Sector Strength72
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.75
Shares Outstanding51,203,980
10 Day Avg. Volume201,595
30 Day Avg. Volume229,656
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.39
Price to Sales (P/S)0.43
P/FCF Ratio7.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€7.05Price Target Upside13.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.32
Revenue Forecast (FY)€825.78M
Industrie De Nora SpA Business Overview & Revenue Model
Company Description
Industrie De Nora S.p.A., through its subsidiaries, provides catalytic coatings and insoluble electrodes for electrochemical and industrial applications worldwide. The company offers analyzers and detectors; anodes for chlorine and oxygen evolutio...
How the Company Makes Money
DNR makes money primarily by selling electrochemical products and systems and related services to customers that run electrolysis-based processes. Key revenue streams include: (1) Sale of electrodes and catalyst-coated components (e.g., anodes/cat...
Industrie De Nora SpA Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
83
Very Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 853.11M | 874.96M | 862.61M | 856.41M | 852.83M | 615.88M |
| Gross Profit | 173.29M | 276.97M | 486.78M | 489.14M | 325.92M | 245.43M |
| EBITDA | -10.94M | 163.22M | 158.46M | 304.63M | 154.97M | 124.45M |
| Net Income | 84.70M | 82.34M | 83.38M | 230.05M | 89.56M | 66.70M |
Balance Sheet | ||||||
| Total Assets | 1.35B | 1.27B | 1.42B | 1.33B | 1.29B | 986.74M |
| Cash, Cash Equivalents and Short-Term Investments | 94.48M | 123.60M | 226.17M | 212.10M | 174.13M | 73.84M |
| Total Debt | 92.15M | 37.02M | 159.28M | 143.91M | 281.20M | 261.56M |
| Total Liabilities | 346.49M | 301.42M | 469.68M | 421.82M | 542.82M | 532.78M |
| Stockholders Equity | 988.43M | 958.90M | 946.53M | 904.49M | 741.22M | 450.46M |
Cash Flow | ||||||
| Free Cash Flow | 3.77M | 51.40M | 46.85M | 51.75M | 66.83M | -46.51M |
| Operating Cash Flow | 69.19M | 117.51M | 110.72M | 140.25M | 112.97M | -15.52M |
| Investing Cash Flow | -74.69M | -78.69M | -54.62M | 81.60M | -205.07M | -36.57M |
| Financing Cash Flow | -83.48M | -136.28M | -39.36M | -193.49M | 193.32M | 47.30M |
Industrie De Nora SpA Technical Analysis
Positive
6.20
Price Trends
6.33
Positive
6.63
Positive
6.85
Positive
Market Momentum
0.33
Negative
57.67
Neutral
56.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:DNR, the sentiment is Positive. The current price of 6.2 is below the 20-day moving average (MA) of 7.14, below the 50-day MA of 6.33, and below the 200-day MA of 6.85, indicating a bullish trend. The MACD of 0.33 indicates Negative momentum. The RSI at 57.67 is Neutral, neither overbought nor oversold. The STOCH value of 56.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:DNR.
Industrie De Nora SpA Peers Comparison
UnderperformOutperform
Sector (63)
IT:DNR
Industrie De Nora SpA
7.35
1.24
20.27%
IT:CEM
Cementir Holding S.p.A.
14.20
0.30
2.16%
IT:ICF
Industrie Chimiche Forestali SpA
6.35
0.89
16.26%
IT:NDT
Neodecortech SpA
4.14
1.25
43.20%
IT:GRN
Green Oleo S.P.A.
0.59
-0.13
-18.06%
Industrie De Nora SpA Corporate Events
De Nora to buy BW Water in bid to build global turnkey platform
May 26, 2026
Industrie De Nora has signed a deal to acquire 100% of Singapore-based BW Water, a fast-growing engineering, procurement and fabrication specialist in integrated water treatment solutions, for an enterprise value of USD 61.5 million to USD 66.5 mi...
De Nora Publishes Minutes of 2026 Ordinary Shareholders’ Meeting
May 6, 2026
Industrie De Nora S.p.A. has announced that the minutes of its ordinary shareholders’ meeting held on 29 April 2026 are now publicly available at its registered office, via the 1INFO storage platform and on its corporate website. The move en...
De Nora Lifts Profitability, Confirms 2026 Outlook and Joins Major Southern Europe Hydrogen Project
May 6, 2026
Industrie De Nora reported first-quarter 2026 revenues of €178.5 million, down 10.9% year on year but broadly in line with expectations once negative currency effects are excluded. Profitability remained robust, with an adjusted EBITDA margi...
De Nora approves 2025 accounts and dividend, strengthens governance and board
Apr 29, 2026
Industrie De Nora’s shareholders approved the separate financial statements for 2025, which closed with a net profit of €37.7 million, and cleared the distribution of a dividend of €0.103 per share, equivalent to about 25% of con...
De Nora Details Share Capital and Concentrated Voting Structure Ahead of Shareholders’ Meeting
Apr 21, 2026
Industrie De Nora has disclosed the composition of its share capital and voting rights as of 20 April 2026, the record date ahead of its ordinary shareholders’ meeting scheduled for 29 April. The company’s share capital stands at ̈́...
De Nora Files 2025 Annual Report Ahead of April Shareholders’ Meeting
Apr 7, 2026
Industrie De Nora has published its annual financial report and related governance documents ahead of its 29 April 2026 ordinary shareholders’ meeting. The material, which includes separate and consolidated financial statements as of 31 Dece...
Industrie De Nora Publishes Documentation for April 2026 Shareholders’ Meeting
Mar 26, 2026
Industrie De Nora S.p.A. has convened its shareholders’ ordinary meeting for 29 April 2026 and has made the official notice of call available on its website, via an authorized storage mechanism, and through a press excerpt in Il Sole24Ore. T...
Industrie De Nora Calls 2026 Shareholders’ Meeting with Remote-Only Voting
Mar 26, 2026
Industrie De Nora S.p.A. has convened its ordinary shareholders’ meeting for 29 April 2026, to be held in Milan with attendance allowed exclusively via an appointed representative, in line with Italian corporate law and the company’s b...
De Nora Beats Profitability Guidance, Lifts Cash Position and Sets Softer 2026 Outlook
Mar 18, 2026
Industrie De Nora reported 2025 revenues of 875 million euros, up 1.4% year-on-year and 4.4% at constant exchange rates, with adjusted EBITDA rising 9.1% to 171.8 million euros and margin improving to 19.6%, above guidance. The group closed the ye...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.