Industrie De Nora SpA (DNR) AI Stock Analysis

• Market Cap: €1.33B
• Dividend Yield: 1.57%
• Average Volume (3M): 150.65K
• Price to Earnings (P/E): 16.5
• Beta (1Y): 0.86
• Revenue Growth: 5.46%
• EPS Growth: -63.12%
• Country: IT
• Employees: 2,045
• Sector: Basic Materials
• Sector Strength: 63
• Industry: Chemicals - Specialty
• EPS (TTM): 0.09
• Shares Outstanding: 51,203,980
• 10 Day Avg. Volume: 126,636
• 30 Day Avg. Volume: 150,648
• PEG Ratio: -6.96
• Price to Book (P/B): 1.42
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 30.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €8.00
• Price Target Upside: 18.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 73 Outperform
• Price Target: €7.50 ▲(10.95%Upside)

Industrie De Nora SpA's overall stock score is driven primarily by its strong financial performance, characterized by stable growth and robust margins. The technical analysis provides a mixed view with signs of short-term momentum. Valuation is reasonable, reflecting moderate pricing relative to earnings. These factors collectively suggest a solid investment opportunity, tempered by the lack of significant earnings call or corporate event insights.

Positive Factors

Financial Performance

P&L was solid, with EBITDA and EBIT ahead of expectations.

Operational Performance

Stronger volumes in water technologies thanks to the stronger performance in pools drove most of the beat.

Negative Factors

Free Cash Flow

Despite the solid beat, a slower order intake and material negative FCF could keep the shares from performing better.

Order Intake

Order intake came in substantially weaker, down 17% YoY and -21% QoQ and should be a key focus on the call.

Profitability

Profitability is expected to be lower due to higher costs and mix.

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 evolution; cathodes for hydrogen evolution; disinfection systems; electro chlorination systems; electrodes and accessories for cathodic protection; filtration solutions; gas diffusion electrodes, MEA, and catalysts; membrane technologies; and contaminant removal systems. It also provides engineering design, remote support, repair, analytic, training, electrode recoating and repair, and spare and replacement parts. The company's products are used in various applications, which include ballast water management, battery, cathodic protection, chlor-alkali processes, cooling water treatment, copper foil electrodeposition, fire protection water treatment, fuel cells, h2 production by water electrolysis, HCL electrolysis, marine wastewater treatment, offshore wastewater treatment, pool disinfection, printed circuit board production, salt splitting processes, sodium chlorate processes, surface disinfection, surface finishing, plating and galvanizing, wastewater treatment, water reuse, and reclamation water treatment. It serves commercial and institutional, energy transition, engineering, construction, OEM, food and beverage, industrial, marine, mining and metal recovery, municipal drinking water and wastewater, municipal reuse, offshore and onshore oil and gas, power generation, pulp and paper, steel manufacturing, utilities and services, and NGO and relief organizations, as well as surface finishing, plating, and galvanizing markets and industries. The company was founded in 1923 and is based in Milan, Italy. Industrie De Nora S.p.A. operates as a subsidiary of Federico De Nora S.P.A.

How the Company Makes Money

Industrie De Nora SpA generates revenue through the sale of its specialized electrode and coating products, as well as complete systems for electrochemical processes. Key revenue streams include the provision of electrode technologies for chlor-alkali production, water treatment solutions such as on-site hypochlorite generation systems, and advanced surface finishing technologies. The company has established significant partnerships with industrial and municipal clients worldwide, contributing to stable and recurring revenue. De Nora's focus on research and development drives innovations that enhance its product offerings and maintain its competitive edge in the market.

Industrie De Nora SpA Financial Statement Overview

Summary

Industrie De Nora SpA demonstrates strong financial health with consistent revenue growth, robust profit margins, and efficient cash management. While there are areas for improvement in return on equity and free cash flow growth, the overall financial position remains solid.

Income Statement

Industrie De Nora SpA shows a strong financial performance with a steady revenue growth rate of 2.6% in TTM (Trailing-Twelve-Months) compared to the previous year, and a robust gross profit margin of 42.3% for TTM. The net profit margin for TTM stands at 9.3%, indicating efficient cost management. The EBIT margin is healthy at 12.1%, and the EBITDA margin is 18.2%. Overall, the company demonstrates stability and profitability with consistent revenue and profit growth.

Balance Sheet

The company's balance sheet is stable with a low debt-to-equity ratio of 0.17, indicating prudent financial leverage. The return on equity (ROE) is 8.5% for TTM, reflecting moderate profitability. The equity ratio is strong at 68.0%, highlighting a solid equity base relative to total assets. While the debt levels are manageable, a slight improvement in ROE could enhance shareholder value further.

Cash Flow

Industrie De Nora SpA exhibits a solid cash flow position with a free cash flow to net income ratio of 0.55 for TTM, showcasing effective cash generation. The operating cash flow to net income ratio is 1.34, indicating excellent cash flow efficiency relative to earnings. Despite a 4.5% decline in free cash flow growth, the company maintains a healthy cash buffer to support operations and investments.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	862.61M	856.41M	852.83M	615.88M	499.45M
Gross Profit	486.78M	489.14M	325.92M	245.43M	193.97M
EBITDA	158.46M	301.57M	154.97M	116.76M	77.47M
Net Income	83.38M	230.05M	89.56M	66.70M	32.63M
Balance Sheet
Total Assets	1.42B	1.33B	1.29B	986.74M	770.12M
Cash, Cash Equivalents and Short-Term Investments	226.17M	212.10M	174.13M	73.84M	76.78M
Total Debt	159.28M	143.91M	281.20M	261.56M	170.21M
Total Liabilities	469.68M	421.82M	542.82M	532.78M	357.00M
Stockholders Equity	946.53M	904.49M	741.22M	450.46M	409.57M
Cash Flow
Free Cash Flow	46.85M	51.75M	66.83M	-46.51M	41.31M
Operating Cash Flow	110.72M	140.25M	112.97M	-15.52M	68.72M
Investing Cash Flow	-54.62M	81.60M	-205.07M	-36.57M	-10.27M
Financing Cash Flow	-39.36M	-193.49M	193.32M	47.30M	-35.41M

Industrie De Nora SpA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.76
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 6.76 is above the 20-day moving average (MA) of 6.63, above the 50-day MA of 6.57, and below the 200-day MA of 7.39, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 56.19 is Neutral, neither overbought nor oversold. The STOCH value of 38.65 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DNR	73 Outperform	€1.33B	16.52		1.57%	5.46%	-63.12%
Sector *	44 Neutral	AU$1.42B	-6.06	-40.74%	3.89%	-3.45%	-41.76%
0HY2	―	€2.34B	11.34	12.52%	1.87%	―	―
ICF	―	€34.62M	16.27		3.40%	―	―
NDT	69 Neutral	€40.95M	9.27		5.17%	―	―
GRN	―	€27.33M	―		―	―	―

Industrie De Nora SpA Corporate Events

Industrie De Nora Announces Board Resignation

Industrie De Nora S.p.A. announced the resignation of Dr. Stefano Venier from his role as a non-executive director and member of the Strategy Committee, effective June 30, due to his separate agreements with SNAM. The Board will follow the necessary procedures to appoint a replacement, and Dr. Venier does not hold any shares in the company. This change is part of the ongoing adjustments within the company’s governance structure, reflecting its commitment to maintaining effective leadership and strategic alignment.

The most recent analyst rating on (IT:DNR) stock is a Hold with a EUR11.80 price target. To see the full list of analyst forecasts on Industrie De Nora SpA stock, see the IT:DNR Stock Forecast page.

Industrie De Nora S.p.A. Announces Share Allotment to Water Technologies CEO

Industrie De Nora S.p.A. announced a transaction involving the free allotment of ordinary shares to Marwan Nesicolaci, the CEO of Water Technologies, as part of their Performance Share Plan. This move could potentially strengthen the company’s commitment to aligning executive incentives with company performance, impacting its operational strategies and stakeholder relations.

The most recent analyst rating on (IT:DNR) stock is a Hold with a EUR11.80 price target. To see the full list of analyst forecasts on Industrie De Nora SpA stock, see the IT:DNR Stock Forecast page.

Industrie De Nora Reports Strong Q1 2025 Results Driven by Core Business Growth

Industrie De Nora reported a positive first quarter of 2025, with revenues increasing by 6% to 200.4 million euros and adjusted EBITDA rising by 8.2%. The growth was driven by strong performances in its core businesses, Electrode Technologies and Water Technologies, which saw revenue increases of 15.2% and 8.7% respectively. The company confirmed its 2025 guidance, supported by a solid order book and strategic focus on the green hydrogen market, despite challenges in the macroeconomic and geopolitical landscape.

The most recent analyst rating on (IT:DNR) stock is a Hold with a EUR11.80 price target. To see the full list of analyst forecasts on Industrie De Nora SpA stock, see the IT:DNR Stock Forecast page.

Industrie De Nora Publishes Shareholders’ Meeting Minutes

Industrie De Nora S.p.A. has announced the availability of the minutes from its Ordinary Shareholders’ Meeting held on April 29, 2025. These documents are accessible to the public at the company’s headquarters, via the 1INFO storage mechanism, and on the company’s website. This announcement reflects the company’s commitment to transparency and governance, potentially impacting stakeholder trust and engagement.

The most recent analyst rating on (IT:DNR) stock is a Hold with a EUR11.8000 price target. To see the full list of analyst forecasts on Industrie De Nora SpA stock, see the IT:DNR Stock Forecast page.

Industrie De Nora Publishes Shareholders’ Meeting Vote Summary

Industrie De Nora S.p.A. announced the availability of the summary report of votes from its Ordinary Shareholders’ Meeting held on April 29, 2025. This announcement reflects the company’s commitment to transparency and governance, potentially impacting its stakeholders by providing insights into shareholder decisions and company direction.

Industrie De Nora Strengthens Leadership and Governance Structure

Industrie De Nora’s Board of Directors has confirmed Paolo Dellachà as CEO and established several internal committees to enhance corporate governance. These developments aim to strengthen the company’s management structure and ensure compliance with the Corporate Governance Code, potentially impacting its strategic direction and stakeholder relations.

Industrie De Nora Approves 2024 Financials and Appoints New Board

Industrie De Nora S.p.A. has approved its financial statements for the year ending December 31, 2024, reporting a net profit of €53.5 million and declaring a dividend of €0.104 per share. The company also appointed a new Board of Directors and Statutory Auditors for the period 2025-2027, confirming Federico De Nora as Chairman. The meeting approved a remuneration policy and a Performance Shares Plan for 2025-2027, indicating strategic planning for future growth.