Industrie De Nora SpA (DNR) AI Stock Analysis

• Market Cap: €1.32B
• Dividend Yield: 1.58%
• Average Volume (3M): 244.29K
• Price to Earnings (P/E): 16.0
• Beta (1Y): 0.86
• Revenue Growth: 5.46%
• EPS Growth: -63.12%
• Country: IT
• Employees: 2,045
• Sector: Basic Materials
• Sector Strength: 67
• Industry: Chemicals - Specialty
• EPS (TTM): 0.09
• Shares Outstanding: 51,203,980
• 10 Day Avg. Volume: 226,585
• 30 Day Avg. Volume: 244,292
• PEG Ratio: N/A
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 27.45
• 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: 23.46% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 72 Outperform
• Price Target: €7.50 ▲(15.74%Upside)

Industrie De Nora SpA has a strong financial foundation with effective cost management and a robust balance sheet, which are significant strengths. Technical indicators suggest short-term bearishness but potential for recovery. The valuation is reasonable, offering a balanced outlook. However, profitability and cash flow challenges need attention.

Positive Factors

Financial Performance

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

Project Execution

Good project execution across segments, with solid growth in electrodes and water technologies the main drivers.

Revenue Growth

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.

Guidance

The guidance is 25-30% below current estimates at mid point.

Order Intake

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

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 and efficient cost management. The balance sheet reflects a solid equity position and effective debt management. However, recent declines in net income and free cash flow signal potential challenges in profitability and cash management. Overall, the company maintains a strong financial foundation with room for improvement in profitability metrics.

Income Statement

Industrie De Nora SpA has shown consistent revenue growth over the years, with a notable increase from 615.9 million in 2021 to 862.6 million in 2024. Gross profit margins are strong, over 50%, indicating effective cost management. However, net profit margin has declined from 26.9% in 2023 to 9.7% in 2024. EBIT and EBITDA margins remain healthy, but the recent drop in net income highlights potential profitability challenges.

Balance Sheet

The company's balance sheet is robust, with a strong equity position and a declining debt-to-equity ratio, currently at 0.17 in 2024. Stockholders' equity has consistently increased, enhancing financial stability. The equity ratio is solid, at 66.5% in 2024, reflecting a strong asset base backed by equity. However, there is a notable decline in total liabilities, suggesting a focus on deleveraging.

Cash Flow

Cash flow management appears effective, with positive operating cash flow and free cash flow over the years. However, free cash flow has decreased recently, from 51.8 million in 2023 to 46.9 million in 2024, indicating increased capital expenditures. The operating cash flow to net income ratio is sound, suggesting good cash generation relative to earnings.

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
	EBIT
116.56M	136.92M	125.81M	87.59M	55.52M
	EBITDA
158.46M	301.57M	154.97M	116.76M	77.47M
	Net Income Common Stockholders
83.38M	230.05M	89.56M	66.70M	32.63M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
215.86M	212.10M	174.13M	73.84M	76.78M
	Total Assets
1.42B	1.33B	1.29B	986.74M	770.12M
	Total Debt
159.28M	143.91M	281.20M	261.56M	170.21M
	Net Debt
-56.57M	-54.58M	107.07M	187.72M	94.55M
	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: 6.48
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 6.48 is below the 20-day moving average (MA) of 6.59, above the 50-day MA of 6.37, and below the 200-day MA of 7.85, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 51.29 is Neutral, neither overbought nor oversold. The STOCH value of 54.50 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	72 Outperform	€1.32B	16.05		1.58%	5.46%	-63.12%
Sector *	51 Neutral	$2.03B	-1.13	-21.36%	3.65%	2.87%	-30.54%
0NRE		€81.38B	11.48	25.20%	5.37%	―	―
0MHC		€2.78B	14.51	8.74%	5.38%	―	―
0NUX		€16.71B	23.83	15.32%	1.37%	―	―
I10		€6.89B	12.38	20.21%	5.55%	―	―
SPEA		€4.55B	14.85	12.44%	7.36%	―	―

Industrie De Nora SpA Corporate Events

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.

Industrie De Nora Announces Share Capital and Voting Rights Ahead of Shareholders’ Meeting

Industrie De Nora S.p.A. announced the total amount of voting rights and share capital in anticipation of its Ordinary Shareholders’ Meeting. The company’s share capital is valued at Euro 18,268,203.90, with a total of 201,685,174 shares. This communication outlines the structure of voting rights, including ordinary and multiple voting shares, which are held by key stakeholders and are not admitted to trading on Euronext Milan, impacting the company’s market capitalization and shareholder influence.

Industrie De Nora Announces Board Renewal Candidate Lists

Industrie De Nora S.p.A. has announced the publication of candidate lists for the renewal of its Board of Directors and Board of Statutory Auditors, as submitted by shareholders. This renewal process is part of the company’s governance practices, potentially impacting its strategic direction and reinforcing its commitment to transparency and regulatory compliance.

Industrie De Nora Releases Annual Financial Report Ahead of Shareholders’ Meeting

Industrie De Nora S.p.A. has announced the availability of its annual financial report and related documents ahead of its ordinary shareholders’ meeting scheduled for April 29, 2025. The release of these documents, which include financial statements and reports on corporate governance and remuneration policy, underscores the company’s transparency and commitment to its stakeholders, potentially impacting its market positioning and investor relations.

Industrie De Nora Announces Board Renewal Candidates

Industrie De Nora S.p.A. has announced the filing of a list of candidates for the renewal of its Board of Directors and Board of Statutory Auditors, ahead of the upcoming Shareholders’ Meeting on April 29, 2025. The list was submitted by the company’s majority shareholders, who hold a significant portion of the voting rights, indicating a strategic alignment in leadership and governance. This move is expected to reinforce the company’s operational stability and governance structure, with potential implications for its strategic direction and stakeholder engagement.

Industrie De Nora S.p.A. Announces Remote Shareholders’ Meeting for April 2025

Industrie De Nora S.p.A. has announced an Ordinary Shareholders’ Meeting scheduled for April 29, 2025, to discuss several key agenda items including the approval of financial statements, allocation of profits, appointment of directors and auditors, and adoption of a performance shares plan. The meeting will be conducted exclusively through a designated representative, with no physical attendance by shareholders, reflecting a shift towards more remote governance practices.

Industrie De Nora Reports Solid 2024 Financial Performance and Strategic Growth Plans

Industrie De Nora reported a 2.6% increase in revenues at constant exchange rates for 2024, with a solid order intake growth of 15%, providing strong visibility for 2025. The company achieved a net profit of 88.8 million Euros and proposed a dividend of 0.104 Euros per share. The company plans to focus on low single-digit revenue growth driven by water and energy transition segments, maintaining a stable financial position to support investments and potential M&A opportunities. The launch of the Dragonfly® electrolyzer and expansion of production capacity in China, Japan, and Germany highlight its commitment to sustainable growth despite challenging macroeconomic conditions.

De Nora Updates 2025 Financial Calendar with Key Announcement

Industrie De Nora S.p.A. announced an update to its 2025 financial calendar, stating that the market communication of the 2024 Results and Mid Term View will occur on March 19, 2025. This announcement is significant for stakeholders as it provides a timeline for financial disclosures and insights into the company’s future strategies, potentially impacting investor relations and market perceptions.