Industrie De Nora SpA (DNR) AI Stock Analysis

• Market Cap: €1.36B
• Dividend Yield: 1.58%
• Average Volume (3M): 132.55K
• Price to Earnings (P/E): 17.0
• Beta (1Y): 0.88
• Revenue Growth: 4.96%
• EPS Growth: -64.38%
• Country: IT
• Employees: 2,045
• Sector: Basic Materials
• Sector Strength: 56
• Industry: Chemicals - Specialty
• EPS (TTM): 0.08
• Shares Outstanding: 51,203,980
• 10 Day Avg. Volume: 108,626
• 30 Day Avg. Volume: 132,550
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: €8.08
• Price Target Upside: 23.93% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 70 Outperform
• Price Target: €7.50 ▲(15.03% Upside)

Industrie De Nora SpA's strong financial performance is the most significant factor, supported by stable revenue growth and robust profit margins. Technical analysis indicates a bearish trend, which slightly offsets the financial strengths. Valuation is reasonable but not compelling. Overall, the stock shows potential for stability and moderate growth.

Positive Factors

Earnings

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

Financial Performance

Adjusted EBITDA exceeded expectations by 8%, mainly due to stronger profitability in Water Technologies, particularly pools.

Negative Factors

Cash Flow

Cash was negatively impacted by working capital due to usual seasonality in the first half of the year.

Guidance and Expectations

Expectations are already quite low for De Nora following the recent medium-term guidance cut.

Order Intake

Orders declined by approximately 9% quarter-over-quarter, which is expected to have a negative impact on the stock.

Industrie De Nora SpA Business Overview & Revenue Model

Company Description

Industrie De Nora SpA (DNR) is a global leader in sustainable technologies, specializing in the development and manufacturing of electrodes, coatings, and related products. The company operates in sectors such as water treatment, electrochemical processes, and renewable energy. De Nora's core offerings include advanced electrochemical solutions that are pivotal in applications like chlorine and caustic soda production, water disinfection, and industrial electrolysis.

How the Company Makes Money

Industrie De Nora SpA generates revenue through the sale of its specialized electrodes and coatings, which are essential components in various industrial processes and water treatment systems. The company's key revenue streams include supplying electrodes for chlor-alkali production and providing water treatment solutions that utilize electrochemical processes to ensure safe and clean water. Significant partnerships with industrial manufacturers and water utilities enhance De Nora's market reach, while continuous investment in research and development fosters innovation, allowing the company to maintain its competitive edge in sustainable technologies.

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: Negative
• Last Price: 6.52
• 50DMA: Negative
• 100DMA: Positive
• 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 Negative. The current price of 6.52 is below the 20-day moving average (MA) of 6.66, below the 50-day MA of 6.62, and below the 200-day MA of 7.14, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.50 is Neutral, neither overbought nor oversold. The STOCH value of 33.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
NDT	79 Outperform	€43.49M	7.45		4.93%	―	―
CEM	73 Outperform	€2.12B	11.82	10.89%	2.07%	0.39%	-14.36%
DNR	70 Outperform	€1.36B	16.98		1.58%	4.96%	-64.38%
Sector *	43 Neutral	C$909.73M	-8.58	0.05%	2.69%	23.40%	-43.48%

Industrie De Nora SpA Corporate Events

Industrie De Nora Releases Semi-Annual Financial Report for 2025

Industrie De Nora S.p.A. has released its Semi-Annual Financial Report as of June 30, 2025, which was approved by the Board of Directors on July 31, 2025. The report is accessible to the public through various platforms, including the company’s website. This announcement underscores De Nora’s commitment to transparency and provides stakeholders with insights into the company’s financial health and strategic direction.

The most recent analyst rating on (IT:DNR) stock is a Buy with a EUR9.80 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 H1 2025 Results, Boosts EBITDA Margin Guidance

Industrie De Nora reported a 3.8% increase in revenue to 415.6 million euros for the first half of 2025, driven by growth in its core business segments, particularly Water Technologies. The company also saw an 8.1% rise in adjusted EBITDA, reflecting resilience amid global market volatility. The Water Technologies segment, supported by trends like water scarcity and environmental awareness, showed significant growth, especially in the Pools line. The company confirmed its revenue growth guidance for 2025 and revised its adjusted EBITDA margin upward, indicating confidence in its strategic positioning and ability to capitalize on energy transition opportunities.

The most recent analyst rating on (IT:DNR) stock is a Buy with a EUR9.80 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 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.