Industrie De Nora SpA (DNR) AI Stock Analysis

• Market Cap: €1.27B
• Dividend Yield: 1.44%
• Average Volume (3M): 219.00K
• Price to Earnings (P/E): 15.4
• Beta (1Y): 0.84
• 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: 154,605
• 30 Day Avg. Volume: 219,002
• PEG Ratio: -0.44
• Price to Book (P/B): 3.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 40.81
• 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: 25.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 72 Outperform
• Price Target: €7.00 ▲(9.37%Upside)

Industrie De Nora SpA's overall stock score of 72.2 reflects its solid financial performance and reasonable valuation, balanced by mixed technical indicators. The company's strong equity position and consistent revenue growth bolster confidence, although recent declines in profitability and technical weaknesses temper the outlook.

Positive Factors

Earnings Performance

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

Segment Growth

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

Negative Factors

Cash Flow

Cash negatively impacted by WC as usual given Q1 seasonality.

Guidance

The new medium-term guidance is particularly impacted by the continued uncertainty in the transition to green hydrogen.

Order Intake

Order intake came in substantially weaker, down 17% YoY and -21% QoQ.

Industrie De Nora SpA Business Overview & Revenue Model

Company Description

Industrie De Nora SpA (DNR) is a global leader in the design and manufacture of electrodes, coatings, and complete electrochemical solutions. The company operates primarily within the water treatment, energy, and surface finishing sectors. De Nora's core products include advanced electrode technologies and systems for water disinfection, filtration, and industrial electrochemical applications. The company is known for its innovative solutions that improve efficiency and sustainability in various industrial processes.

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
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	215.86M	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: 6.40
• 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 6.4 is below the 20-day moving average (MA) of 6.42, below the 50-day MA of 6.42, and below the 200-day MA of 7.58, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 55.38 is Neutral, neither overbought nor oversold. The STOCH value of 73.92 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
CEM	75 Outperform	€2.27B	11.23	12.52%	1.67%	-0.43%	0.14%
NDT	73 Outperform	€40.38M	9.27		4.55%	―	―
DNR	72 Outperform	€1.27B	15.39		1.44%	5.46%	-63.12%
Sector *	62 Neutral	$9.84B	9.25	-0.43%	3.02%	2.17%	-35.02%

Industrie De Nora SpA Corporate Events

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.

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.