Industrie De Nora SpA (IT:DNR)
:DNR
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Industrie De Nora SpA
(DNR)
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Rating:73Outperform
Price Target:
€6.50
▲(4.84% Upside)
Action:UpgradedDate:04/12/26
The score is driven primarily by strong financial positioning (very low leverage and generally positive cash generation) and attractive valuation (low P/E with a dividend). Offsetting these positives, technical signals remain weak-to-neutral, with the stock still below its longer-term moving averages and a negative MACD, implying the market trend has not fully turned.
Positive Factors
Balance sheet strength
Extremely low leverage and a large equity base materially reduce financial risk and give management durable flexibility to fund capex, invest in tech, pay dividends or pursue M&A. This structural strength supports resilience through cycles and long-term strategic optionality.
Negative Factors
Margin volatility
Large swings in margins across years indicate earnings are sensitive to one-offs, pricing or input-cost cycles. This undermines forecasting reliability and long-term return predictability, complicating capital allocation and investor confidence in sustainable profitability levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Extremely low leverage and a large equity base materially reduce financial risk and give management durable flexibility to fund capex, invest in tech, pay dividends or pursue M&A. This structural strength supports resilience through cycles and long-term strategic optionality.
Read all positive factors
Industrie De Nora SpA (DNR) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.25B
Dividend Yield1.43%
Average Volume (3M)229.66K
Price to Earnings (P/E)4.2
Beta (1Y)0.76
Revenue Growth1.43%
EPS Growth-1.17%
CountryIT
Employees2,045
SectorIndustrials
Sector Strength72
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.74
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
€6.60Price Target Upside6.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.3
Revenue Forecast (FY)€796.28M
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
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Industrie De Nora SpA Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 874.96M | 862.61M | 856.41M | 852.83M | 615.88M |
| Gross Profit | 276.97M | 486.78M | 489.14M | 325.92M | 245.43M |
| EBITDA | 163.22M | 158.46M | 304.63M | 154.97M | 124.45M |
| Net Income | 82.34M | 83.38M | 230.05M | 89.56M | 66.70M |
Balance Sheet | |||||
| Total Assets | 1.27B | 1.42B | 1.33B | 1.29B | 986.74M |
| Cash, Cash Equivalents and Short-Term Investments | 123.60M | 226.17M | 212.10M | 174.13M | 73.84M |
| Total Debt | 37.02M | 159.28M | 143.91M | 281.20M | 261.56M |
| Total Liabilities | 301.42M | 469.68M | 421.82M | 542.82M | 532.78M |
| Stockholders Equity | 958.90M | 946.53M | 904.49M | 741.22M | 450.46M |
Cash Flow | |||||
| Free Cash Flow | 51.40M | 46.85M | 51.75M | 66.83M | -46.51M |
| Operating Cash Flow | 117.51M | 110.72M | 140.25M | 112.97M | -15.52M |
| Investing Cash Flow | -78.69M | -54.62M | 81.60M | -205.07M | -36.57M |
| Financing Cash Flow | -136.28M | -39.36M | -193.49M | 193.32M | 47.30M |
Industrie De Nora SpA Technical Analysis
Negative
6.20
Price Trends
6.36
Negative
6.81
Negative
6.93
Negative
Market Momentum
-0.12
Negative
48.77
Neutral
80.63
Negative
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 6.2 is above the 20-day moving average (MA) of 5.73, below the 50-day MA of 6.36, and below the 200-day MA of 6.93, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 48.77 is Neutral, neither overbought nor oversold. The STOCH value of 80.63 is Negative, 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
UnderperformOutperform
Sector (63)
IT:DNR
Industrie De Nora SpA
6.19
-0.34
-5.19%
IT:CEM
Cementir Holding S.p.A.
15.20
0.63
4.33%
IT:ICF
Industrie Chimiche Forestali SpA
6.20
1.00
19.23%
IT:NDT
Neodecortech SpA
3.82
1.14
42.54%
IT:GRN
Green Oleo S.P.A.
0.67
-0.11
-14.19%
Industrie De Nora SpA Corporate Events
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...
De Nora lifts margins and cash flow as green hydrogen flagships complete, warns of tougher 2026
Feb 24, 2026
Industrie De Nora reported preliminary 2025 revenues of about €875 million, up 1.4% year on year, or 4.4% at constant exchange rates, with adjusted EBITDA rising 9.1% and margin improving to 19.6%. Growth was driven by the Energy Transition ...
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.
Disclaimer
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.