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Industrie De Nora SpA
(DNR)
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Rating:63Neutral
Price Target:
€7.00
▲(14.75% Upside)
Action:Downgraded
Date:08/09/26
The score is held back primarily by the TTM operational and cash-flow downturn (negative operating profitability and negative free cash flow), despite a very strong, low-leverage balance sheet. Technicals are roughly neutral with some medium/long-term weakness (negative MACD and below key moving averages). Valuation is a key support due to the low P/E and modest dividend yield.
Positive Factors
Strong balance sheet
Very low leverage (TTM D/E ~0.09) and growing equity provide durable financial flexibility. This conservatism supports multi-year investments in R&D, capital equipment and project execution, reduces refinancing risk, and underpins the company's ability to withstand cyclical industrial demand swings.
Negative Factors
Sharp margin compression
Rapid, large margin deterioration suggests structural pressure on pricing, cost or product mix that weakens durable profitability. Negative operating margins undermine the firm's ability to convert sales into reinvestable cash and threaten long-term returns unless margin drivers are restored or cost structure is permanently improved.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Very low leverage (TTM D/E ~0.09) and growing equity provide durable financial flexibility. This conservatism supports multi-year investments in R&D, capital equipment and project execution, reduces refinancing risk, and underpins the company's ability to withstand cyclical industrial demand swings.
Read all positive factors
Industrie De Nora SpA (DNR) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.29B
Dividend Yield1.57%
Average Volume (3M)229.66K
Price to Earnings (P/E)9.3
Beta (1Y)0.80
Revenue Growth-1.76%
EPS Growth-3.61%
CountryIT
Employees2,014
SectorIndustrials
Sector Strength72
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.70
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.33
Revenue Forecast (FY)€881.25M
Industrie De Nora SpA Business Overview & Revenue Model
Company Description
Industrie De Nora S.p.A., through its global subsidiaries, specializes in providing advanced catalytic coatings and durable insoluble electrodes for a wide range of electrochemical and industrial applications. Its extensive product catalog feature...
How the Company Makes Money
DNR primarily makes money by selling electrochemical products and engineered systems to industrial customers, with revenue centered on (1) electrode and catalyst-coated product sales, (2) system/equipment sales for electrochemical applications, an...
Industrie De Nora SpA Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
82
Very Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 862.45M | 874.96M | 862.61M | 856.41M | 852.83M | 615.88M |
| Gross Profit | 114.69M | 255.66M | 486.78M | 489.14M | 325.92M | 245.43M |
| EBITDA | -8.14M | 151.24M | 158.46M | 304.63M | 154.97M | 124.45M |
| Net Income | 75.89M | 82.34M | 83.38M | 230.05M | 89.56M | 66.70M |
Balance Sheet | ||||||
| Total Assets | 1.46B | 1.27B | 1.42B | 1.33B | 1.29B | 986.74M |
| Cash, Cash Equivalents and Short-Term Investments | 144.80M | 123.60M | 226.17M | 212.10M | 174.13M | 73.84M |
| Total Debt | 175.08M | 37.02M | 159.28M | 143.91M | 281.20M | 261.56M |
| Total Liabilities | 458.50M | 301.42M | 469.68M | 421.82M | 542.82M | 532.78M |
| Stockholders Equity | 984.39M | 958.90M | 946.53M | 904.49M | 741.22M | 450.46M |
Cash Flow | ||||||
| Free Cash Flow | -11.64M | 51.40M | 46.85M | 51.75M | 66.83M | -46.51M |
| Operating Cash Flow | 52.47M | 117.51M | 110.72M | 140.25M | 112.97M | -15.52M |
| Investing Cash Flow | -70.92M | -78.69M | -54.62M | 81.60M | -205.07M | -36.57M |
| Financing Cash Flow | 8.20M | -136.28M | -39.36M | -193.49M | 193.32M | 47.30M |
Industrie De Nora SpA Technical Analysis
Negative
6.10
Price Trends
6.61
Negative
6.66
Negative
6.74
Negative
Market Momentum
-0.01
Positive
45.36
Neutral
8.62
Positive
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 6.1 is below the 20-day moving average (MA) of 6.50, below the 50-day MA of 6.61, and below the 200-day MA of 6.74, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 45.36 is Neutral, neither overbought nor oversold. The STOCH value of 8.62 is Positive, 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)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | €912.78M | 21.15 | 6.40% | ― | -1.21% | 151.33% | |
65 Neutral | €1.38B | 19.04 | ― | 1.71% | 30.77% | 19.63% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | €1.29B | 9.29 | ― | 1.69% | -1.76% | -3.61% | |
53 Neutral | €1.23B | 29.21 | ― | 0.82% | 7.15% | 33.25% |
* Industrials Sector Average
IT:DNR
Industrie De Nora SpA
6.55
<0.01
0.06%
IT:GVS
GVS S.p.A
4.75
0.01
0.32%
IT:COM
Comer Industries SpA
47.40
10.30
27.76%
IT:LUVE
LU-VE SpA
55.20
22.73
70.00%
IT:MARP
Marzocchi Pompe S.p.A.
2.28
-0.25
-9.88%
IT:YRM
Rosetti Marino S.p.A.
250.00
106.67
74.43%
Industrie De Nora SpA Corporate Events
De Nora lifts 2026 profit guidance as water unit and backlog drive resilience
Jul 30, 2026
Industrie De Nora reported first‑half 2026 revenues of €403.1 million, down 3% year‑on‑year but up 2.3% at constant exchange rates, as currency headwinds masked underlying growth led by water technologies and a strong pools...
De Nora Secures Final Orders for Major Southern Europe Green Hydrogen Project
Jul 6, 2026
Industrie De Nora has secured the final tranche of orders from joint venture partner thyssenkrupp nucera for the Moeve green hydrogen project in Andalusia, Spain, confirming its full supply role in the initiative’s first phase, Onuba. The de...
De Nora closes BW Water acquisition to expand turnkey water solutions
Jul 1, 2026
De Nora has completed the acquisition of 100% of BW Water, a rapidly expanding player in integrated water treatment solutions, in a deal valued at up to USD 66.5 million. The move deepens De Nora’s capabilities in solution-driven water techn...
Industrie De Nora Discloses Management Share Awards and Sell-to-Cover Transactions
Jun 9, 2026
Industrie De Nora S.p.A. has disclosed equity transactions involving Chief Legal Officer Silvia Bertini under its performance share incentive plans. Bertini received free allocations of 583 ordinary shares under the 2022-2024 Performance Share Pla...
De Nora to buy BW Water in bid to build global turnkey platform
May 26, 2026
Industrie De Nora has signed a deal to acquire 100% of Singapore-based BW Water, a fast-growing engineering, procurement and fabrication specialist in integrated water treatment solutions, for an enterprise value of USD 61.5 million to USD 66.5 mi...
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.