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Industrie De Nora SpA
(DNR)
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Rating:63Neutral
Price Target:
€6.50
▼(-0.61% Downside)
Action:Reiterated
Date:09/23/26
The score is driven primarily by mixed financial performance: a strong, low-leverage balance sheet offsets a sharp TTM drop in operating profitability and a move to negative free cash flow. Valuation is a supportive factor (low P/E and a dividend), while technicals are a headwind with the stock trading below major moving averages and momentum appearing stretched.
Positive Factors
Very low leverage
Very low leverage gives De Nora substantial financial flexibility to fund operations, absorb earnings volatility, and support investment without relying heavily on external borrowing. The growing equity base further strengthens resilience and reduces balance-sheet stress over the next several quarters.
Negative Factors
Operating margin deterioration
The sharp decline in gross margin and move to negative EBIT and EBITDA indicate that core operating economics have weakened materially. If sustained, this reduces the profitability of the business model, limits internally funded investment, and makes positive net income less representative of recurring operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Very low leverage gives De Nora substantial financial flexibility to fund operations, absorb earnings volatility, and support investment without relying heavily on external borrowing. The growing equity base further strengthens resilience and reduces balance-sheet stress over the next several quarters.
Read all positive factors
Industrie De Nora SpA (DNR) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.22B
Dividend Yield1.79%
Average Volume (3M)503.58K
Price to Earnings (P/E)8.2
Beta (1Y)0.67
Revenue Growth-1.76%
EPS Growth-3.61%
CountryIT
Employees2,014
SectorIndustrials
Sector Strength72
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.70
Shares Outstanding61,288,240
10 Day Avg. Volume460,709
30 Day Avg. Volume503,576
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
€7.30Price Target Upside11.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.35
Revenue Forecast (FY)€900.97M
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
6.54
Price Trends
6.45
Negative
6.66
Negative
6.64
Negative
Market Momentum
-0.21
Positive
38.84
Neutral
7.17
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 6.54 is above the 20-day moving average (MA) of 6.20, above the 50-day MA of 6.45, and below the 200-day MA of 6.64, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 38.84 is Neutral, neither overbought nor oversold. The STOCH value of 7.17 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 | €966.70M | 22.75 | 9.21% | 0.94% | -1.21% | 151.33% | |
66 Neutral | €1.32B | 18.51 | ― | 1.84% | 30.77% | 19.63% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | €1.22B | 8.17 | ― | 1.79% | -1.76% | -3.61% | |
62 Neutral | €1.54B | 31.74 | ― | 0.68% | 8.27% | 54.11% |
* Industrials Sector Average
IT:DNR
Industrie De Nora SpA
5.76
-2.35
-28.97%
IT:GVS
GVS S.p.A
5.11
0.32
6.68%
IT:COM
Comer Industries SpA
46.10
11.16
31.95%
IT:LUVE
LU-VE SpA
69.50
33.61
93.64%
IT:MARP
Marzocchi Pompe S.p.A.
2.20
-0.21
-8.86%
IT:YRM
Rosetti Marino S.p.A.
236.00
-60.54
-20.41%
Industrie De Nora SpA Corporate Events
De Nora Wins €30 Million Semiconductor Wastewater Contract in South-East Asia
Sep 4, 2026
Industrie De Nora has secured a contract worth about €30 million to design, supply and commission an industrial wastewater treatment and recovery plant for a new advanced semiconductor packaging facility in South-East Asia. The project, to s...
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...
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.