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Industrie De Nora S.p.A. (DNR.MI)

EUR6.85 -0.08 (-1.16%)
IT MIL Basic Materials Chemicals - Specialty
Address Via Leonardo Bistolfi, 35 20134
Milan, MI, IT
CEO Paolo Enrico Dellachà
Website denora.com
IPO 2022-07-12
ISIN IT0005186371

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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 features analyzers, detectors, specialized anodes (for chlorine and oxygen evolution), cathodes (for hydrogen evolution), various disinfection and electro-chlorination systems, components for cathodic protection, sophisticated filtration solutions, gas diffusion electrodes, MEA, catalysts, membrane technologies, and contaminant removal systems. Beyond products, the company offers comprehensive support services, including engineering design, remote technical assistance, repair and analytical services, specialized training, electrode recoating, and the supply of essential spare parts. These innovative solutions are crucial for numerous critical processes, such as ballast water management, battery production, chlor-alkali processes, cooling and fire protection water treatment, copper foil electrodeposition, fuel cell development, hydrogen generation through water electrolysis, HCL electrolysis, marine and offshore wastewater treatment, pool disinfection, printed circuit board manufacturing, salt splitting, sodium chlorate production, surface disinfection, and diverse surface finishing, plating, and galvanizing operations, alongside general wastewater treatment and water reuse/reclamation. Industrie De Nora serves a diverse global clientele, encompassing commercial and institutional organizations, participants in the energy transition, engineering and construction firms, original equipment manufacturers (OEMs), food and beverage producers, industrial operations, marine sectors, mining and metal recovery, municipal drinking water and wastewater utilities, offshore and onshore oil and gas, power generation, pulp and paper, steel manufacturing, utilities, NGOs, and relief organizations, as well as specialized surface finishing industries. Established in Milan, Italy, in 1923, Industrie De Nora S.p.A. operates as a subsidiary of Federico De Nora S.P.A.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
EUR6.85 -0.08 (-1.16%)
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Volume Profile
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Liquidity & share structure
Average Volume
192.8K
Beta
0.74
Float Shares
138.17M
Free Float %
69.5%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+1.31% -11.15% +19.85% -0.36% -4.06% -4.71% +1.23% -62.20% -45.93% -45.93% -45.93%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
6.85
DCF (Unlevered) 39.52 +477.4%
DCF (Levered) 63.29 +824.5%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 50% Bullish
Rating 2026-05 Change
Strong Buy 0 0
Buy 3 0
Hold 3 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
4.11
Safe zone
Piotroski F-Score
5 / 9
Average
MOAT Score
3 / 10
No MOAT
Composite Rating
A
Overall Score
4 / 5
High
DCF Score
4 / 5
High
ROE Score
4 / 5
High
ROA Score
5 / 5
High
D/E Score
2 / 5
Medium
P/E Score
3 / 5
Medium
P/Book Score
5 / 5
High
Operational MOAT
✗ Below peers
  • Revenue growth Chemicals - Specialty: +4.7%
    +1.4% Q1'26: -10.9% (vs Q1'25)
  • EPS growth Chemicals - Specialty: +13.2%
    +283.3% Q1'26: +14.8% (vs Q1'25)
  • FCF margin FCF growth · Chemicals - Specialty: +44.1%
    +8.5% Q1'26: -47.1% (vs Q1'25)
  • EBIT margin Chemicals - Specialty: +8.8%
    +14.6% Q1'26: +12.8% (vs Q1'25)
  • ROIC Chemicals - Specialty: +5.6%
    +10.1% Q1'26: +6.4% (vs Q1'25)
  • Share dilution Chemicals - Specialty: +0.1%
    -74.3% Q1'26: +0.1% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Chemicals - Specialty: 0.18×
    0.23× Q1'26: 0.74× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.74) × ERP
WACC = 91% × Ke + 9% × Kd (17.8%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 39.52 Current price: 6.85
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2022
actual
Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Dec 2026
3 Rev. Ana.
3 EPS Ana.
Dec 2027
5 Rev. Ana.
4 EPS Ana.
Dec 2028
2 Rev. Ana.
1 EPS Ana.
Revenue
852.83M
est: 867.43M (-1.7%)
856.41M
est: 848.87M (+0.9%)
862.61M
est: 866.12M (-0.4%)
874.96M
est: 877.86M (-0.3%)
812.24M
803.09M – 823.60M
-7.5% YoY
857.51M
800.16M – 910.29M
+5.6% YoY
931.67M
930.11M – 933.24M
+8.6% YoY
EBITDA
154.97M
est: 186.74M (-17.0%)
304.63M
est: 188.41M (+61.7%)
158.46M
est: 192.23M (-17.6%)
163.22M
est: 194.84M (-16.2%)
180.27M
178.25M – 182.80M
-7.5% YoY
190.32M
177.59M – 202.04M
+5.6% YoY
206.78M
206.44M – 207.13M
+8.6% YoY
EBIT
126.85M
est: 151.33M (-16.2%)
274.01M
est: 155.85M (+75.8%)
124.16M
est: 159.01M (-21.9%)
127.63M
est: 161.17M (-20.8%)
149.12M
147.44M – 151.21M
-7.5% YoY
157.43M
146.91M – 167.12M
+5.6% YoY
171.05M
170.76M – 171.34M
+8.6% YoY
Net Income
89.56M
est: 107.49M (-16.7%)
230.05M
est: 57.12M (+302.7%)
83.38M
est: 20.56M (+305.4%)
82.34M
est: 23.04M (+257.4%)
16.80M
14.98M – 18.63M
-27.1% YoY
19.84M
17.69M – 21.98M
+18.1% YoY
22.91M
21.74M – 24.08M
+15.5% YoY
SGA
62.75M
est: 81.03M (-22.6%)
60.93M
est: 84.00M (-27.5%)
65.67M
est: 85.71M (-23.4%)
134.84M
est: 86.87M (+55.2%)
80.38M
79.47M – 81.50M
-7.5% YoY
84.86M
79.18M – 90.08M
+5.6% YoY
92.20M
92.04M – 92.35M
+8.6% YoY
EPS
0.47
est: 0.54 (-12.5%)
1.14
est: 1.12 (+2.1%)
0.42
est: 0.40 (+4.5%)
1.61
est: 0.44 (+267.0%)
0.33
0.29 – 0.36
-24.7% YoY
0.38
0.35 – 0.43
+14.4% YoY
0.45
0.42 – 0.47
+18.5% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-08 A 4/5 4/5 4/5 5/5 2/5 3/5 5/5
2026-05-07 A 4/5 4/5 4/5 5/5 2/5 3/5 5/5
2026-05-06 A 4/5 4/5 4/5 5/5 2/5 3/5 5/5
2026-05-05 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-05-04 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-04-30 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-04-29 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-04-28 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-04-27 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-04-24 A+ 4/5 5/5 4/5 5/5 2/5 3/5 5/5
2026-04-23 A 4/5 5/5 4/5 5/5 1/5 3/5 5/5
2026-04-22 A 4/5 5/5 4/5 5/5 1/5 3/5 5/5
2026-04-21 A 4/5 5/5 4/5 5/5 1/5 3/5 5/5
2026-04-20 A 4/5 5/5 4/5 5/5 1/5 3/5 5/5
2026-04-17 A 4/5 5/5 4/5 5/5 1/5 3/5 5/5
2026-04-16 A 4/5 5/5 4/5 5/5 1/5 3/5 5/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
-2.47M
OE per share TTM
0.64
Owner's Yield
-0.17%
Maintenance CapEx ratio
87.61%
Maint CapEx / Avg PPE
30.1%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 38 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 Global X Hydrogen ETF HGEN.AX 1.05% 331.3K 0.69%
2 Amundi MSCI EMU Small Cap ESG Broad Transition UCITS ETF Dist MMS.PA 0.19% 1.34M 0.40%
3 Amundi MSCI Europe Small Cap ESG Broad Transition UCITS ETF Acc CEM.PA 0.07% 250.8K 0.23%
4 Amundi MSCI Europe Small Cap ESG Broad Transition UCITS ETF Dist X026.DE 0.07% 250.8K 0.23%
5 UBS MSCI EMU Small Cap UCITS ETF EUR dis UEFD.DE 0.04% 296.7K 0.33%
6 iShares MSCI EMU Small Cap UCITS ETF CES1.L 0.04% 394.8K 0.58%
7 WisdomTree Dynamic International SmallCap Equity ETF DDLS 0.03% 147.5K 0.48%
8 WisdomTree International SmallCap Dividend Fund DLS 0.03% 336.1K 0.58%
9 WisdomTree Europe SmallCap Dividend UCITS ETF Acc DFEA.L 0.02% 17.7K 0.38%
10 WisdomTree Europe SmallCap Dividend UCITS ETF WTES.DE 0.02% 17.7K 0.38%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
62.4K
Shares Outstanding
198.71M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Paolo Enrico Dellachà Chief Executive Officer & Executive Director 1M male
Federico De Nora Executive Chairperson 290.0K male
Chiara Locati Head of Investor Relations & ESG female
Luca Oglialoro Chief Financial Officer male
Silvia Bertini Secretariat of Board of Directors female
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits