DNR Stock Analysis: Industrie De Nora S.p.A. | MI
Electrical Equipment & Parts | MI, Italy | Market Cap: 1.099m EUR | 12M Return: -22.3% | IT0005186371 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.19M
EPS Trend: -84.2%
Qual. Beats: -1
Rev. Trend: 43.6%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 4.3 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
Industrie De Nora S.p.A. (DNR) is an Italy-based specialty chemicals company that provides electrochemical solutions and technologies through three operating segments: Electrode Technologies, Water Technologies, and Energy Transition. The Electrode Technologies segment supplies metal electrodes coated with catalysts and electrolyzer components used in chlor-alkali production (chlorine and caustic soda), lithium battery manufacturing, non-ferrous metal processing, and corrosion prevention for reinforced concrete and metal structures. The chlor-alkali process is one of the largest electrochemical applications globally, making coated electrodes a core industrial consumable.
The Water Technologies segment offers electrodes, equipment, and systems for the disinfection and filtration of drinking water, wastewater, and process water, serving residential pool, municipal, industrial, and marine applications. The Energy Transition segment provides electrodes and electrolyzer systems for green hydrogen production via water electrolysis, fuel cells for zero-emission electricity generation, and redox flow batteries for energy storage. The company was founded in 1923, is headquartered in Milan, and operates as a subsidiary of Federico De Nora S.p.A.
- Green hydrogen demand accelerates Energy Transition segment orders
- EV battery expansion boosts electrode sales to lithium producers
- Chinese low-cost electrolyzer competition pressures pricing and segment margins
| Net Income: 75.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.01 > 0.02 and ΔFCF/TA -2.68 > 1.0 |
| NWC/Revenue: 48.19% < 20% (prev 50.66%; Δ -2.46% < -1%) |
| CFO/TA 0.04 > 3% & CFO 52.5m > Net Income 75.9m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 2.15 > 1.5 & < 3 |
| Outstanding Shares: last quarter (198.9m) vs 12m ago 0.07% < -2% |
| Gross Margin: 13.30% > 18% (prev 49.57%; Δ -36.27% > 0.5%) |
| Asset Turnover: 61.99% > 50% (prev 66.16%; Δ -4.17% > 0%) |
| Interest Coverage Ratio: -9.07 > 6 (EBIT TTM -43.2m / Interest Expense TTM 4.77m) |
| A: 0.29 (Total Current Assets 778.4m - Total Current Liabilities 362.7m) / Total Assets 1.46b |
| B: 0.56 (Retained Earnings 811.2m / Total Assets 1.46b) |
| C: -0.03 (EBIT TTM -43.2m / Avg Total Assets 1.39b) |
| D: 2.15 (Book Value of Equity 984.4m / Total Liabilities 458.5m) |
| Altman-Z'' = 5.74 = AAA |
| DSRI: 1.18 (Receivables 264.1m/228.1m, Revenue 862.4m/877.9m) |
| GMI: 3.73 (GM 49.57% / 13.30%) |
| AQI: 0.87 (AQ_t 0.24 / AQ_t-1 0.27) |
| SGI: 0.98 (Revenue 862.4m / 877.9m) |
| TATA: 0.02 (NI 75.9m - CFO 52.5m) / TA 1.46b) |
| Beneish M = -0.50 (Cap -4..+1) = D |
As of November 12, 2026, the stock is trading at EUR 5.73 with a total of 343,283 shares traded. Over the past week, the price has changed by +1.69%, over one month by -0.61%, over three months by -14.55% and over the past year by -22.31%.
Current recommended Stop Loss: 5.10 (which is 11% or 2.9 ATR below the current price).
Industrie De Nora S.p.A. has no consensus analysts rating.
P/E Trailing = 14.3421
P/E Forward = 34.0136
P/S = 1.2678
P/B = 1.0945
Revenue TTM = 862.4m EUR
EBIT TTM = -43.2m EUR
EBITDA TTM = -8.14m EUR
Long Term Debt = 45.2m EUR (from longTermDebt, last quarter)
Short Term Debt = 115.3m EUR (from shortTermDebt, last quarter)
Debt = 193.5m EUR (from shortLongTermDebtTotal, last quarter) + Leases 18.4m
Net Debt = 48.7m EUR (calculated: Debt 193.5m - CCE 144.8m)
Enterprise Value = 1.15b EUR (1.10b + Debt 193.5m - CCE 144.8m)
Interest Coverage Ratio = -9.07 (Ebit TTM -43.2m / Interest Expense TTM 4.77m)
EV/FCF = -98.57x (Enterprise Value 1.15b / FCF TTM -11.6m)
FCF Yield = -1.01% (FCF TTM -11.6m / Enterprise Value 1.15b)
FCF Margin = -1.35% (FCF TTM -11.6m / Revenue TTM 862.4m)
Net Margin = 8.80% (Net Income TTM 75.9m / Revenue TTM 862.4m)
Gross Margin = 13.30% ((Revenue TTM 862.4m - Cost of Revenue TTM 747.8m) / Revenue TTM)
Gross Margin QoQ = 28.48% (prev 29.91%)
Tobins Q-Ratio = 0.79 (Enterprise Value 1.15b / Total Assets 1.46b)
Interest Expense / Debt = 2.46% (Interest Expense 4.77m / Debt 193.5m)
Taxrate = 30.91% (34.0m / 110.0m)
NOPAT = -29.9m (EBIT -43.2m * (1 - 30.91%)) [loss with tax shield]
Current Ratio = 2.15 (Total Current Assets 778.4m / Total Current Liabilities 362.7m)
Debt / Equity = 0.20 (Debt 193.5m / totalStockholderEquity, last quarter 984.4m)
Debt / EBITDA = -5.98 (negative EBITDA) (Net Debt 48.7m / EBITDA -8.14m)
Debt / FCF = -4.18 (negative FCF - burning cash) (Net Debt 48.7m / FCF TTM -11.6m)
Total Stockholder Equity = 968.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 5.46% (Net Income 75.9m / Total Assets 1.46b)
RoE = 7.84% (Net Income TTM 75.9m / Total Stockholder Equity 968.5m)
RoCE = -4.26% (EBIT -43.2m / Capital Employed (Equity 968.5m + L.T.Debt 45.2m))
RoIC = -2.56% (negative operating profit) (NOPAT -29.9m / Invested Capital 1.16b)
WACC = 8.34% (E(1.10b)/V(1.29b) * Re(9.51%) + D(193.5m)/V(1.29b) * Rd(2.46%) * (1-Tc(0.31)))
Discount Rate = 9.51% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -29.00 | Cagr: -0.00%
[DCF] Fair Price = unknown (Cash Flow -11.6m)
EPS Correlation: -84.25 | EPS CAGR: -33.18% | SUE: -1.22 | # QB: -1
Revenue Correlation: 43.64 | Revenue CAGR: 1.15% | SUE: 1.11 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.10 | Chg30d=+66.67% | Revisions=+0% | Analysts=1
EPS next Quarter (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.33 | Chg30d=-4.07% | Revisions=-25% | GrowthEPS=-26.8% | GrowthRev=+3.1%
EPS next Year (2027-12-31): EPS=0.43 | Chg30d=-1.82% | Revisions=-25% | GrowthEPS=+30.6% | GrowthRev=+9.6%
[Analyst] Revisions Ratio: -40% (up=0, down=2)