olivLaw · European equity research
Industrie De Nora S.p.A. DNR.MI
Italy · Euronext Milan · ISIN IT0005186371 · Vertical: Listed companies from Italy
Industrie De Nora is an Italian group that makes electrodes and electrolysis technologies for the chemical industry, water treatment and green hydrogen production. The company closed 2025 with a growing Energy Transition segment but guides 2026 cautiously, given regulatory uncertainty and delays in hydrogen projects. Its 2026 revenue guidance is 750 to 850 million euros.
At the close of 05 Nov 2026, Industrie De Nora S.p.A. (DNR.MI) stock was 5.51 EUR (−2.13% on the day), with market capitalisation 1.1 bn EUR, P/E 13.4 on diluted EPS of 0.41 EUR over the last 12 months, dividend yield 1.87%, beta 1.07, 52-week range 5.31–7.93 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 5.33 – 5.80
- in the lower half of the band · %B 0.39 · band width 8.4%
- SMA 50 / 200
- 6.07 / 6.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.0% | +0.4% | −10.3 pp | — |
| 3 months | −15.4% | −3.3% | −12.2 pp | — |
| 6 months | −29.5% | +4.0% | −33.5 pp | — |
| Year to date | −24.4% | +8.1% | −32.5 pp | — |
| 1 year | −28.4% | +10.7% | −39.1 pp | −4.8% |
| 3 years | −60.8% | +50.1% | −110.9 pp | +10.1% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 13.8, median 17.8, max 18.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 856.4 m | 862.6 m | 875.0 m |
| Revenue YoY | unavailable | +0.7% | +1.4% |
| Net income | 230.1 m | 83.4 m | 82.3 m |
| Net income YoY | unavailable | −63.8% | −1.2% |
| Diluted EPS | 1.14 | 0.42 | 0.41 |
| Diluted EPS YoY | unavailable | −63.2% | −2.4% |
| net % | 26.9% | 9.7% | 9.4% |
| Free cash flow | 59.3 m | 51.5 m | 51.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 970.6 m EUR
- Total assets
- 1.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.42x
- ROE
- 8.6%
- ROA
- 6.1%
- FCF margin
- 5.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 856.4 m | 862.6 m | 875.0 m | esef· 09 Apr 2026verified |
| Operating income | 136.9 m | 116.6 m | 128.8 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 30.6 m | 34.3 m | — | esef· 15 Apr 2025verified |
| EBITDA | 167.5 m ≈ | 150.9 m ≈ | — | esef· 15 Apr 2025derived |
| Interest expense | 22.1 m | 24.5 m | 28.7 m | esef· 09 Apr 2026verified |
| Pre-tax income | 265.3 m | 117.8 m | 118.6 m | esef· 09 Apr 2026verified |
| Income tax | 34.2 m | 34.5 m | 35.9 m | esef· 09 Apr 2026verified |
| Net income | 230.1 m | 83.4 m | 82.3 m | esef· 09 Apr 2026verified |
| Diluted EPS | 1.14 | 0.42 | 0.41 | esef· 09 Apr 2026verified |
| Dividend per share | 0.12 | 0.12 | 0.10 | esef· 09 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 198.5 m | 215.9 m | 109.1 m | esef· 09 Apr 2026verified |
| Current assets | 700.2 m | 752.1 m | 598.9 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 254.3 m | 291.8 m | — | esef· 15 Apr 2025verified |
| Total assets | 1.3 bn | 1.4 bn | 1.3 bn | esef· 09 Apr 2026verified |
| Current liabilities | 249.2 m | 291.5 m | 247.8 m | esef· 09 Apr 2026verified |
| Equity | 910.2 m | 953.8 m | 970.6 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 201.8 m | 198.5 m | 200.8 m | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 140.3 m | 110.7 m | 117.5 m | esef· 09 Apr 2026verified |
| Capex | 81.0 m | 59.2 m | 66.1 m | esef· 09 Apr 2026verified |
| Free cash flow | 59.3 m ≈ | 51.5 m ≈ | 51.4 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | 81.6 m | -54.6 m | -78.7 m | esef· 09 Apr 2026verified |
| Financing cash flow | -193.5 m | -39.4 m | -136.3 m | esef· 09 Apr 2026verified |
| Dividends paid | 24.3 m | 24.5 m | 20.7 m | esef· 09 Apr 2026verified |
| Share repurchases | 17.0 m | 26.0 m | 0 | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.40 – 11.17 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.58 – 11.17 (Mid 6.38)20 companies used · median multiple 15.6x · quartiles 6.3x – 27.2xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, ELN.MI
- Dividend discount (DDM)1.40 – 1.91 (Mid 1.61)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.4% | 67 (vs peers) | 12% |
| FCF conversion · Quality | 62.4% | 46 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.5x | 46 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 13.4x | 55 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.6% | 58 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 40.2% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality56/100 · 2/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INDUSTRIE DE NORA S.P.A. (DNR.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 875.0 m EUR in 2025; YoY growth 1.4%; net margin 9.4%; ROE 8.6%.
The estimated value range is 1.99–6.54 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.00 EUR, the price of 5.51 EUR leaves a potential of -27.5% (value / price − 1) and a margin of safety of -37.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- Payout ratio (FCF): 40.2%
What contradicts it
- Shareholder yield (distributions): 1.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for DNR.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.16 Total return -41% · Per year -41% | 5.59 Total return 3% · Per year 3% | 8.43 Total return 55% · Per year 55% |
| 3 years | 2.88 Total return -44% · Per year -17% | 5.75 Total return 10% · Per year 3% | 9.55 Total return 81% · Per year 22% |
| 5 years | 2.62 Total return -46% · Per year -12% | 5.92 Total return 17% · Per year 3% | 10.82 Total return 109% · Per year 16% |
- Exit P/E± 1.44
- Net margin± 1.01
- Annual revenue growth± 0.85
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Industrie De Nora is an Italian group that makes electrodes and electrolysis technologies for the chemical industry, water treatment and green hydrogen production. The company closed 2025 with a growing Energy Transition segment but guides 2026 cautiously, given regulatory uncertainty and delays in hydrogen projects. Its 2026 revenue guidance is 750 to 850 million euros 1.
SWOT
Strengths
- Strong technological position in electrodes, supported by a network of research centres in several countries.
- Margin growth in the Energy Transition segment driven by product mix and production efficiency.
- Partnerships with major technology suppliers and participation in publicly funded projects.
Weaknesses
- Dependence on hydrogen projects with long timelines that are sensitive to delays.
- Exposure to precious metals and critical raw materials, affecting costs and working capital.
- The Electrode Technologies segment expects a temporary revenue decline in 2026.
Opportunities
- Growing hydrogen demand in new industries such as steel and heavy mobility.
- Potential new contracts for green hydrogen and lithium refining, not included in current guidance.
- Development of water technologies and recycling of critical raw materials.
Threats
- Uncertainty in US energy policy could reduce the attractiveness of hydrogen projects.
- Slow transposition of European directives and high renewable power costs may delay the market.
- Competition from Asia and price pressure could limit margins.
Risks
- Gigafactory delayhigh
The Gigafactory project could be delayed beyond its completion target, with effects on operations and growth prospects, if interruptions or equipment shortages occur.
- Risk of losing IPCEI fundinghigh
Failure to approve the change to the project portfolio could lead to loss of the public incentive linked to the Gigafactory.
- Slowdown by hydrogen developersmedium
Developers could postpone green hydrogen investments due to slow permitting and high costs, which would weigh on electrode demand.
- Raw material volatilitymedium
Rising prices of critical raw materials could affect working capital and the net financial position.
- Geopolitical uncertaintylow
The geopolitical context in the Middle East could affect projects in the region and clients' investment decisions.
Investment thesis
What would need to be true (bull case)
- If the Energy Transition segment keeps improving its margins and the backlog converts into revenue, group profitability could rise.
- Regulation favouring clean hydrogen in some regions could unlock new contracts for the company's technologies.
- The technological position in electrodes and diversification across three divisions could provide stability in volatile periods.
What would break the thesis
- If hydrogen project delays persist, Energy Transition revenue could remain below expectations.
- Guidance for 2026 foresees lower Electrode Technologies revenue, which could pressure group sales.
- If raw material prices rise significantly, the net financial position could move toward balance rather than a positive level.
What to watch
- Completion of the Italian Gigafactory2026
- Quarterly results of the Energy Transition segmentQ1 2027
- Approval of the IPCEI project portfolio change2026
- EBITDA Adjusted margin versus 2026 guidancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates through three divisions: Electrode Technologies, Water Technologies and Energy Transition & Hydrogen, which include electrodes, electrolysis systems and water treatment solutions. The Energy Transition segment reported an EBITDA Adjusted of 15,326 thousand euros in 2025, up from 2024 thanks to a more favourable product mix and production efficiency 1. The company runs R&D centres in Italy, the United States, Japan and China, focused on hydrogen and decarbonisation technologies 1.
Segments
Electrode Technologies
This segment focuses on continuous innovation in electrodes for the chlor-alkali industry and other established applications, with emphasis on reducing precious metal content. For 2026 the company expects a temporary revenue decline, linked to the macroeconomic context and plant renewal cycles 1.
Energy Transition & Hydrogen
The segment includes electrodes and systems for alkaline water electrolysis, such as the Dragonfly system and the CECHLO technology, aimed at green hydrogen production and lithium refining. Segment revenue grew substantially in 2025, but the company estimates 2026 revenue between 15 and 60 million euros, with the lower end reflecting the existing backlog 1.
Market context
The green hydrogen market is advancing more slowly than expected because of regulatory uncertainty in the EU and US and the high cost of renewable power. Global hydrogen use is roughly 100 MTPA, and the company expects growth both in existing industries and in new fields such as DRI steel and heavy mobility 1.
Trends
- Regulatory uncertainty for green hydrogenheadwind
The US clean hydrogen tax credit will be available only until 1 January 2028, which could slow projects with long timelines. In the EU, the slow transposition of RED III delays permitting.
- Structural growth in hydrogen demandtailwind
The company considers the shift toward low-emission hydrogen irreversible, with demand in new areas such as DRI steel production and long-duration energy storage.
- Public funding for hydrogentailwind
IPCEI programmes and government-funded projects in Europe, the US and Japan support electrolysis technology development and reduce investment burden.
- Volatility of raw material pricesmixed
Rising prices of critical metals could affect working capital and the net financial position of the group through the end of 2026.
Competitive position
The company operates in a sector with specialised competitors in electrodes, electrolysis and water treatment. The official source does not explicitly name competitors, so the list below reflects only companies mentioned in context and should be read with caution.
- tk nucera
Partner in some of the group's research projects, mentioned in the report in the context of water electrolysis technologies.
- Snam
Partner in the electrolyser Gigafactory project, within a joint venture with the group.
- Large hydrogen technology OEMs
Major suppliers of hydrogen generation systems with whom the group collaborates on large-scale solutions.
- Regional Asian electrolysis suppliers
Local players in regions such as China and India, where hydrogen demand is growing and cost competition may matter.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Industrie De Nora S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.