Industrie De Nora S.p.A. (DNR) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Industrie De Nora S.p.A. €5.31, price €6.01, upside -11.7%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
51‑month range €5.35 – €20.39 · fair‑value band €3.48 – €7.74 · the €6.01 price screens above the €5.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Industrie De Nora S.p.A., through its subsidiaries, delivers electrochemical solutions worldwide and operates through the Electrode Technologies, Water Technologies, and Energy Transition segments.
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Industrie De Nora S.p.A., through its subsidiaries, delivers electrochemical solutions worldwide and operates through the Electrode Technologies, Water Technologies, and Energy Transition segments. Its Electrode Technologies segment offers metal electrodes coated with catalysts, electrolyzer components, and systems with various applications, including the production of chlorine and caustic soda; the electronics industry including the production of components for lithium battery manufacturing; the refining of non-ferrous metals such as nickel and cobalt; the galvanic finishing industry; the cellulose and paper industry; and the infrastructure sector for the corrosion prevention of reinforced concrete and metal structures. The Water Technologies segment includes water treatment solutions, encompassing electrodes, equipment, systems, and facilities for the disinfection and filtration of drinking water, wastewater, and process water; these solutions serve applications such as residential swimming pool disinfection, municipal water disinfection and filtration, and industrial and marine water treatment. Its Energy Transition segment offers electrodes, electrolyzer components, and systems for the generation of hydrogen and oxygen through water electrolysis processes, fuel cells for electricity generation from hydrogen or other energy carriers without CO2 emissions, and redox flow batteries. The company was founded in 1923 and is headquartered in Milan, Italy, and it operates as a subsidiary of Federico De Nora S.p.A.
Stock analysis
Industrie De Nora S.p.A. (DNR) currently trades at €6.01, while our model-based Fair Value estimate is €5.31, implying the stock looks roughly 13.2% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €7.04 per share, and 12 of the 26 models we run sit above the €6.01 price.
Bear case: the Dividend Discount group reads lowest at €1.23, and 14 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €3.48 (bear) to €7.74 (bull), the price of €6.01 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Industrie De Nora S.p.A. reported revenue of €875M in FY2025 versus €616M in FY2021, a compound +9.2%/yr. Reported net income was €82.3M in FY2025, compounding +5.4%/yr from FY2021.
Key figures
Market cap €1.3B · P/E ratio 18.1 · P/S ratio 1.70 · EPS (TTM) €0.3700 · Dividend yield 1.7% · Net margin 9.4% · Return on equity 7.9% · Return on assets (EBIT) 9.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −12%, DNR screens cheaper than that median.
Fair Value models
Bear €3.48Fair Value €5.31Bull €7.74
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1953 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.5%
’18
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.9%
Dividend (yield on the price)1.7%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 15%
⚠ Revenue per share shrinking 16.2%/yr over ~5Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +18.2% a year for the price.
Compare Industrie De Nora S.p.A. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 550 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−12% · Above median
Profitability
Return on equity (TTM)8% · Above median
Return on assets6% · Top 25%
Net margin (TTM)9% · Above median
Operating margin (TTM)16% · Top 25%
Growth and dividend
Revenue growth4% · Below median
Dividend yield (TTM)1.7% · Above median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Industrie De Nora S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/DNR
Frequently asked questions
Is Industrie De Nora S.p.A. (DNR) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €5.31 versus a price of €6.01, about −12% upside (overvalued).
What is the fair value of DNR?
Our model-based fair value for Industrie De Nora S.p.A. is €5.31 (as of Sep 24, 2026), built from audited fundamentals. The current price: €6.01.
What is the quality score of DNR?
Industrie De Nora S.p.A. has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Industrie De Nora S.p.A. (DNR)?
Our model-based price target is the fair value of €5.31 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario €3.48, optimistic scenario €7.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Industrie De Nora S.p.A. stock forecast for 2026?
Our models put fair value at €5.31, about −12% upside versus a price of €6.01 (overvalued). Cautious scenario €3.48, optimistic scenario €7.74. The calculation is refreshed regularly with new filings.
What is the revenue of Industrie De Nora S.p.A. (DNR)?
Industrie De Nora S.p.A. reported trailing-twelve-month revenue of about €867M (latest available figure, as of Sep 24, 2026).
Does Industrie De Nora S.p.A. pay a dividend?
Industrie De Nora S.p.A. currently shows a dividend yield of about 1.71% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Industrie De Nora S.p.A. (DNR)?
For today's price to be fair in a discounted-cash-flow model, Industrie De Nora S.p.A. would have to grow free cash flow by +20.8 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DNR use?
Our models discount Industrie De Nora S.p.A. at 12.7 %: a base by market capitalisation (small), damped by beta 0.79, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Industrie De Nora S.p.A. that is +20.8 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Industrie De Nora S.p.A. (DNR) delivered so far?
Over the past 5 years revenue at Industrie De Nora S.p.A. grew +11.9 % a year. The price currently implies +20.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Industrie De Nora S.p.A. (DNR) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Industrie De Nora S.p.A. (+20.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Industrie De Nora S.p.A. (DNR)?
The free-cash-flow yield on the price is 3.70 %: that much free cash flow Industrie De Nora S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Industrie De Nora S.p.A. (DNR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Industrie De Nora S.p.A. it is €5.31 per share (as of Sep 24, 2026), against a price of €6.01. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Industrie De Nora S.p.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DNR trades above its calculated fair value: price €6.01, fair value €5.31, a gap of about −12% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DNR?
No. The price is what the market pays today (€6.01); the fair value is what the company's own numbers justify (€5.31). For Industrie De Nora S.p.A. the two are €0.7000 per share apart. That gap is exactly why we show both numbers side by side.
How much is Industrie De Nora S.p.A. worth?
The market values Industrie De Nora S.p.A. at about €1.3B (market capitalisation, as of Sep 24, 2026). Per share that is €6.01; our models calculate a fair value of €5.31 per share.
What do the bullish and bearish scenarios say about DNR?
Our models span a range for Industrie De Nora S.p.A.: cautious scenario €3.48, base €5.31, optimistic €7.74 per share (as of Sep 24, 2026, price €6.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DNR?
Industrie De Nora S.p.A. trades at a price-to-earnings ratio of 18.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €5.31 is built from several models across several years. Other multiples: P/B 1.6, P/S 1.7, EV/EBITDA 9.1.
How solid is the balance sheet of Industrie De Nora S.p.A. (DNR)?
Balance-sheet figures for Industrie De Nora S.p.A. (as of Sep 24, 2026): return on equity 7.9%, debt of 0.00 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is DNR from its 52-week high?
Industrie De Nora S.p.A. trades at €6.01, about 28% below its 52-week high of €8.31 and 12% above the low of €5.35 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €5.31 is for.
Which stocks are comparable to Industrie De Nora S.p.A.?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Industrie De Nora S.p.A. stock attractive at the current price?
The data as of Sep 24, 2026: price €6.01, calculated fair value €5.31 (−12%), Quality Score 63/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DNR calculated?
We run Industrie De Nora S.p.A. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €5.31, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Industrie De Nora S.p.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Industrie De Nora S.p.A. (DNR)?
The closing price on Sep 23, 2026 was €6.01. Our model-based fair value is €5.31, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Industrie De Nora S.p.A. right now?
A fairly wide model range (€3.48 to €7.74) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Industrie De Nora S.p.A.
How large is the market capitalisation of Industrie De Nora S.p.A. (DNR)?
The market capitalisation of Industrie De Nora S.p.A. is €1.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Industrie De Nora S.p.A. (DNR)?
The price-to-sales ratio of Industrie De Nora S.p.A. is 1.70 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Industrie De Nora S.p.A. (DNR)?
Earnings per share at Industrie De Nora S.p.A. are €0.3700 (price ÷ EPS = P/E 18.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Industrie De Nora S.p.A. (DNR)?
The dividend yield of Industrie De Nora S.p.A. is 1.7% (payout 27.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Industrie De Nora S.p.A. (DNR)?
The net margin of Industrie De Nora S.p.A. is 9.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Industrie De Nora S.p.A. (DNR)?
The return on equity (ROE) of Industrie De Nora S.p.A. is 7.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Industrie De Nora S.p.A. (DNR)?
On an EBIT basis the return on assets of Industrie De Nora S.p.A. is 9.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Industrie De Nora S.p.A. (DNR)?
The operating margin of Industrie De Nora S.p.A. is 16.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Industrie De Nora S.p.A. (DNR)?
Revenue at Industrie De Nora S.p.A. is growing +3.6% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Industrie De Nora S.p.A. (DNR)?
Earnings per share at Industrie De Nora S.p.A. are growing −48.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Industrie De Nora S.p.A. (DNR) hold?
Industrie De Nora S.p.A. holds more cash than debt, €54.6M net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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