Industrie De Nora S.p.A (DNR) Fair Value & Analysis
Industrials · IT · Market cap €1.4B
Fair value as of: Jul 7, 2026
From 26 valuation models · updated 34 days ago
Fair value updated Jul 7, 2026, revised from €6.13 to €6.17 (+0.7%) since Jun 24, 2026. Share price −0.7% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (€3.92 to €8.80) leaves room in how you read the outcome.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 7, 2026.
How to read this chart
49‑month range €5.35 – €20.39 · fair‑value band €3.92 – €8.80 · the €6.50 price screens above the €6.17 fair value. Dashed = 300-day average. As of Jul 7, 2026.
Analysis
Industrie De Nora S.p.A (DNR) currently trades at €6.50, while our model-based Fair Value estimate is €6.17, implying the stock looks roughly 5.1% fairly valued today. The Quality Score stands at 63/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Industrie De Nora S.p.A generated revenue of €882M at a net margin of 9.3%. Revenue declined 7.7% year over year. It earns a return on equity of 8.6%. The balance sheet holds a net cash position of €54.6M. Fundamentals as of Jul 7, 2026
Our scenario range runs from €3.92 (bear case) to €8.80 (bull case); at €6.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -5%, DNR screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Multiples (€7.04) versus Dividend Discount (€1.23). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 7, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 44
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
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Peer Group
Electrical Equipment & Parts · 528 stocks
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.
Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Jul 7, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Contemporary Amperex Technology Co 3750 | HK$675.50 | HK$391.44 | -42% |
| ABB Ltd ABBN | CHF 83.82 | CHF 35.46 | -58% |
| Delta Electronics (Thailand) Public Company TDED | 10.16 SGD | 1.47 SGD | -86% |
| LG Energy Solution, Ltd 373220 | 334,000 KRW | 201,455 KRW | -40% |
| WEG S.A WEGE3 | 13,210 ARS | 7,948 ARS | -40% |
| Sungrow Power Supply Co 300274 | ¥114.79 | ¥123.83 | +8% |
| Shenzhen Inovance Technology Co 300124 | ¥63.43 | ¥33.04 | -48% |
| HD Hyundai Electric Co 267260 | 823,000 KRW | 371,133 KRW | -55% |
| LS ELECTRIC Co 010120 | 190,000 KRW | 31,517 KRW | -83% |
| Sieyuan Electric Co 002028 | ¥151.73 | ¥71.69 | -53% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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