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1. Company Snapshot

1.a. Company Description

Industrie De Nora S.p.A., through its subsidiaries, provides catalytic coatings and insoluble electrodes for electrochemical and industrial applications worldwide.The company offers analyzers and detectors; anodes for chlorine and oxygen evolution; cathodes for hydrogen evolution; disinfection systems; electro chlorination systems; electrodes and accessories for cathodic protection; filtration solutions; gas diffusion electrodes, MEA, and catalysts; membrane technologies; and contaminant removal systems.It also provides engineering design, remote support, repair, analytic, training, electrode recoating and repair, and spare and replacement parts.


The company's products are used in various applications, which include ballast water management, battery, cathodic protection, chlor-alkali processes, cooling water treatment, copper foil electrodeposition, fire protection water treatment, fuel cells, h2 production by water electrolysis, HCL electrolysis, marine wastewater treatment, offshore wastewater treatment, pool disinfection, printed circuit board production, salt splitting processes, sodium chlorate processes, surface disinfection, surface finishing, plating and galvanizing, wastewater treatment, water reuse, and reclamation water treatment.It serves commercial and institutional, energy transition, engineering, construction, OEM, food and beverage, industrial, marine, mining and metal recovery, municipal drinking water and wastewater, municipal reuse, offshore and onshore oil and gas, power generation, pulp and paper, steel manufacturing, utilities and services, and NGO and relief organizations, as well as surface finishing, plating, and galvanizing markets and industries.The company was founded in 1923 and is based in Milan, Italy.


Industrie De Nora S.p.A. operates as a subsidiary of Federico De Nora S.P.A.

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1.b. Last Insights on DNR

Industrie De Nora's recent performance was positively driven by robust financial results, with a 22% increase in adjusted net results for Q3 2025. The company navigated macroeconomic uncertainties and currency headwinds, demonstrating resilience. Strong financial performance was a key driver, with no mention of legal issues or negative events. The company's ability to deliver growth despite challenges positions it well. According to recent reports, no share buyback program was announced. Industry trends and business conditions suggest a stable outlook.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Industrie De Nora SpA (STU:M3D) Q3 2025 Earnings Call Highlights: Strong Financial Performance ...

Nov -07

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How Should Investors View De Nora After 29% Drop and Latest Market Trends?

Sep -09

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Industrie De Nora SpA (STU:M3D) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and ...

May -15

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Industrie De Nora SpA (STU:M3D) (Q4 2024) Earnings Call Highlights: Strong Revenue Growth and ...

Mar -20

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Industrie De Nora SpA (STU:M3D) Q3 2024 Earnings Call Highlights: Navigating Challenges with ...

Nov -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.90%)

6. Segments

Electrode Technologies

Expected Growth: 8%

Electrode Technologies from Industrie De Nora S.p.A. growth driven by increasing demand for water treatment, rising adoption of renewable energy, and growing need for efficient electrochemical processes. Additionally, advancements in technology, expansion into new markets, and strategic partnerships contribute to the 8% growth rate.

Water Technologies

Expected Growth: 7%

Industrie De Nora S.p.A.'s Water Technologies segment growth is driven by increasing demand for wastewater treatment and water reuse solutions, stringent regulations, and growing adoption of sustainable practices. Additionally, the company's innovative electrochemical technologies and expanding presence in emerging markets contribute to its 7% growth.

Energy Transition

Expected Growth: 10%

Industrie De Nora S.p.A.'s 10% growth in Energy Transition is driven by increasing adoption of renewable energy sources, government incentives for decarbonization, and rising demand for clean hydrogen production. De Nora's electrolyzers and fuel cells enable efficient and sustainable energy conversion, positioning the company for continued growth in this segment.

7. Detailed Products

Electrochemical Water Treatment

De Nora's electrochemical water treatment solutions provide efficient and effective removal of contaminants and pollutants from water, making it safe for industrial, municipal, and environmental applications.

Chlorine Dioxide Generation

De Nora's chlorine dioxide generation systems provide a safe and efficient way to generate chlorine dioxide for water treatment, pulp bleaching, and other industrial applications.

Electrochemical Oxygen Generation

De Nora's electrochemical oxygen generation systems provide a reliable and efficient way to generate oxygen for industrial, medical, and environmental applications.

Electrochemical Hydrogen Generation

De Nora's electrochemical hydrogen generation systems provide a clean and efficient way to generate hydrogen for industrial, transportation, and energy storage applications.

Water Disinfection

De Nora's water disinfection solutions provide a safe and effective way to disinfect water for industrial, municipal, and environmental applications.

Electrochemical Sensors

De Nora's electrochemical sensors provide accurate and reliable measurements of various parameters such as pH, ORP, and conductivity for industrial, environmental, and laboratory applications.

8. Industrie De Nora S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

De Nora S.p.A. operates in the electrochemical industry, where substitutes are limited. However, the company's products can be replaced by alternative technologies, such as fuel cells or batteries, which could pose a moderate threat.

Bargaining Power Of Customers

De Nora S.p.A. has a diverse customer base, including industrial companies and municipalities. While customers have some bargaining power, the company's strong brand reputation and customized solutions reduce the threat of customer bargaining power.

Bargaining Power Of Suppliers

De Nora S.p.A. relies on a few key suppliers for raw materials, which could lead to supply chain disruptions. However, the company's long-term relationships with suppliers and diversified supply chain mitigate the risk.

Threat Of New Entrants

The electrochemical industry has high barriers to entry, including significant capital investments and technical expertise. New entrants would face significant challenges in competing with established players like De Nora S.p.A.

Intensity Of Rivalry

The electrochemical industry is highly competitive, with several established players competing for market share. De Nora S.p.A. faces intense rivalry from companies like Siemens, BASF, and others, which could impact its market position and pricing power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.23%
Debt Cost 6.98%
Equity Weight 87.77%
Equity Cost 7.16%
WACC 7.14%
Leverage 13.94%

11. Quality Control: Industrie De Nora S.p.A. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Johnson Matthey

A-Score: 5.4/10

Value: 5.9

Growth: 3.9

Quality: 4.1

Yield: 6.9

Momentum: 8.5

Volatility: 3.0

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Covestro

A-Score: 4.4/10

Value: 6.8

Growth: 1.3

Quality: 1.7

Yield: 2.5

Momentum: 5.0

Volatility: 9.0

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Azelis

A-Score: 4.2/10

Value: 5.6

Growth: 8.9

Quality: 4.0

Yield: 2.5

Momentum: 0.0

Volatility: 4.3

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Symrise

A-Score: 4.1/10

Value: 4.0

Growth: 6.1

Quality: 5.1

Yield: 1.9

Momentum: 0.0

Volatility: 7.7

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Croda

A-Score: 3.7/10

Value: 2.8

Growth: 3.0

Quality: 5.2

Yield: 4.4

Momentum: 1.0

Volatility: 5.7

1-Year Total Return ->

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De Nora

A-Score: 3.3/10

Value: 4.1

Growth: 3.4

Quality: 6.1

Yield: 1.2

Momentum: 2.0

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.04$

Current Price

7.04$

Potential

-0.00%

Expected Cash-Flows