Duyuru • May 27
Industrie De Nora S.p.A. (BIT:DNR) entered into a binding agreement to acquire BW Water Pte Ltd from Bw Renewables Pte. Ltd. for an enterprise value of $66.5 million. Industrie De Nora S.p.A. (BIT:DNR) entered into a binding agreement to acquire BW Water Pte Ltd from Bw Renewables Pte. Ltd. for an enterprise value of $66.5 million on May 26, 2026. The acquisition will be financed through a $69.88 million (EUR 60 million), 5 years amortizing term loan facility.
For the period ending December 31, 2025, BW Water Pte Ltd reported total revenue of $91.5 million and EBITDA of $3 million.
The transaction is subject to customary conditions precedent, including antitrust clearance from the German Federal Cartel Office, regulatory and certain third-party consents. The closing date is expected to be July 1, 2026.
Withers KhattarWong acted as legal advisor for Industrie De Nora S.p.A. Lazard S.r.l. acted as financial advisor for Industrie De Nora S.p.A. Ernst & Young Italia acted as due diligence provider for Industrie De Nora S.p.A. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €7.85, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Machinery industry in Italy. Total loss to shareholders of 58% over the past three years. Board Change • May 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Luca Passa was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €7.32, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Machinery industry in Italy. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.98 per share. Declared Dividend • May 03
Dividend reduced to €0.10 Dividend of €0.10 is 1.0% lower than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has decreased by an average of 5.0% per year over the past 3 years, but has still been somewhat stable with no excessively large reductions to payments. EPS is expected to decline by 9.1% over the next 3 years. However, it would need to fall by 72% to increase the payout ratio to a potentially unsustainable range. Duyuru • May 02
Industrie De Nora S.p.A. announces Annual dividend, payable on May 20, 2026 Industrie De Nora S.p.A. announced Annual dividend of EUR 0.1030 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Duyuru • Mar 30
Industrie De Nora S.p.A., Annual General Meeting, Apr 29, 2026 Industrie De Nora S.p.A., Annual General Meeting, Apr 29, 2026, at 10:00 W. Europe Standard Time. Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from €0.338 to €0.292 per share. Revenue forecast steady at €796.1m. Net income forecast to shrink 24% next year vs 23% growth forecast for Machinery industry in Italy . Consensus price target down from €9.65 to €9.35. Share price fell 3.9% to €5.73 over the past week. Reported Earnings • Mar 22
Full year 2025 earnings released: EPS: €0.41 (vs €0.42 in FY 2024) Full year 2025 results: EPS: €0.41 (down from €0.42 in FY 2024). Revenue: €875.0m (flat on FY 2024). Net income: €82.3m (down 1.2% from FY 2024). Profit margin: 9.4% (in line with FY 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: €0.12 (up from €0.063 in 3Q 2024). Revenue: €223.7m (up 11% from 3Q 2024). Net income: €24.8m (up 100% from 3Q 2024). Profit margin: 11% (up from 6.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (8.9% net profit margin). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €8.14, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Machinery industry in Italy. Total loss to shareholders of 47% over the past three years. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: €0.098 (vs €0.11 in 2Q 2024) Second quarter 2025 results: EPS: €0.098 (down from €0.11 in 2Q 2024). Revenue: €213.9m (flat on 2Q 2024). Net income: €19.4m (down 12% from 2Q 2024). Profit margin: 9.1% (down from 10% in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 20
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.406 to €0.357 per share. Revenue forecast steady at €879.9m. Net income forecast to shrink 10% next year vs 19% growth forecast for Machinery industry in Italy . Consensus price target broadly unchanged at €10.38. Share price fell 3.8% to €6.63 over the past week. Reported Earnings • May 15
Full year 2024 earnings released: EPS: €0.42 (vs €1.14 in FY 2023) Full year 2024 results: EPS: €0.42 (down from €1.14 in FY 2023). Revenue: €862.6m (flat on FY 2023). Net income: €83.3m (down 64% from FY 2023). Profit margin: 9.7% (down from 27% in FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Machinery industry in Italy. Board Change • May 15
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Giorgio Metta was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 12
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Italian dividend payers (5.5%). In line with average of industry peers (1.7%). New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (9.7% net profit margin). Duyuru • Mar 21
Industrie De Nora S.p.A., Annual General Meeting, Apr 29, 2025 Industrie De Nora S.p.A., Annual General Meeting, Apr 29, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 21
Dividend reduced to €0.10 Dividend of €0.10 is 15% lower than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 1.5%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has decreased by an average of 6.9% per year over the past 2 years, but has still been somewhat stable with no excessively large reductions to payments. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 20
Industrie De Nora S.p.A. announces Annual dividend, payable on May 21, 2025 Industrie De Nora S.p.A. announced Annual dividend of EUR 0.1040 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €7.72, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Machinery industry in Italy. Total loss to shareholders of 41% over the past year. New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €8.66, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Machinery industry in Italy. Total loss to shareholders of 43% over the past year. Price Target Changed • Jan 20
Price target decreased by 7.6% to €10.90 Down from €11.80, the current price target is an average from 5 analysts. New target price is 49% above last closing price of €7.34. Stock is down 49% over the past year. The company is forecast to post earnings per share of €0.37 for next year compared to €1.14 last year. Price Target Changed • Nov 29
Price target decreased by 7.7% to €12.00 Down from €13.00, the current price target is an average from 5 analysts. New target price is 50% above last closing price of €8.00. Stock is down 44% over the past year. The company is forecast to post earnings per share of €0.37 for next year compared to €1.14 last year. New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10.0% net profit margin). Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: €0.063 (down from €0.75 in 3Q 2023). Revenue: €200.9m (down 4.6% from 3Q 2023). Net income: €12.5m (down 92% from 3Q 2023). Profit margin: 6.2% (down from 72% in 3Q 2023). Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Italy. Buy Or Sell Opportunity • Nov 04
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to €9.01. The fair value is estimated to be €7.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 135%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 55% in the next 2 years. Buy Or Sell Opportunity • Oct 09
Now 24% overvalued Over the last 90 days, the stock has fallen 20% to €9.19. The fair value is estimated to be €7.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 135%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 55% in the next 2 years. Duyuru • Oct 07
Industrie De Nora S.p.A. to Report Q3, 2024 Results on Nov 05, 2024 Industrie De Nora S.p.A. announced that they will report Q3, 2024 results on Nov 05, 2024 Buy Or Sell Opportunity • Sep 11
Now 24% overvalued Over the last 90 days, the stock has fallen 21% to €9.36. The fair value is estimated to be €7.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 135%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 55% in the next 2 years. Price Target Changed • Aug 07
Price target decreased by 8.3% to €15.08 Down from €16.44, the current price target is an average from 5 analysts. New target price is 47% above last closing price of €10.29. Stock is down 47% over the past year. The company is forecast to post earnings per share of €0.39 for next year compared to €1.14 last year. Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €890.7m to €880.6m. EPS estimate also fell from €0.386 per share to €0.34 per share. Net income forecast to shrink 66% next year vs 4.2% growth forecast for Machinery industry in Italy . Consensus price target down from €16.44 to €16.08. Share price fell 4.8% to €10.39 over the past week. Reported Earnings • Jul 31
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €210.1m (up 2.5% from 2Q 2023). Net income: €22.1m (up 1.7% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Italy. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 58% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). New Risk • May 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 58% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 58% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Upcoming Dividend • May 13
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (1.3%). New Risk • May 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 32% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: €190.4m (down 13% from 1Q 2023). Net income: €18.0m (down 27% from 1Q 2023). Profit margin: 9.5% (down from 11% in 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in Italy. Price Target Changed • Apr 05
Price target decreased by 7.1% to €17.43 Down from €18.77, the current price target is an average from 6 analysts. New target price is 33% above last closing price of €13.11. Stock is down 24% over the past year. The company is forecast to post earnings per share of €0.44 for next year compared to €1.15 last year. Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €982.5m to €934.9m. EPS estimate also fell from €0.553 per share to €0.459 per share. Net income forecast to shrink 60% next year vs 1.8% growth forecast for Machinery industry in Italy . Consensus price target down from €18.77 to €17.60. Share price was steady at €13.35 over the past week. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: €1.15 (vs €0.47 in FY 2022) Full year 2023 results: EPS: €1.15 (up from €0.47 in FY 2022). Revenue: €871.1m (up 1.6% from FY 2022). Net income: €231.1m (up 158% from FY 2022). Profit margin: 27% (up from 10% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in Italy. Buy Or Sell Opportunity • Mar 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to €14.37. The fair value is estimated to be €11.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to decline by 40% in the next 2 years. Duyuru • Feb 18
Industrie De Nora S.p.A. to Report Fiscal Year 2023 Results on Mar 18, 2024 Industrie De Nora S.p.A. announced that they will report fiscal year 2023 results on Mar 18, 2024 Major Estimate Revision • Feb 16
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €864.9m to €855.8m. EPS estimate rose from €1.09 to €1.21. Net income forecast to shrink 36% next year vs 1.3% growth forecast for Machinery industry in Italy . Consensus price target of €17.79 unchanged from last update. Share price rose 9.9% to €15.38 over the past week. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €16.31, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 9x in the Machinery industry in Italy. Total returns to shareholders of 8.5% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.63 per share. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €15.22, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 10x in the Machinery industry in Italy. Negligible returns to shareholders over past year. Simply Wall St's valuation model estimates the intrinsic value at €9.02 per share. Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €211.3m (up 2.2% from 3Q 2022). Net income: €151.9m (up €127.9m from 3Q 2022). Profit margin: 72% (up from 12% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Machinery industry in Italy. Price Target Changed • Oct 20
Price target decreased by 9.2% to €22.25 Down from €24.50, the current price target is an average from 2 analysts. New target price is 59% above last closing price of €13.98. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of €1.11 for next year compared to €0.47 last year. Duyuru • Oct 11
Industrie De Nora S.p.A. to Report Q3, 2023 Results on Nov 09, 2023 Industrie De Nora S.p.A. announced that they will report Q3, 2023 results on Nov 09, 2023 Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 39%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from €933.2m to €907.2m. EPS estimate rose from €0.569 to €0.792. Net income forecast to grow 49% next year vs 7.4% growth forecast for Machinery industry in Italy. Consensus price target of €24.67 unchanged from last update. Share price rose 6.6% to €19.41 over the past week. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: €0.11 (vs €0.077 in 2Q 2022) Second quarter 2023 results: EPS: €0.11 (up from €0.077 in 2Q 2022). Revenue: €205.5m (down 2.6% from 2Q 2022). Net income: €21.7m (up 57% from 2Q 2022). Profit margin: 11% (up from 6.5% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Machinery industry in Italy. New Risk • Aug 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Duyuru • Jul 04
Industrie De Nora S.p.A. to Report First Half, 2023 Results on Aug 01, 2023 Industrie De Nora S.p.A. announced that they will report first half, 2023 results on Aug 01, 2023 Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: €218.3m (up 8.3% from 1Q 2022). Net income: €25.0m (down 4.2% from 1Q 2022). Profit margin: 12% (down from 13% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Machinery industry in Italy. Reported Earnings • Mar 24
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.45 (up from €0.37 in FY 2021). Revenue: €859.3m (up 39% from FY 2021). Net income: €89.7m (up 35% from FY 2021). Profit margin: 10% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Machinery industry in Italy. Buying Opportunity • Dec 22
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €18.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 9 non-independent directors. Independent Director Mario Cesari was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.12. Net income: €24.2m (up €24.2m from 3Q 2021). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Machinery industry in Italy. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 18% share price gain to €16.89, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 10x in the Machinery industry in Italy. Reported Earnings • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: EPS: €0.077. Revenue: €211.0m (flat on 2Q 2021). Net income: €13.8m (up €13.8m from 2Q 2021). Profit margin: 6.5% (up from null in 2Q 2021). Duyuru • Jul 01
Industrie De Nora S.p.A. has completed an IPO in the amount of €473.521707 million. Industrie De Nora S.p.A. has completed an IPO in the amount of €473.521707 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,075,682
Price\Range: €13.5
Transaction Features: Regulation S; Rule 144A; Sponsor Backed Offering