Company Valuation: Elkem ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 18,833 22,334 13,413 11,111 19,331 13,320 - -
Change - 18.59% -39.94% -17.17% 73.99% -31.1% - -
Enterprise Value (EV) 1 23,660 24,949 22,863 21,438 31,214 19,639 18,379 17,563
Change - 5.45% -8.36% -6.23% 45.6% -37.08% -6.42% -4.44%
P/E 4.01x 2.34x 192x 22.8x -29x -54.2x 10.2x 7.97x
PBR 0.95x 0.78x 0.55x 0.43x 0.8x 1.26x 0.98x 0.9x
PEG - 0x -1.9x 0x 0x 1.5x -0x 0.3x
Capitalization / Revenue 0.56x 0.49x 0.38x 0.34x 0.63x 0.86x 0.76x 0.72x
EV / Revenue 0.7x 0.54x 0.64x 0.65x 1.01x 1.26x 1.05x 0.95x
EV / EBITDA 3.04x 1.94x 6.06x 5.17x 9.07x 9.67x 5.65x 4.64x
EV / EBIT 4.01x 2.01x 13.6x 16.6x 44.7x 19.6x 7.81x 5.93x
EV / FCF 13.3x 4.75x -12.4x -16.4x -27.3x 9.7x 17.7x 13.3x
FCF Yield 7.54% 21.1% -8.09% -6.08% -3.66% 10.3% 5.65% 7.5%
Dividend per Share 2 3 6 - - - - 1.332 2.042
Rate of return 10.1% 17% - - - - 3.62% 5.56%
EPS 2 7.44 15.04 0.11 0.77 -1.05 -0.6775 3.59 4.612
Distribution rate 40.3% 39.9% - - - - 37.1% 44.3%
Net sales 1 33,717 45,898 35,545 33,004 30,806 15,550 17,537 18,449
EBITDA 1 7,791 12,887 3,771 4,146 3,440 2,030 3,254 3,787
EBIT 1 5,899 12,414 1,682 1,294 699 1,004 2,354 2,960
Net income 1 4,628 9,561 72 488 -668 -211.7 1,450 1,766
Net Debt 1 4,827 2,615 9,450 10,327 11,883 6,319 5,059 4,243
Reference price 2 29.82 35.20 21.16 17.52 30.48 36.74 36.74 36.74
Nbr of stocks (in thousands) 631,546 634,477 633,890 634,169 634,219 362,548 - -
Announcement Date 2/9/22 2/8/23 2/8/24 2/12/25 2/13/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
49.89x0.89x7.6x0.49% 5.29B
16.41x1.8x10.48x4.32% 3.43B
18.99x1.59x9.63x3.32% 1.5B
-55.76x1.25x9.66x-.--% 1.45B
17.7x2.99x10.85x3.13% 633M
17.68x - - 3.36% 426M
Average 10.82x 1.70x 9.64x 2.44% 2.12B
Weighted average by Cap. 22.51x 1.38x 9.06x 2.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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