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 11,311 - -
Change - 18.59% -39.94% -17.17% 73.99% -41.49% - -
Enterprise Value (EV) 1 23,660 24,949 22,863 21,438 31,214 17,666 17,023 16,636
Change - 5.45% -8.36% -6.23% 45.6% -43.4% -3.64% -2.27%
P/E 4.01x 2.34x 192x 22.8x -29x 27.6x 8.7x 6.6x
PBR 0.95x 0.78x 0.55x 0.43x 0.8x 1.07x 0.97x 0.89x
PEG - 0x -1.9x 0x 0x -0x 0x 0.2x
Capitalization / Revenue 0.56x 0.49x 0.38x 0.34x 0.63x 0.7x 0.61x 0.58x
EV / Revenue 0.7x 0.54x 0.64x 0.65x 1.01x 1.09x 0.92x 0.86x
EV / EBITDA 3.04x 1.94x 6.06x 5.17x 9.07x 8.96x 5.21x 4.34x
EV / EBIT 4.01x 2.01x 13.6x 16.6x 44.7x 18.8x 7.3x 5.59x
EV / FCF 13.3x 4.75x -12.4x -16.4x -27.3x 15.2x 19.7x 14.7x
FCF Yield 7.54% 21.1% -8.09% -6.08% -3.66% 6.59% 5.07% 6.79%
Dividend per Share 2 3 6 - - - 0.2133 1.298 2.29
Rate of return 10.1% 17% - - - 0.68% 4.16% 7.34%
EPS 2 7.44 15.04 0.11 0.77 -1.05 1.13 3.585 4.728
Distribution rate 40.3% 39.9% - - - 18.9% 36.2% 48.4%
Net sales 1 33,717 45,898 35,545 33,004 30,806 16,273 18,408 19,337
EBITDA 1 7,791 12,887 3,771 4,146 3,440 1,973 3,270 3,835
EBIT 1 5,899 12,414 1,682 1,294 699 940.6 2,330 2,978
Net income 1 4,628 9,561 72 488 -668 503.3 1,315 1,903
Net Debt 1 4,827 2,615 9,450 10,327 11,883 6,355 5,712 5,325
Reference price 2 29.82 35.20 21.16 17.52 30.48 31.20 31.20 31.20
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.61x1.09x8.96x0.6% 1.15B
138.6x0.96x8.35x0.5% 5.16B
13.29x1.49x8.83x5.62% 2.62B
17.3x1.5x8.94x3.6% 1.41B
14.16x2.27x6.54x5.12% 539M
21.05x - - 2.82% 484M
Average 38.67x 1.46x 8.32x 3.04% 1.9B
Weighted average by Cap. 72.50x 1.23x 8.51x 2.39%

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