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 12,327 - -
Change - 18.59% -39.94% -17.17% 73.99% -36.23% - -
Enterprise Value (EV) 1 23,660 24,949 22,863 21,438 31,214 18,646 17,386 16,570
Change - 5.45% -8.36% -6.23% 45.6% -40.26% -6.76% -4.69%
P/E 4.01x 2.34x 192x 22.8x -29x -48.6x 9.66x 7.24x
PBR 0.95x 0.78x 0.55x 0.43x 0.8x 1.19x 0.94x 0.86x
PEG - 0x -1.9x 0x 0x 1.5x -0x 0.2x
Capitalization / Revenue 0.56x 0.49x 0.38x 0.34x 0.63x 0.79x 0.7x 0.67x
EV / Revenue 0.7x 0.54x 0.64x 0.65x 1.01x 1.2x 0.99x 0.9x
EV / EBITDA 3.04x 1.94x 6.06x 5.17x 9.07x 9.19x 5.34x 4.38x
EV / EBIT 4.01x 2.01x 13.6x 16.6x 44.7x 19.1x 7.73x 6.01x
EV / FCF 13.3x 4.75x -12.4x -16.4x -27.3x 9.21x 16.8x 12.6x
FCF Yield 7.54% 21.1% -8.09% -6.08% -3.66% 10.9% 5.97% 7.95%
Dividend per Share 2 3 6 - - - - 1.332 2.042
Rate of return 10.1% 17% - - - - 3.92% 6.01%
EPS 2 7.44 15.04 0.11 0.77 -1.05 -0.7 3.519 4.694
Distribution rate 40.3% 39.9% - - - - 37.8% 43.5%
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 1,294 699 978.4 2,250 2,758
Net income 1 4,628 9,561 72 488 -668 -197 1,354 1,751
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 34.00 34.00 34.00
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.($)
-48.57x1.2x9.19x-.--% 1.3B
47.6x0.84x7.16x0.51% 4.95B
16.48x1.83x10.69x4.3% 3.35B
18.96x1.59x9.66x3.36% 1.46B
19.82x3.5x14.82x2.77% 708M
19.09x - - 3.32% 420M
Average 12.23x 1.79x 10.30x 2.38% 2.03B
Weighted average by Cap. 22.78x 1.41x 9.16x 2.07%

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