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 12,544 - -
Change - 18.59% -39.94% -17.17% 73.99% -35.11% - -
Enterprise Value (EV) 1 23,660 24,949 22,863 21,438 31,214 18,847 17,533 16,704
Change - 5.45% -8.36% -6.23% 45.6% -39.62% -6.97% -4.73%
P/E 4.01x 2.34x 192x 22.8x -29x -52.4x 9.63x 7.54x
PBR 0.95x 0.78x 0.55x 0.43x 0.8x 1.21x 0.95x 0.88x
PEG - 0x -1.9x 0x 0x 1.4x -0x 0.3x
Capitalization / Revenue 0.56x 0.49x 0.38x 0.34x 0.63x 0.8x 0.71x 0.68x
EV / Revenue 0.7x 0.54x 0.64x 0.65x 1.01x 1.2x 1x 0.91x
EV / EBITDA 3.04x 1.94x 6.06x 5.17x 9.07x 9.26x 5.39x 4.43x
EV / EBIT 4.01x 2.01x 13.6x 16.6x 44.7x 18.6x 7.45x 5.68x
EV / FCF 13.3x 4.75x -12.4x -16.4x -27.3x 9.31x 16.9x 12.7x
FCF Yield 7.54% 21.1% -8.09% -6.08% -3.66% 10.7% 5.92% 7.89%
Dividend per Share 2 3 6 - - - - 1.332 2.042
Rate of return 10.1% 17% - - - - 3.85% 5.9%
EPS 2 7.44 15.04 0.11 0.77 -1.05 -0.6607 3.593 4.588
Distribution rate 40.3% 39.9% - - - - 37.1% 44.5%
Net sales 1 33,717 45,898 35,545 33,004 30,806 15,688 17,615 18,449
EBITDA 1 7,791 12,887 3,771 4,146 3,440 2,036 3,254 3,773
EBIT 1 5,899 12,414 1,682 1,294 699 1,011 2,355 2,943
Net income 1 4,628 9,561 72 488 -668 -201.6 1,453 1,748
Net Debt 1 4,827 2,615 9,450 10,327 11,883 6,303 4,989 4,160
Reference price 2 29.82 35.20 21.16 17.52 30.48 34.60 34.60 34.60
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.($)
-51.61x1.19x9.17x-.--% 1.33B
51.14x0.91x7.85x0.48% 5.41B
16.46x1.81x10.51x4.31% 3.43B
18.7x1.56x9.5x3.37% 1.47B
15.32x2.5x9.06x3.61% 544M
17.68x - - 3.36% 412M
Average 11.28x 1.59x 9.22x 2.52% 2.1B
Weighted average by Cap. 24.43x 1.34x 9.00x 2.04%

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