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 11,609 - -
Change - 18.59% -39.94% -17.17% 73.99% -39.95% - -
Enterprise Value (EV) 1 23,660 24,949 22,863 21,438 31,214 17,963 17,321 16,934
Change - 5.45% -8.36% -6.23% 45.6% -42.45% -3.58% -2.23%
P/E 4.01x 2.34x 192x 22.8x -29x 28.3x 8.93x 6.77x
PBR 0.95x 0.78x 0.55x 0.43x 0.8x 1.1x 0.99x 0.91x
PEG - 0x -1.9x 0x 0x -0x 0x 0.2x
Capitalization / Revenue 0.56x 0.49x 0.38x 0.34x 0.63x 0.71x 0.63x 0.6x
EV / Revenue 0.7x 0.54x 0.64x 0.65x 1.01x 1.1x 0.94x 0.88x
EV / EBITDA 3.04x 1.94x 6.06x 5.17x 9.07x 9.11x 5.3x 4.42x
EV / EBIT 4.01x 2.01x 13.6x 16.6x 44.7x 19.1x 7.43x 5.69x
EV / FCF 13.3x 4.75x -12.4x -16.4x -27.3x 15.4x 20.1x 15x
FCF Yield 7.54% 21.1% -8.09% -6.08% -3.66% 6.48% 4.98% 6.67%
Dividend per Share 2 3 6 - - - 0.2133 1.298 2.29
Rate of return 10.1% 17% - - - 0.67% 4.05% 7.15%
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 32.02 32.02 32.02
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.($)
28.34x1.1x9.11x0.67% 1.18B
145.24x1x8.68x0.47% 5.41B
13.48x1.51x8.94x5.54% 2.66B
17.47x1.51x9.03x3.56% 1.43B
14.49x2.34x6.74x5% 551M
20.79x - - 2.86% 477M
Average 39.97x 1.49x 8.50x 3.02% 1.95B
Weighted average by Cap. 76.65x 1.26x 8.73x 2.33%

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