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 11,913 - -
Change - 18.59% -39.94% -17.17% 73.99% -38.37% - -
Enterprise Value (EV) 1 23,660 24,949 22,863 21,438 31,214 18,216 16,902 16,073
Change - 5.45% -8.36% -6.23% 45.6% -41.64% -7.21% -4.91%
P/E 4.01x 2.34x 192x 22.8x -29x -49.7x 9.15x 7.16x
PBR 0.95x 0.78x 0.55x 0.43x 0.8x 1.15x 0.91x 0.83x
PEG - 0x -1.9x 0x 0x 1.3x -0x 0.3x
Capitalization / Revenue 0.56x 0.49x 0.38x 0.34x 0.63x 0.76x 0.68x 0.65x
EV / Revenue 0.7x 0.54x 0.64x 0.65x 1.01x 1.16x 0.96x 0.87x
EV / EBITDA 3.04x 1.94x 6.06x 5.17x 9.07x 8.95x 5.19x 4.26x
EV / EBIT 4.01x 2.01x 13.6x 16.6x 44.7x 18x 7.18x 5.46x
EV / FCF 13.3x 4.75x -12.4x -16.4x -27.3x 9x 16.3x 12.2x
FCF Yield 7.54% 21.1% -8.09% -6.08% -3.66% 11.1% 6.14% 8.2%
Dividend per Share 2 3 6 - - - - 1.332 2.042
Rate of return 10.1% 17% - - - - 4.05% 6.21%
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 32.86 32.86 32.86
Nbr of stocks (in thousands) 631,546 634,477 633,890 634,169 634,219 362,548 - -
Announcement Date 2/9/22 A 2/8/23 A 2/8/24 A 2/12/25 A 2/13/26 A - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
51.08x0.91x7.84x0.48% 5.41B
16.61x1.82x10.6x4.27% 3.48B
18.92x1.58x9.6x3.34% 1.5B
-49.73x1.16x8.95x-.--% 1.27B
15.07x2.44x8.87x3.67% 536M
17.88x - - 3.32% 414M
Average 11.64x 1.58x 9.17x 2.51% 2.1B
Weighted average by Cap. 24.95x 1.35x 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