Elkem ASA (ELK) Fair Value & Analysis

Basic Materials · NO · Market cap 11.5B NOK

Below-average quality, screening 54% undervalued on our models.

What matters now

• The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
• The model range is unusually wide (kr 26.82 to kr 77.28). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 16.18 – kr 34.46 · fair‑value band kr 26.82 – kr 77.28 · the kr 33.86 price screens below the kr 52.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Elkem ASA (ELK) currently trades at kr 33.86, while our model-based Fair Value estimate is kr 52.04, implying the stock looks roughly 53.7% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Elkem ASA generated revenue of 16.3B NOK at a net margin of -2.6%. Revenue declined 5.4% year over year. It earns a return on equity of 1.7%. Net debt stands at 8.9B NOK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 26.82 (bear case) to kr 77.28 (bull case); at kr 33.86, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 75% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -68% fair-value upside, at 54%, ELK screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Asset-Based (kr 44.21) versus Earnings-Based (kr 1.79). Highest evidence: ROIC Compounder (72).

Key figures & financial health

Quality Score breakdown

About the company

Elkem ASA engages in the provision of advanced material solutions worldwide. It operates through Silicones, Silicon Products, and Carbon Solutions segments.

Full company description

Elkem ASA engages in the provision of advanced material solutions worldwide. It operates through Silicones, Silicon Products, and Carbon Solutions segments. The company offers silicones polymers, including silicone oils, compounds, emulsions, grease, and resins, as well as chlorosilanes, heat cured rubber silicone, lower carbon and circular silicone materials, elastomer gels, liquid silicone rubber, and RTV-1 and RTV-2 silicones. It also provides silicon-based materials comprising silicon, silicon powder/micronized silicon, silica fume/ micro-silica, ferrosilicon, grain refiners, and specialties for technical ceramics. In addition, the company offers foundry alloys, such as preconditioners, recarburizers, conditioners, nodularizers, inserts, and inoculants; and carbon-based materials comprising carbon electrodes, synthetic graphite, furnace tapping materials, electrode paste, ramming paste, prebaked electrodes, and furnace lining materials, as well as polymer additives, boron carbide, and oilfield and refractories specialty products. It offers its products to electronics, aerospace, healthcare, personal care, packaging, airbag coating, chemicals, aluminium, electronics, automotive, specialty steel, solar, construction, refractories, oil and gas, military equipment, ferroalloys, silicon, and aluminium industries. The company was founded in 1904 and is based in Oslo, Norway. Elkem ASA operates as a subsidiary of Bluestar Elkem International Co., Ltd. S.A.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Elkem ASA reported revenue of kr 16.5B in FY2025 versus kr 33.1B in FY2021, a compound −15.9%/yr. Reported net income was −kr 668M in FY2025.

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Peer Group

Specialty Chemicals · 671 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.