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Elkem ASA (ELK) fair value: what the stock is really worth

As of Nov 12, 2026: fair value (intrinsic value) of Elkem ASA stock NOK 51.20, price NOK 32.00, upside +60.0%, quality 41 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials NO · ISIN NO0010816093

EA Elkem ASA logo Some data Nov 12, 2026

Elkem ASA

ELK · OL

Rising price, but not cheap enough by our rule and weak company: meets 1 of 3 rules.

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Fair value kr 51.20 · Strongly undervalued 
Rising price (uptrend) 
Low debt 
Recent news very positive 
Quality 41/100 
Mixed vs. peers (6/12) 
Some data 
Trough year lifted: kr 26.02 → kr 51.20 
Weak Growth (revenue 5y −7.2 %/yr in NOK) 
Loss-making · -3.8% net margin (TTM) 
Negative free cash flow 
Narrow moat 30/100 · thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 36.84 kr 16.18 Fair Value kr 51.20 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.

How to read this chart

60‑month range kr 16.18 – kr 36.84 · fair‑value band kr 26.39 – kr 76.03 · the kr 32.00 price screens below the kr 51.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.

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Company profile

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

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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.

Stock analysis

Elkem ASA (ELK) currently trades at kr 32.00, while our model-based Fair Value estimate is kr 51.20, implying the stock looks roughly 38% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of kr 31.28 per share, and 1 of the 4 models we run sit above the kr 32.00 price.

Bear case: the Multiples group reads lowest at kr 26.02, and 3 of the 4 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 26.39 (bear) to kr 76.03 (bull), the price of kr 32.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 41/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

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

Key figures

Market cap 20.3B NOK (≈ $2.1B) Mid · P/S ratio 0.71 · EPS (TTM) kr 1.32 · Dividend yield 1.7% · Net margin −4.0% · Return on equity 2.6% · Return on assets (EBIT) 10.2% (5-year average) · Operating margin 11.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −42% fair-value upside, at 60%, ELK screens cheaper than that median.

Fair Value models

Bear kr 26.39 Fair Value kr 51.20 Bull kr 76.03
Price kr 32.00 · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.15 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA kr 59.29 kr 87.21 kr 115.12 66
EV/EBIT kr 13.41 kr 26.02 kr 38.64 63
NCAV (Graham) kr 20.64 kr 31.28 kr 39.10 54
All 4 models by family
Multiples
EV/EBIT kr 13.41 kr 26.02 kr 38.64 63
EV/EBITDA kr 59.29 kr 87.21 kr 115.12 66
EV/Revenue kr 8.36 kr 22.42 kr 36.48 50
Asset-Based
NCAV (Graham) kr 20.64 kr 31.28 kr 39.10 54

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 41/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 15
How much profit the company makes from its sales and capital
Quality Growth 28
Are margins and returns getting better?
Cashflow 12
Do the profits arrive as real cash?
Financial strength 47
Debt, balance sheet and risk of trouble
Investment 77
Does it invest with discipline instead of growing at any price?
Low Volatility 57
How calm the share price moves, does not count
Price momentum 52
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 59
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−28.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.2%
Start year 2020 (pandemic). Over 10 years: +1.4% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
4.9% (2020) → 7.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Earlier news

News mood ⓘNews mood, the average tone of recent news (75 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Peer Groupⓘ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.Specialty Chemicals · 755 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside +60.0% · Top 25%
Profitability
Return on equity (12 months) 2.6% · Below median
Return on assets −1.4% · Bottom 25%
Net margin (12 months) −3.8% · Bottom 25%
Operating margin (12 months) 11.7% · Above median
Growth and dividend
Revenue growth (quarter YoY) −2.5% · Bottom 25%
Dividend yield (12 months) 1.7% · Above median
Balance sheet
Debt / equity 0.39× · Highest 25%

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/B 0.85× · Cheapest 25%
P/S (12 months) 1.27× · Cheaper than median
EV/EBITDA 8.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 5
FUTURE (revenue growth)0 · sector 65
PAST (return on equity)11 · sector 26
HEALTH (low debt)81 · sector 95
DIVIDEND (yield)33 · sector 30

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Wanhua Chemical Group 600309 ¥68.92 ¥68.03 −1% vs ELK
Linde plc LIN $522.49 $446.62 −15% vs ELK
PPG Industries, Inc PPG $122.35 $77.68 −37% vs ELK
DSM-Firmenich AG DSFIR CHF 97.20 CHF 58.28 −40% vs ELK
Asian Paints Limited ASIANPAINT ₹2,537 ₹1,479 −42% vs ELK
The Sherwin-Williams Company SHW $351.39 $152.59 −57% vs ELK
Givaudan SA GIVN CHF 4,091 CHF 1,629 −60% vs ELK
EMS-CHEMIE HOLDING AG EMSN CHF 848.00 CHF 284.63 −66% vs ELK
Ecolab Inc ECL $304.41 $97.18 −68% vs ELK
Air Products and Chemicals, Inc APD $316.20 $75.33 −76% vs ELK

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Elkem ASA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Elkem ASA Fair Value". https://www.fairvalue-calculator.com/stock/ELK

Frequently asked questions

Is Elkem ASA (ELK) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of kr 51.20 versus a price of kr 32.00, about +60% upside (undervalued).
What is the fair value of ELK?
Our model-based fair value for Elkem ASA is kr 51.20 (as of Nov 12, 2026), built from audited fundamentals. The current price: kr 32.00.
What is the quality score of ELK?
Elkem ASA has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Elkem ASA (ELK)?
Our model-based price target is the fair value of kr 51.20 (as of Nov 12, 2026) from 4 valuation models. Cautious scenario kr 26.39, optimistic scenario kr 76.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Elkem ASA stock forecast for 2026?
Our models put fair value at kr 51.20, about +60% upside versus a price of kr 32.00 (undervalued). Cautious scenario kr 26.39, optimistic scenario kr 76.03. The calculation is refreshed regularly with new filings.
What is the revenue of Elkem ASA (ELK)?
Elkem ASA reported trailing-twelve-month revenue of about 16.0B NOK (latest available figure, as of Nov 12, 2026).
Does Elkem ASA pay a dividend?
Elkem ASA currently shows a dividend yield of 1.67% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of Elkem ASA (ELK)?
Elkem ASA has a dividend yield of 1.7%.
What is the intrinsic value of Elkem ASA (ELK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elkem ASA it is kr 51.20 per share (as of Nov 12, 2026), against a price of kr 32.00. It is the blended result of 4 valuation models in 2 families (Multiples, Asset-Based).
Is Elkem ASA stock overvalued or undervalued in 2026?
As of Nov 12, 2026, ELK trades below its calculated fair value: price kr 32.00, fair value kr 51.20, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ELK?
No. The price is what the market pays today (kr 32.00); the fair value is what the company's own numbers justify (kr 51.20). For Elkem ASA the two are kr 19.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elkem ASA worth?
The market values Elkem ASA at about 20.3B NOK (market capitalisation, as of Nov 12, 2026). Per share that is kr 32.00; our models calculate a fair value of kr 51.20 per share.
What do the bullish and bearish scenarios say about ELK?
Our models span a range for Elkem ASA: cautious scenario kr 26.39, base kr 51.20, optimistic kr 76.03 per share (as of Nov 12, 2026, price kr 32.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Elkem ASA (ELK)?
Balance-sheet figures for Elkem ASA (as of Nov 12, 2026): return on equity 2.6%, debt of 0.39 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is ELK from its 52-week high?
Elkem ASA trades at kr 32.00, about 13% below its 52-week high of kr 36.84 and 28% above the low of kr 24.93 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of kr 51.20 is for.
Which stocks are comparable to Elkem ASA?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Elkem ASA stock attractive at the current price?
The data as of Nov 12, 2026: price kr 32.00, calculated fair value kr 51.20 (+60%), Quality Score 41/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ELK calculated?
We run Elkem ASA through 4 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 51.20 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Elkem ASA currently trades 38% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Elkem ASA (ELK)?
The closing price on Nov 12, 2026 was kr 32.00. Our model-based fair value is kr 51.20, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elkem ASA right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (kr 26.39 to kr 76.03). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Key figures of Elkem ASA

How large is the market capitalisation of Elkem ASA (ELK)?
The market capitalisation of Elkem ASA is 20.3B NOK (≈ $2.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Elkem ASA (ELK)?
The price-to-sales ratio of Elkem ASA is 0.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Elkem ASA (ELK)?
Earnings per share at Elkem ASA are kr 1.32. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elkem ASA (ELK)?
The dividend yield of Elkem ASA is 1.7% (payout 40.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Elkem ASA (ELK)?
The net margin of Elkem ASA is −4.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Elkem ASA (ELK)?
The return on equity (ROE) of Elkem ASA is 2.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Elkem ASA (ELK)?
On an EBIT basis the return on assets of Elkem ASA is 10.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Elkem ASA (ELK)?
The operating margin of Elkem ASA is 11.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elkem ASA (ELK)?
Revenue at Elkem ASA is growing −2.5% versus a year earlier (3y avg −28.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Elkem ASA (ELK)?
Earnings per share at Elkem ASA are growing +18.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Elkem ASA (ELK) generate?
The free cash flow of Elkem ASA is −1.1B NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Elkem ASA (ELK) carry?
The net debt of Elkem ASA is 8.9B NOK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Why does Elkem ASA not meet the fair value rule although the fair value shown is higher?
Trough year lifted: kr 26.02 → kr 51.20. The latest year was a trough or loss year. So we calculate with a normal year: kr 51.20 instead of kr 26.02. As in the backtest, the fair value rule checks the value before: -19% against the price.
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