Elmera Group ASA (ELMRA) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Elmera Group ASA NOK 28.52, price NOK 46.80, upside -39.1%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 9.89 – kr 46.95 · fair‑value band kr 20.10 – kr 42.26 · the kr 46.80 price screens above the kr 28.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Elmera Group ASA, together with its subsidiaries, engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway, Sweden, and Finland. The company operates through Consumer, Business, and Nordic segments.
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Elmera Group ASA, together with its subsidiaries, engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway, Sweden, and Finland. The company operates through Consumer, Business, and Nordic segments. It sells electrical power and related services to private and business consumers. The company also sells EV chargers and PV panels, as well as provides, mobile services, power sale, and related services. In addition, it is involved in management and services related to electrical power; and provides mobile phone services to private customers. The company was formerly known as Fjordkraft Holding ASA and changed its name to Elmera Group ASA in April 2022. Elmera Group ASA was founded in 2001 and is headquartered in Bergen, Norway.
Stock analysis
Elmera Group ASA (ELMRA) currently trades at kr 46.80, while our model-based Fair Value estimate is kr 28.52, implying the stock looks roughly 64.1% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 68.59 per share, and 4 of the 17 models we run sit above the kr 46.80 price.
Bear case: the Asset-Based group reads lowest at kr 8.33, and 13 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 20.10 (bear) to kr 42.26 (bull), the price of kr 46.80 sits above 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 48/100 (below-average quality), in the Utilities sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Elmera Group ASA reported revenue of 12.1B NOK in FY2025 versus 15.1B NOK in FY2021, a compound −5.3%/yr. Reported net income was 163M NOK in FY2025, compounding −10.8%/yr from FY2021.
Key figures
Market cap 5.1B NOK (≈ $537M) · P/E ratio 27.1 · P/S ratio 0.36 · EPS (TTM) kr 1.73 · Dividend yield 4.3% · Net margin 1.3% · Return on equity 12.1% · Return on assets (EBIT) 4.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 63% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −34% fair-value upside, at −39%, ELMRA screens richer than that median.
Fair Value models
Bear kr 20.10Fair Value kr 28.52Bull kr 42.26
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−11.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.8%
Dividend (yield on the price)4.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−16% vs −4%, slowing
Profit margin 2020 to 2025 ⓘ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.13% → 3%
Price, fair value, quality and upside side by side.
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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.Utilities - Regulated Electric · 159 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside−39% · Below median
Profitability
Return on equity (TTM)12% · Above median
Return on assets4% · Above median
Net margin (TTM)1% · Bottom 25%
Operating margin (TTM)3% · Bottom 25%
Growth and dividend
Revenue growth62% · Top 25%
Dividend yield (TTM)4.3% · Above median
Balance sheet
Debt / equity0.48× · Below median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
P/E (TTM)27.1× · Priciest 25%
P/B3.77× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)0.35× · Cheapest 25%
EV/EBITDA8.5× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)100· sector 32
PAST (return on equity)48· sector 39
HEALTH (low debt)76· sector 53
DIVIDEND (yield)85· sector 70
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Elmera Group ASA Fair Value". https://www.fairvalue-calculator.com/stock/ELMRA
Frequently asked questions
Is Elmera Group ASA (ELMRA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 28.52 versus a price of kr 46.80, about −39% upside (overvalued).
What is the fair value of ELMRA?
Our model-based fair value for Elmera Group ASA is kr 28.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 46.80.
What is the quality score of ELMRA?
Elmera Group ASA has a Quality Score of 48/100. 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 Elmera Group ASA (ELMRA)?
Our model-based price target is the fair value of kr 28.52 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario kr 20.10, optimistic scenario kr 42.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Elmera Group ASA stock forecast for 2026?
Our models put fair value at kr 28.52, about −39% upside versus a price of kr 46.80 (overvalued). Cautious scenario kr 20.10, optimistic scenario kr 42.26. The calculation is refreshed regularly with new filings.
What is the revenue of Elmera Group ASA (ELMRA)?
Elmera Group ASA reported trailing-twelve-month revenue of about 14.8B NOK (latest available figure, as of Sep 24, 2026).
Does Elmera Group ASA pay a dividend?
Elmera Group ASA currently shows a dividend yield of about 4.27% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Elmera Group ASA (ELMRA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elmera Group ASA it is kr 28.52 per share (as of Sep 24, 2026), against a price of kr 46.80. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Elmera Group ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ELMRA trades above its calculated fair value: price kr 46.80, fair value kr 28.52, a gap of about −39% (overvalued). 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 ELMRA?
No. The price is what the market pays today (kr 46.80); the fair value is what the company's own numbers justify (kr 28.52). For Elmera Group ASA the two are kr 18.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elmera Group ASA worth?
The market values Elmera Group ASA at about 5.1B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 46.80; our models calculate a fair value of kr 28.52 per share.
What do the bullish and bearish scenarios say about ELMRA?
Our models span a range for Elmera Group ASA: cautious scenario kr 20.10, base kr 28.52, optimistic kr 42.26 per share (as of Sep 24, 2026, price kr 46.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ELMRA?
Elmera Group ASA trades at a price-to-earnings ratio of 27.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 28.52 is built from several models across several years. Other multiples: P/B 3.8, P/S 0.3, EV/EBITDA 8.5.
How solid is the balance sheet of Elmera Group ASA (ELMRA)?
Balance-sheet figures for Elmera Group ASA (as of Sep 24, 2026): return on equity 12.1%, debt of 0.48 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ELMRA from its 52-week high?
Elmera Group ASA trades at kr 46.80, at its 52-week high of kr 46.95 and 63% above the low of kr 28.70 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 28.52 is for.
Which stocks are comparable to Elmera Group ASA?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Elmera Group ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 46.80, calculated fair value kr 28.52 (−39%), Quality Score 48/100, from 17 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 ELMRA calculated?
We run Elmera Group ASA through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 28.52, 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 14.0 % above its aggregate fair value. Elmera Group ASA itself currently trades above fair value. 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 Elmera Group ASA (ELMRA)?
The closing price on Sep 24, 2026 was kr 46.80. Our model-based fair value is kr 28.52, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elmera Group ASA right now?
The price sits above even our optimistic bull case (kr 42.26). The favourable scenario is already priced in. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 20.10 to kr 42.26) leaves room in how you read the outcome.
Key figures of Elmera Group ASA
How large is the market capitalisation of Elmera Group ASA (ELMRA)?
The market capitalisation of Elmera Group ASA is 5.1B NOK (≈ $537M). 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 Elmera Group ASA (ELMRA)?
The price-to-sales ratio of Elmera Group ASA is 0.36 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Elmera Group ASA (ELMRA)?
Earnings per share at Elmera Group ASA are kr 1.73 (price ÷ EPS = P/E 27.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elmera Group ASA (ELMRA)?
The dividend yield of Elmera Group ASA is 4.3% (payout 116%). 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 Elmera Group ASA (ELMRA)?
The net margin of Elmera Group ASA is 1.3% (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 Elmera Group ASA (ELMRA)?
The return on equity (ROE) of Elmera Group ASA is 12.1% (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 Elmera Group ASA (ELMRA)?
On an EBIT basis the return on assets of Elmera Group ASA is 4.6% (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 Elmera Group ASA (ELMRA)?
The operating margin of Elmera Group ASA is 2.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elmera Group ASA (ELMRA)?
Revenue at Elmera Group ASA is growing +62.4% versus a year earlier (3y avg −22.0%). 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 Elmera Group ASA (ELMRA)?
Earnings per share at Elmera Group ASA are growing +54.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Elmera Group ASA (ELMRA) generate?
The free cash flow of Elmera Group ASA is −757M 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 Elmera Group ASA (ELMRA) carry?
The net debt of Elmera Group ASA is 1.9B 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.
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