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Elmera Group ASA (ELMRA) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Elmera Group ASA stock NOK 28.52, price NOK 46.75, that is 39.0% below the price, quality 47 out of 100. Rating: strongly overvalued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.

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Utilities NO · ISIN NO0010815673

EG Elmera Group ASA logo Broad data Nov 7, 2026

Elmera Group ASA

ELMRA · OL
Very expensive, weak quality

Our calculation puts a fair price 39% below what the stock costs today.

Low debt
Broad data
Last quarter vs. a year ago: revenue +67%, profit +33%.
Quality 47/100
Mixed Growth (revenue YoY −0.9 %/yr in NOK)
Thin margins · 1.3% net margin (TTM)
Mixed vs. peers (6/12)
Fair value kr 28.52 · Strongly overvalued
Negative free cash flow
4.3% dividend yield · Pays more than it earns
Narrow moat 36/100 · thin data
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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 46.95 kr 9.89 Fair Value kr 28.52 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 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 46.75 price screens above the kr 28.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

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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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 46.75, while our model-based Fair Value estimate is kr 28.52, 39% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of kr 47.52 per share, and 2 of the 15 models we run sit above the kr 46.75 price.

Bear case: the Growth Earnings group reads lowest at kr 25.56, and 13 of the 15 models stay below the price. Data coverage for this calculation is high.

Scenario range: kr 20.10 (bear) to kr 42.26 (bull), the price of kr 46.75 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 47/100 (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 (≈ $544M) Small · P/E ratio 25.8 · P/S ratio 0.32 · EPS (TTM) kr 1.81 · Dividend yield 4.3% · Net margin 1.3% · Return on equity 14.9% · Return on assets (EBIT) 4.6% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 36 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 −39% fair-value upside, at −39%, ELMRA screens cheaper than that median.

Fair Value models

Bear kr 20.10 Fair Value kr 28.52 Bull kr 42.26
Price kr 46.75 · Downside -39.0%
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. 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
EPV kr 30.92 kr 34.56 kr 37.65 74
Residual Income kr 11.23 kr 12.68 kr 15.66 74
Owner Earnings kr 30.49 kr 47.52 kr 74.76 73
All 15 models by family
DCF Models
Owner Earnings kr 30.49 kr 47.52 kr 74.76 73
Earnings-Based
Graham-Dodd kr 10.12 kr 45.97 kr 63.06 62
Lynch FV kr 12.03 kr 17.18 kr 22.33 59
PEG = 1.0 kr 12.03 kr 17.18 kr 22.33 55
EPV kr 30.92 kr 34.56 kr 37.65 74
Dividend Discount
Gordon GGM kr 25.12 kr 48.07 kr 69.88 65
DDM Multi-Stage kr 25.12 kr 42.50 kr 51.00 65
Multiples
P/E Multiple kr 20.10 kr 26.80 kr 33.50 63
P/S Multiple kr 18.98 kr 25.31 kr 31.64 58
EV/EBIT kr 22.35 kr 35.56 kr 48.78 64
EV/EBITDA kr 20.38 kr 32.93 kr 45.49 66
EV/Revenue kr 14.78 kr 28.52 kr 42.26 51
Economic Profit
Residual Income kr 11.23 kr 12.68 kr 15.66 74
ROIC Compounder kr 33.03 kr 39.51 kr 46.77 70
Growth Earnings
Growth-Adj P/E kr 17.89 kr 25.56 kr 33.23 65

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Quality Score breakdown

Overall quality 47/100

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

Profitability 48
How much profit the company makes from its sales and capital
Quality Growth 20
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 34
Debt, balance sheet and risk of trouble
Investment 95
Does it invest with discipline instead of growing at any price?
Low Volatility 64
How calm the share price moves, does not count
Price momentum 80
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 97
Distance to the 52-week high, does not count
New shares 94
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. 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.−15.8% vs −4.3%, 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%
Pace: the 5-year rate starts in 2020 (pandemic)

ELMRA screens overvalued: fair value 39% below the price. Compare with NextEra Energy, Inc →

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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 · 156 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside −39.0% · Below median
Profitability
Return on equity (12 months) 14.9% · Top 25%
Return on assets 2.3% · Below median
Net margin (12 months) 1.3% · Bottom 25%
Operating margin (12 months) 3.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 66.8% · Top 25%
Dividend yield (12 months) 4.3% · Above median
Balance sheet
Debt / equity 0.48× · Below median

Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper

P/E (12 months) 25.8× · Priciest 25%
P/B 3.76× · 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 (12 months) 0.32× · Cheapest 25%
EV/EBITDA 8.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 13
FUTURE (revenue growth)100 · sector 28
PAST (return on equity)60 · sector 39
HEALTH (low debt)76 · sector 52
DIVIDEND (yield)86 · sector 63

VALUE 0: the price sits above our fair-value range.

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 Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
PG&E Corporation PCG $13.14 $17.29 +32% vs ELMRA
Exelon Corporation EXC $45.65 $36.01 −21% vs ELMRA
American Electric Power Company AEP $128.33 $100.03 −22% vs ELMRA
Xcel Energy Inc XEL $80.17 $53.45 −33% vs ELMRA
The Southern Company SO $93.57 $56.88 −39% vs ELMRA
Duke Energy Corporation DUK $128.10 $75.79 −41% vs ELMRA
Dominion Energy, Inc D $68.24 $37.88 −44% vs ELMRA
Consolidated Edison, Inc ED $118.39 $47.59 −60% vs ELMRA
NextEra Energy, Inc NEE $86.86 $29.83 −66% vs ELMRA
Entergy Corporation ETR $111.79 $37.37 −67% vs ELMRA

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Elmera Group ASA: fair value per Fair Value Calculator

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 Nov 7, 2026, our model estimates a fair value of kr 28.52 versus a price of kr 46.75, about 39% lower (overvalued).
What is the fair value of ELMRA?
Our model-based fair value for Elmera Group ASA is kr 28.52 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 46.75.
What is the quality score of ELMRA?
Elmera Group ASA has a Quality Score of 47/100. 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 Nov 7, 2026) from 15 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% lower versus a price of kr 46.75 (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 16.2B NOK (latest available figure, as of Nov 7, 2026).
Does Elmera Group ASA pay a dividend?
Elmera Group ASA currently shows a dividend yield of 4.28% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Elmera Group ASA (ELMRA) and when is the ex-dividend date?
Elmera Group ASA pays a dividend of kr 2.00 per share a year, a dividend yield of 4.3%. The last ex-dividend date was May 4, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 110% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
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 Nov 7, 2026), against a price of kr 46.75. It is the blended result of 15 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Economic Profit, Growth Earnings).
Is Elmera Group ASA stock overvalued or undervalued in 2026?
As of Nov 7, 2026, ELMRA trades above its calculated fair value: price kr 46.75, 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 46.75); the fair value is what the company's own numbers justify (kr 28.52). For Elmera Group ASA the two are kr 18.23 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 Nov 7, 2026). Per share that is kr 46.75; 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 Nov 7, 2026, price kr 46.75). 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 25.8 (as of Nov 7, 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. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 19.4. Other multiples: P/B 3.8, P/S 0.3, EV/EBITDA 8.2.
How solid is the balance sheet of Elmera Group ASA (ELMRA)?
Balance-sheet figures for Elmera Group ASA (as of Nov 7, 2026): return on equity 14.9%, debt of 0.48 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is ELMRA from its 52-week high?
Elmera Group ASA trades at kr 46.75, at its 52-week high of kr 46.95 and 63% above the low of kr 28.70 (as of Nov 6, 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 Nov 7, 2026: price kr 46.75, calculated fair value kr 28.52 (−39%), Quality Score 47/100, from 15 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 15 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 28.52 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 13.7% 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 Nov 6, 2026 was kr 46.75. Our model-based fair value is kr 28.52, about 39% lower (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. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 (≈ $544M). 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 0.32 (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 Elmera Group ASA (ELMRA)?
Earnings per share at Elmera Group ASA are kr 1.81 (price ÷ EPS = P/E 25.8). 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 110%). 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% (last twelve months). 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 14.9% (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 3.0% (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 +66.8% 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 +33.3% 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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