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ELKEM ASA (ELK.OL) Stock Fundamental Analysis

OSL:ELK - Euronext Oslo - NO0010816093 - Common Stock - Currency: NOK

19.74  +0.35 (+1.81%)

Fundamental Rating

5

Overall ELK gets a fundamental rating of 5 out of 10. We evaluated ELK against 66 industry peers in the Chemicals industry. ELK has an average financial health and profitability rating. ELK has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

ELK had positive earnings in the past year.
ELK had a positive operating cash flow in the past year.
In the past 5 years ELK has always been profitable.
ELK had a positive operating cash flow in each of the past 5 years.
ELK.OL Yearly Net Income VS EBIT VS OCF VS FCFELK.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B 6B 8B 10B

1.2 Ratios

ELK's Return On Assets of 1.44% is in line compared to the rest of the industry. ELK outperforms 53.03% of its industry peers.
With a Return On Equity value of 2.89%, ELK perfoms like the industry average, outperforming 56.06% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 2.82%, ELK is in line with its industry, outperforming 54.55% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for ELK is above the industry average of 6.51%.
The 3 year average ROIC (8.74%) for ELK is well above the current ROIC(2.82%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 1.44%
ROE 2.89%
ROIC 2.82%
ROA(3y)6.39%
ROA(5y)6.2%
ROE(3y)11.85%
ROE(5y)12.17%
ROIC(3y)8.74%
ROIC(5y)8.61%
ELK.OL Yearly ROA, ROE, ROICELK.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

1.3 Margins

ELK has a Profit Margin (2.92%) which is comparable to the rest of the industry.
ELK's Profit Margin has declined in the last couple of years.
ELK has a Operating Margin of 7.24%. This is in the better half of the industry: ELK outperforms 62.12% of its industry peers.
In the last couple of years the Operating Margin of ELK has grown nicely.
ELK has a Gross Margin of 50.13%. This is in the better half of the industry: ELK outperforms 75.76% of its industry peers.
ELK's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 7.24%
PM (TTM) 2.92%
GM 50.13%
OM growth 3Y-7.23%
OM growth 5Y22.71%
PM growth 3Y-41.92%
PM growth 5Y-6.54%
GM growth 3Y0.8%
GM growth 5Y2.02%
ELK.OL Yearly Profit, Operating, Gross MarginsELK.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

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4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), ELK is creating some value.
The number of shares outstanding for ELK remains at a similar level compared to 1 year ago.
ELK has more shares outstanding than it did 5 years ago.
The debt/assets ratio for ELK has been reduced compared to a year ago.
ELK.OL Yearly Shares OutstandingELK.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M
ELK.OL Yearly Total Debt VS Total AssetsELK.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

Based on the Altman-Z score of 1.72, we must say that ELK is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 1.72, ELK is not doing good in the industry: 66.67% of the companies in the same industry are doing better.
ELK has a Debt/Equity ratio of 0.45. This is a healthy value indicating a solid balance between debt and equity.
With a Debt to Equity ratio value of 0.45, ELK perfoms like the industry average, outperforming 48.48% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF N/A
Altman-Z 1.72
ROIC/WACC0.38
WACC7.39%
ELK.OL Yearly LT Debt VS Equity VS FCFELK.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B

2.3 Liquidity

A Current Ratio of 3.19 indicates that ELK has no problem at all paying its short term obligations.
The Current ratio of ELK (3.19) is better than 86.36% of its industry peers.
ELK has a Quick Ratio of 1.71. This is a normal value and indicates that ELK is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of ELK (1.71) is better than 77.27% of its industry peers.
Industry RankSector Rank
Current Ratio 3.19
Quick Ratio 1.71
ELK.OL Yearly Current Assets VS Current LiabilitesELK.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B

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4

3. Growth

3.1 Past

ELK shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 154.81%, which is quite impressive.
ELK shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -11.90% yearly.
ELK shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -24.51%.
Measured over the past years, ELK shows a decrease in Revenue. The Revenue has been decreasing by -4.35% on average per year.
EPS 1Y (TTM)154.81%
EPS 3Y-53.14%
EPS 5Y-11.9%
EPS Q2Q%52.17%
Revenue 1Y (TTM)-24.51%
Revenue growth 3Y-18.65%
Revenue growth 5Y-4.35%
Sales Q2Q%1.81%

3.2 Future

The Earnings Per Share is expected to grow by 63.44% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 2.88% on average over the next years.
EPS Next Y57.67%
EPS Next 2Y66.99%
EPS Next 3Y63.44%
EPS Next 5YN/A
Revenue Next Year-2.05%
Revenue Next 2Y3.08%
Revenue Next 3Y2.88%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
ELK.OL Yearly Revenue VS EstimatesELK.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10B 20B 30B 40B
ELK.OL Yearly EPS VS EstimatesELK.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5 10 15

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6

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 17.32 indicates a rather expensive valuation of ELK.
ELK's Price/Earnings ratio is a bit cheaper when compared to the industry. ELK is cheaper than 71.21% of the companies in the same industry.
When comparing the Price/Earnings ratio of ELK to the average of the S&P500 Index (26.20), we can say ELK is valued slightly cheaper.
ELK is valuated reasonably with a Price/Forward Earnings ratio of 9.07.
Based on the Price/Forward Earnings ratio, ELK is valued cheaper than 90.91% of the companies in the same industry.
ELK's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.13.
Industry RankSector Rank
PE 17.32
Fwd PE 9.07
ELK.OL Price Earnings VS Forward Price EarningsELK.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, ELK is valued cheaply inside the industry as 93.94% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 4.57
ELK.OL Per share dataELK.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

ELK's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
ELK has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as ELK's earnings are expected to grow with 63.44% in the coming years.
PEG (NY)0.3
PEG (5Y)N/A
EPS Next 2Y66.99%
EPS Next 3Y63.44%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.55%, ELK has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 3.12, ELK has a dividend in line with its industry peers.
Compared to the average S&P500 Dividend Yield of 2.40, ELK is paying slightly less dividend.
Industry RankSector Rank
Dividend Yield 1.55%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DP0%
EPS Next 2Y66.99%
EPS Next 3Y63.44%
ELK.OL Yearly Income VS Free CF VS DividendELK.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B 4B 6B 8B

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ELKEM ASA

OSL:ELK (5/28/2025, 7:00:00 PM)

19.74

+0.35 (+1.81%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryChemicals
Earnings (Last)04-30 2025-04-30/bmo
Earnings (Next)07-10 2025-07-10
Inst Owners22.75%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap12.62B
Analysts78
Price Target24.07 (21.94%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.55%
Yearly Dividend6.02
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1230.8%
Min EPS beat(2)-2351.11%
Max EPS beat(2)-110.48%
EPS beat(4)1
Avg EPS beat(4)-494.3%
Min EPS beat(4)-2351.11%
Max EPS beat(4)536.49%
EPS beat(8)1
Avg EPS beat(8)-956.52%
EPS beat(12)4
Avg EPS beat(12)-629.6%
EPS beat(16)8
Avg EPS beat(16)-470.17%
Revenue beat(2)1
Avg Revenue beat(2)-0.97%
Min Revenue beat(2)-5.85%
Max Revenue beat(2)3.91%
Revenue beat(4)2
Avg Revenue beat(4)-2.86%
Min Revenue beat(4)-12.1%
Max Revenue beat(4)3.91%
Revenue beat(8)3
Avg Revenue beat(8)-4.03%
Revenue beat(12)6
Avg Revenue beat(12)-1.34%
Revenue beat(16)7
Avg Revenue beat(16)-1.4%
PT rev (1m)-4.07%
PT rev (3m)-2.07%
EPS NQ rev (1m)-46.81%
EPS NQ rev (3m)-48.98%
EPS NY rev (1m)0%
EPS NY rev (3m)-25.86%
Revenue NQ rev (1m)-13.01%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-2.46%
Revenue NY rev (3m)-6.95%
Valuation
Industry RankSector Rank
PE 17.32
Fwd PE 9.07
P/S 0.52
P/FCF N/A
P/OCF 11.06
P/B 0.51
P/tB 0.52
EV/EBITDA 4.57
EPS(TTM)1.14
EY5.78%
EPS(NY)2.18
Fwd EY11.02%
FCF(TTM)-2.88
FCFYN/A
OCF(TTM)1.78
OCFY9.04%
SpS38.32
BVpS38.7
TBVpS37.92
PEG (NY)0.3
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.44%
ROE 2.89%
ROCE 3.87%
ROIC 2.82%
ROICexc 3.01%
ROICexgc 3.05%
OM 7.24%
PM (TTM) 2.92%
GM 50.13%
FCFM N/A
ROA(3y)6.39%
ROA(5y)6.2%
ROE(3y)11.85%
ROE(5y)12.17%
ROIC(3y)8.74%
ROIC(5y)8.61%
ROICexc(3y)10.77%
ROICexc(5y)10.72%
ROICexgc(3y)11.5%
ROICexgc(5y)11.66%
ROCE(3y)12.41%
ROCE(5y)12.33%
ROICexcg growth 3Y-39.91%
ROICexcg growth 5Y-3.15%
ROICexc growth 3Y-37.94%
ROICexc growth 5Y-2%
OM growth 3Y-7.23%
OM growth 5Y22.71%
PM growth 3Y-41.92%
PM growth 5Y-6.54%
GM growth 3Y0.8%
GM growth 5Y2.02%
F-Score7
Asset Turnover0.49
Health
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF N/A
Debt/EBITDA 2.34
Cap/Depr 100.78%
Cap/Sales 12.18%
Interest Coverage 2.04
Cash Conversion 24.1%
Profit Quality N/A
Current Ratio 3.19
Quick Ratio 1.71
Altman-Z 1.72
F-Score7
WACC7.39%
ROIC/WACC0.38
Cap/Depr(3y)178.1%
Cap/Depr(5y)168.55%
Cap/Sales(3y)17.35%
Cap/Sales(5y)14.34%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)154.81%
EPS 3Y-53.14%
EPS 5Y-11.9%
EPS Q2Q%52.17%
EPS Next Y57.67%
EPS Next 2Y66.99%
EPS Next 3Y63.44%
EPS Next 5YN/A
Revenue 1Y (TTM)-24.51%
Revenue growth 3Y-18.65%
Revenue growth 5Y-4.35%
Sales Q2Q%1.81%
Revenue Next Year-2.05%
Revenue Next 2Y3.08%
Revenue Next 3Y2.88%
Revenue Next 5YN/A
EBIT growth 1Y424.56%
EBIT growth 3Y-24.54%
EBIT growth 5Y17.38%
EBIT Next Year214.92%
EBIT Next 3Y61.29%
EBIT Next 5YN/A
FCF growth 1Y-161.73%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-84.81%
OCF growth 3Y-25.52%
OCF growth 5Y2%