Annonce • May 08
Elkem ASA has completed a Follow-on Equity Offering in the amount of NOK 1.5 billion. Elkem ASA has completed a Follow-on Equity Offering in the amount of NOK 1.5 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 55,555,555
Price\Range: NOK 27
Transaction Features: Subsequent Direct Listing Annonce • Apr 21
CHAR Technologies Ltd. (TSXV:YES) completed the acquisition of Biocarbon Assets of Elkem ASA. CHAR Technologies Ltd. (TSXV:YES) entered into a binding asset purchase agreement to acquire Biocarbon Assets of Elkem ASA for $1 million on April 15, 2026. CHAR Tech intends to enter into a secured loan agreement with Bioveld Canada in the principal amount of $4.8 million (CAD 3.5 million). In connection with the Loan, CHAR Tech will issue an aggregate of 2 million common share purchase warrants to the Lender, subject to the approval of the TSX Venture Exchange. The proceeds of the Loan will be used to support satisfying Char Tech's obligations under the Purchase Agreement, ongoing expenses related to the Acquisition, to invest in plant upgrades and for general working capital purposes.
The Acquisition is subject to customary closing conditions and is expected to close within the next week.
CHAR Technologies Ltd. (TSXV:YES) completed the acquisition of Biocarbon Assets of Elkem ASA on April 20, 2026. Annonce • Apr 10
Elkem ASA Announces Helge Aasen to Step Down as CEO Elkem ASA announced that Chief Executive Officer (CEO) Helge Aasen will be stepping down from his role as CEO. Aasen will continue to serve as CEO, ensuring a smooth transition until a successor is appointed and in place. The nomination committee has proposed that Aasen shall be elected chairman of the Elkem board with effect from stepping down from the CEO role. Annonce • Oct 24
Elkem ASA Introduces New Biocompatible, Electro Conductive Silicone Rubber for Advanced Healthcare Devices Elkem ASA unveiled SILBIONE™ LSR Select EC 70, a next-generation medical-grade liquid silicone rubber. Designed for wearable and diagnostic devices, the material combines high electrical conductivity, certified biocompatibility, and enhanced process control, setting a new standard for precision healthcare applications. With resistivity below 10 ohm-centimeters, this new material offers ideal conductivity for wearable devices, flexible electronics and advanced sensors. Its liquid injection moldable form enables intricate designs, while its durability and flexibility ensure long-term performance in demanding environments. The material also offers proven biocompatibility, having successfully passed ISO 10993-5 cytotoxicity and ISO 10993-10 skin sensitization tests, making it well suited for applications such as prosthetics, diagnostic tools, and next-generation flexible circuits. Now commercially available, the innovation has been specifically engineered to be used with LSR Select™, Elkem's patented liquid silicone rubber technology designed for precision liquid injection molding. This unique system enables manufacturers to fine-tune cure kinetics directly in the mold, offering greater control, faster cycle times, and reduced waste -- supporting competitiveness, performance and sustainability goals. Annonce • Oct 21
Elkem Curtails Ferrosilicon Production In Norway And Iceland Due To Market Conditions Elkem ASA has announced a partial curtailment of ferrosilicon production at its plants in Rana, Norway, and Iceland due to challenging market conditions. The decision is driven by ongoing weak market conditions in Europe, which have led to rising inventory levels and lower prices. The European Union's investigation into potential safeguard measures on imports of ferrosilicon and ferroalloys has further increased uncertainty. The curtailment may result in temporary layoffs of employees as Elkem aims to reduce inventories and support a better market balance. The core product at these plants, ferrosilicon, is a critical raw material for the steel industry. Elkem's Senior Vice President for Silicon Products, Inge A. Grubben-Strømnes, emphasized the need for competitive and predictable framework conditions and continued access to the EU market for Norwegian industry. Annonce • Mar 15
Elkem to Showcase Sustainability Progress and Eco-Designed Offerings Elkem announced its participation in In-Cosmetics Global 2025, where it will highlight its ongoing commitment to sustainability and showcase its latest eco-designed products, PURESIL(TM) ORG 03 and PURESIL(TM) N DML 15. At the event, Elkem will discuss its advancements in sustainability, emphasizing its efforts to reduce environmental impact. The company continues to expand its specialty offerings to meet market demands and address unmet needs. This includes performance additives for sensory enhancement, pigment dispersion, and emulsification, which are designed to elevate product development across all categories. Visitors to Elkem's booth will have the opportunity to explore prototype formulations featuring the elastomer gel series, organofunctional silicones, and film formers. Experts from Europe, the Americas, and Asia Pacific will be available to answer questions, discuss projects, and explore potential collaborations. Annonce • Feb 12
Elkem ASA Proposes Ordinary Dividend for the Year 2024, Payable on About May 12, 2025 The board of directors of Elkem ASA has decided to propose to the Annual General Meeting an ordinary dividend for 2024 of NOK 0.30 per share. Ex-dividend date: 02 May 2025, Record date: 05 May 2025 and Payment date: On or about 12 May 2025. Date of approval: 30 April 2025. Annonce • Nov 28
Elkem ASA Secures EUR 1.8 Million European Union Grant to Explore CO2-Free Silicon Production Elkem ASA has secured EUR 1.8 million in funding from the European Union for the groundbreaking Elkem Sicalo® (Silicon production with carbon looping) project, which aims to eliminate all CO2 emissions from silicon production. Elkem, SINTEF and NORCE are completing the first pilot phase of Elkem Sicalo® at Elkem's technology park in Kristiansand, Norway. The project entails capturing the carbon emitted from the silicon furnace and reusing it as a reductant in the silicon production process. The EU has now granted EUR 9.9 million in funding for the Horizon Europe project MECALO, which builds on Elkem Sicalo®. MECALO will develop the concept of carbon looping further for general metal production, with demonstration of zero CO2 silicon and manganese alloys. The manganese alloys producer Eramet, with its six smelters in Norway, France, the United States and Gabon, is the other metallurgical company in the consortium aiming to develop and use the technology from MECALO. If successful and fully implemented in all European production of silicon and manganese, MECALO could save 33 million tonnes of CO2 emissions per year in 2050. Silicon is a raw material that is critical for the green and digital transitions. Its application ranges from electric vehicles to solar cells, batteries, smart phones and wind turbines. The production of silicon is a source of greenhouse gas emissions, as the process requires carbon to reduce quartz into silicon. Some metals, such as steel, can be produced with hydrogen as a reductant. This is not possible for silicon, manganese and several other metals. That's why pioneering projects such as MECALO are needed, to develop innovative production methods without CO2 emissions. The MECALO project will research and develop a new production method that involves capturing carbon oxides from process off-gases, converting them to solid carbon using low-carbon hydrogen, and reusing the recovered carbon as a reduction material to produce critical metals and materials. While this method is showing promising results, it also presents challenges that need to be resolved, such as increased energy use. The overall budget for MECALO is EUR 9.9 million (NOK 116 million), with Elkem's budget and requested grant amounting to EUR 1.8 million (NOK 21 million). Key highlights of the MECALO project: Innovative carbon capture and reuse: Capturing carbon oxides from off-gases and converting them into solid carbon using hydrogen, which is then reused in metal production. Elimination of external carbon feedstock: The process aims to eliminate the need for external carbon in carbothermic production. Researching production of "turquoise hydrogen": A project partner will research methane pyrolysis, whereby methane is cracked into hydrogen and solid carbon, using only a fifth of the energy required for green hydrogen production. Elkem has been working on Elkem Sicalo® with SINTEF as its research partner since 2021, with support from The Research Council of Norway from 2022-2024. The research partners are now initiating the second phase of the project with extensive pilot testing of various stages of the production process, with support from Enova. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr0.14 (vs kr0.72 loss in 3Q 2023) Third quarter 2024 results: EPS: kr0.14 (up from kr0.72 loss in 3Q 2023). Revenue: kr8.06b (up 4.0% from 3Q 2023). Net income: kr92.0m (up kr548.0m from 3Q 2023). Profit margin: 1.1% (up from net loss in 3Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Annonce • Oct 18
Elkem to Launch A New Generation of Silicone Solutions for Additive Manufacturing/3D Printing At Formnext 2024 in Frankfurt Elkem announced its groundbreaking latest product innovation, enlarging its portfolio of silicone solutions of the AMSil™ and AMSil™ Silbione™ ranges for Additive Manufacturing/3D Printing, at the upcoming Formnext show in Frankfurt Germany from November 19th to 22nd 2024. After having already successfully launched the AMSil™ & AMSil Silbione™brand and being acknowledged for this disruptive silicone solutions as a winner in the 2021 R&D 100 award, Elkem is continuing its material innovation campaign in Additive Manufacturing/3D Printing. In addition to the existing AMSil™ 20501/AMSil Silbione™ 24501 and AMSil™ 20502 (special for food grade) range, Elkem has developed the new AMSil™ 20503 & AMSil Silbione™ 24503 range. Besides a longer shelf life for easier handling these new formulations are laying the base and open perspectives for an enlarged use in restricted and unrestricted medical application in the future. The new developments are available with Shore A hardness from ShA 10 to ShA 70 with all well-known properties of 100% silicones for LDM (Liquid Deposit Molding) based systems. Elkem will also launch a new reference AMSil™ 92102 in the support material series. This paste like water soluble material has improved printability and surface aspects and is suitable for use in common with the AMSil™and AMSil Silbione™ range allowing to taking advantage of features and structures associated with the freedom of design approach inherent to Additive Manufacturing/3D Printing. These latest developments show the commitment from Elkem to Additive Manufacturing/3D Printing and its potential of being part of a more sustainable economy in the future. Scaling Additive Manufacturing/3D Printing to industrial levels through Digital Manufacturing will create innovative, profitable, and sustainable solutions, reducing waste, transportation, and storage costs, thereby lowering the carbon footprint of end-products. New Risk • Jul 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr1.35 (vs kr0.057 in 2Q 2023) Second quarter 2024 results: EPS: kr1.35 (up from kr0.057 in 2Q 2023). Revenue: kr8.26b (down 7.6% from 2Q 2023). Net income: kr854.0m (up kr818.0m from 2Q 2023). Profit margin: 10% (up from 0.4% in 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Annonce • Jun 26
Elkem ASA, Annual General Meeting, Apr 30, 2025 Elkem ASA, Annual General Meeting, Apr 30, 2025. Buy Or Sell Opportunity • Jun 10
Now 23% overvalued Over the last 90 days, the stock has fallen 8.6% to €1.75. The fair value is estimated to be €1.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 14
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to €1.86. The fair value is estimated to be €1.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 26
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to €1.66. The fair value is estimated to be €1.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. Annonce • Apr 23
Elkem ASA Announces Board Changes Elkem's annual general meeting on 18 April 2024, the board has decided to elect Bo Li as the new Chair. Bo Li is also Chair of the board of China National Bluestar (Bluestar), Elkem's majority shareholder, and a subsidiary of Sinochem. The former Chair, Zhigang Hao, will continue as board member in Elkem, and holds the position as CEO of Adisseo, a subsidiary of Bluestar. Dag J. Opedal will continue as Vice Chair of the board of directors. New Risk • Apr 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: kr0.11 (vs kr15.09 in FY 2022) Full year 2023 results: EPS: kr0.11 (down from kr15.09 in FY 2022). Revenue: kr34.4b (down 24% from FY 2022). Net income: kr72.0m (down 99% from FY 2022). Profit margin: 0.2% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Mar 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Nathalie Brunelle was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Mar 12
An unknown buyer acquired unknown minority stake in Vianode AS from Elkem ASA (OB:ELK). An unknown buyer acquired unknown minority stake in Vianode AS from Elkem ASA (OB:ELK) on March 11, 2024.An unknown buyer completed the acquisition of unknown minority stake in Vianode AS from Elkem ASA (OB:ELK) on March 11, 2024. Annonce • Mar 08
Elkem Appoints Sandy Chen as Acting Senior Vice President for Silicones Division Elkem ASA announced that Larry Zhang has accepted a new position in Sinochem and Sandy Chen has been appointed Acting Senior Vice President for Elkem's Silicones division, a leading global player in fully integrated silicone manufacturing. Both will step into their new roles with immediate effect. Sandy Chen comes from the position as the Vice President Asia Pacific region in the Elkem Silicones division. Sandy has a long and extensive experience both within leadership and the silicones global business. She holds a polymer master's degree from Beijing Technology and Business University. Annonce • Jan 16
Elkem ASA (OB:ELK) entered into Share Purchase Agreement to acquire REC Solar Norway AS from REC Solar Holdings AS for approximately NOK 230 million. Elkem ASA (OB:ELK) entered into Share Purchase Agreement to acquire REC Solar Norway AS from REC Solar Holdings AS for approximately NOK 230 million on January 14, 2024. Under the terms of agreement, Elkem is paying consideration in cash. RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based Polysilicon. Upon completion of the sale, REC Norway will cease to be a subsidiary of the Company. REC Solar Holdings AS and its subsidiaries, engaged in the business of manufacturing and sale of Solar PV HJT cells and modules, will continue to be RIL’s subsidiaries. This transaction will give Elkem control of industrial areas and facilities in Norway, including areas next to Elkem’s activities at Fiskaa in Kristiansand. The transaction remains subject to necessary approvals, including from the Norwegian Competition Authority. The transaction is also subject to certain regulatory and other customary closing conditions and transaction does not fall within related party transactions. The transaction is expected to complete by April 2024. Annonce • Dec 23
Elkem Postpones Start-Up of Iceland Furnace Elkem will postpone the start-up of its furnace 3 on Iceland by one month. This follows a notice from the national power company about the need for electricity curtailment for large energy users due to low water levels in key hydropower reservoirs. Elkem's furnace 3 on Iceland was temporarily shut down in the fourth quarter ofthis year in order to accelerate maintenance, with a ramp-down starting from 30 September. The planned start-up has now been postponed until the end of January 2024. This postponement will have no impact on customers or employees. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €1.77, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Chemicals industry in Germany. Total loss to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.40 per share. Reported Earnings • Oct 26
Third quarter 2023 earnings released: kr0.72 loss per share (vs kr4.81 profit in 3Q 2022) Third quarter 2023 results: kr0.72 loss per share (down from kr4.81 profit in 3Q 2022). Revenue: kr7.92b (down 28% from 3Q 2022). Net loss: kr456.0m (down 115% from profit in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Oct 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €1.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 73%. Revenue is forecast to decline by 5.7% in 2 years. Earnings is forecast to decline by 56% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.58, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Chemicals industry in Germany. Total returns to shareholders of 1.7% over the past three years. Annonce • Aug 29
Elkem Launches UV Hg and UV LED Curable Silicone Solutions for Sustainable Release Coatings Elkem launched SILCOLEASE UV POLY 126 a new 'Ready-To-Use' UV acrylate formulation especially designed for release coating of thermal labels that are self-wound without the use of a separate release liner. It guarantees the desired level of performance during the manufacturing, cutting, converting and printing stages, making it possible to develop sustainable thermal printed linerless labels and enable a circular economy. Elkem is one of the world's leading suppliers of silicon-based advanced material solutions shaping a better and more sustainable future. Elkem is committed to develop products needed for the green transition and minimizing the negative environmental and social impact of these products. Elkem is offering silicone release coatings in the widest range of formats, including solvent-based, water-dilutable emulsion formulations, solventless thermal and UV. Users can choose the most appropriate system for their specific coating equipment and substrate while taking into account energy, sustainability, regulatory and safety requirements. UV LED technology has emerged as a promising method for radiation curing silicone chemistries at specific wavelengths as an alternative to mercury vapor curing lamps. In addition to its effectiveness and flexibility compared to standard mercury lamps, UV LED provides the benefit of improved sustainability by consuming less energy and the elimination of greenhouse gas produced. To support the Label Industry in its transition to a more sustainable footprint, and the conversion to UV LED curing, Elkem introduces new UV LED curable silicone solutions, SILCOLEASE UV LED Series. SILCOLEASE UV LED systems utilizing Elkem photoinitiator demonstrate excellent cure and physical properties for more sustainable release coatings. Elkem launches SILCOLEASE UV POLY 126 a new "Ready-To-Use" UV acrylate formulation especially designed for release coating of thermal labels that are self-wound without the use of a separate release liner. It guarantees the desired level of performance during the manufacturing, cutting, converting and printing stages, making it possible to develop sustainable thermal printed linerless labels and enable a circular economy. The latest addition to the SILCOLEASE UV 100 acrylate series, SILCOLEASE UV POLY 125 fills the gap between release force that can be too light and release force that can be too tight. This formulation works well with a wide variety of permanent self-adhesives and removable adhesives. It successfully cures under Hg UV and specified UV LED parameters. New Risk • Jul 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 21% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (339% cash payout ratio). Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr0.057 (vs kr4.67 in 2Q 2022) Second quarter 2023 results: EPS: kr0.057 (down from kr4.67 in 2Q 2022). Revenue: kr9.26b (down 24% from 2Q 2022). Net income: kr36.0m (down 99% from 2Q 2022). Profit margin: 0.4% (down from 25% in 2Q 2022). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be €2.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 89%. Revenue is forecast to decline by 7.9% in 2 years. Earnings is forecast to decline by 64% in the next 2 years. Annonce • Jun 10
Elkem ASA (OB:ELK) acquired VUM, a.s. from ZSNP, a.s. Elkem ASA (OB:ELK) acquired VUM, a.s. from ZSNP, a.s. on June 9, 2023. With the transaction complete, VUM will rebrand and operate under Elkem Carbon AS, a wholly-owned subsidiary of Elkem ASA. VUM will continue the operations under its current management. Elkem expects the acquisition to contribute with an additional turnover of around NOK 360 million per year.
Elkem ASA (OB:ELK) completed the acquisition of VUM, a.s. from ZSNP, a.s. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.50, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Chemicals industry in Germany. Total returns to shareholders of 107% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.35 per share. Buying Opportunity • May 03
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €3.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 89%. Revenue is forecast to decline by 7.3% in 2 years. Earnings is forecast to decline by 56% in the next 2 years. Upcoming Dividend • Apr 25
Upcoming dividend of kr6.00 per share at 17% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 17%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.3%). Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: kr15.09 (vs kr7.49 in FY 2021) Full year 2022 results: EPS: kr15.09 (up from kr7.49 in FY 2021). Revenue: kr45.0b (up 36% from FY 2021). Net income: kr9.56b (up 107% from FY 2021). Profit margin: 21% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Board Change • Mar 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Nathalie Brunelle was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Dec 20
Elkem Curtails Production in Norway Due to High Power Prices Elkem has decided to partially curtail its production in Norway by temporarily shutting down two furnaces - one at Thamshavn and one at Rana. This is due to high power prices. The two furnaces are expected to remain shut until early first quarter 2023. Elkem's plant in Thamshavn mainly produces silicon while the plant in Rana mainly produces ferrosilicon. Elkem has twelve furnaces in total in Norway and temporary curtailments to sell power may also be relevant at other sites, depending on market developments. Board Change • Nov 24
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Nathalie Brunelle was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Nov 05
Elkem to Present Silbione™ Biomedical Range At COMPAMED 2022 Elkem's Silbione™ Biomedical products are supported by Master Access Files (MAF), and where applicable Drug Master Files (DMF), filed with the U.S. Food and Drug Administration (FDA). Elkem's investment in this highly specialized facility demonstrates commitment to growing with customers around the world in medical implantable and pharmaceutical applications. Serving as Elkem's global center of excellence for biomedical grade silicones, the company produces there medical grade liquid silicone rubber (LSR), high consistency rubber (HCR), high purity silicone gels, silicone adhesives and dispersions marketed under the Silbione™ Biomedical brand. Silbione™ Biomedical range will also be presented at COMPAMED 2022 (Düsseldorf, Germany, from November 14th - 17th) at the Elkem booth 8b K16. Silbione™ products are supported by the relevant regulatory documentation. With the current changes in medical device regulations, Elkem's experts are able to provide personalized support to offer high quality silicone materials to meet the specific needs of their customers. At this trade fair, Elkem will also be showcasing its Silbione™ range of medical grade silicones for healthcare applications including wound care, prosthetics, and medical devices. This year, the company is also proud to launch Silbione™ RTV 4450 CLR at COMPAMED 2022 especially developed for biomedical electronics and diagnostics applications. Its specific properties (transparency, flexibility, dielectric strength, durability), support the manufacturing operations and efficient use of those advanced diagnostics and medical devices. Annonce • Aug 25
Elkem ASA Announces Process Industry Strike in Norway Called Off and Affected Plants at Salten, Rana, Thamshavn and Fiskaa Will Resume Normal Production Elkem ASA announced that the process industry strike in Norway has now been called off and Elkem's plants at Salten, Rana, Thamshavn and Fiskaa will resume normal production. All plants are expected to be back at normal capacity within a few days. The total financial impact on Elkem from the strike is expected to be limited. The process industry strike in Norway was a result of the parties not being able to come to an agreement in the collective national negotiations between the Federation of Norwegian Industries and the trade union Industri Energi. The strike was started on August 15, 2022. Elkem's plants at Bremanger and Bjølvefossen and the company's other activities in Norway were not included in the strike. Annonce • Aug 22
Elkem ASA Announces Production Affected At Four Elkem Plants Elkem ASA announced that process industry strike in Norway has still not been resolved. Following the initial preparations, production has now been stopped or scaled down at all of the four affected Elkem plants: Salten, Rana, Thamshavn and Fiskaa. Since the strike was started on 15 August, Elkem management and union personnel have worked together according to a separate agreement, which states how production is to be reduced in a responsible manner. As part of this process, Elkem has applied for and received strike exemptions for one furnace at Rana and one furnace at Thamshavn, which are able to continue with some activity. One furnace at Salten has also been given an exemption enablin g a one-week delay for production stop. Except for these approved exemptions, all production at the four plants has now been stopped. The reduced production is estimated to have an impact of around NOK 10 million per day on Elkem's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation). As a result of the strike, Elkem has issued force majeure letters to affected customers. The company regrets any impact on third parties and will work to protect customer interests while respecting all collective bargaining rights. The industry strike is a result of the parties not being able to come to an agreement in the collective national negotiations between the Federation of Norwegian Industries and the trade union Industri Energi. Elkem's plants at Bremanger and Bjølvefossen and the company's other activities in Norway are not included in the strike. Reported Earnings • Jul 20
Second quarter 2022 earnings released: EPS: kr4.67 (vs kr0.98 in 2Q 2021) Second quarter 2022 results: EPS: kr4.67 (up from kr0.98 in 2Q 2021). Revenue: kr12.3b (up 72% from 2Q 2021). Net income: kr2.96b (up 386% from 2Q 2021). Profit margin: 24% (up from 8.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 6.2% compared to a 7.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €2.60, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Chemicals industry in Germany. Total returns to shareholders of 20% over the past three years. Annonce • Jun 23
Elkem ASA Appoints Larry Zhang as SVP for Silicones Division Elkem ASA appointed new SVP for Silicones division. Larry Zhang has been appointed as the new Senior Vice President for Elkem's Silicones division, a leading global player in fully integrated silicone manufacturing. He will step into the role with immediate effect and be based in Shanghai, China. Mr. Zhang comes from the position as the Vice President for Operations in Elkem's Silicones division and Director of the Asia-Pacific region. He has significant leadership experience from China National Bluestar and holds an engineering degree from Central South University. This follows the previously announced appointment of Frederic Jacquin as Elkem's Senior Vice President for Strategy & Business Development from 1 March 2022. Annonce • Jun 22
Elkem ASA (OB : ELK) acquired Keyvest Belgium SA from Nizi International S.A. Elkem ASA (OB : ELK) acquired Keyvest Belgium SA from Nizi International S.A. on June 20, 2022. The transaction was closed 20 June 2022 and the new name of the entity will be Elkem Processing Services Belgium.Elkem ASA (OB : ELK) completed the acquisition of Keyvest Belgium SA from Nizi International S.A. on June 20, 2022. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 20% share price decline to €3.17, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Chemicals industry in Germany. Total returns to shareholders of 62% over the past three years. Recent Insider Transactions • May 17
Senior Vice President of Technology recently sold €177k worth of stock On the 13th of May, Havard Moe sold around 50k shares on-market at roughly €3.54 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €718k more than they bought in the last 12 months. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: kr4.20 (vs kr1.18 in 1Q 2021) First quarter 2022 results: EPS: kr4.20 (up from kr1.18 in 1Q 2021). Revenue: kr11.9b (up 69% from 1Q 2021). Net income: kr2.66b (up 289% from 1Q 2021). Profit margin: 22% (up from 9.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.8%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Grace Tang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 21
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of German dividend payers (3.9%). Higher than average of industry peers (4.8%). Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr7.49 (up from kr0.41 in FY 2020). Revenue: kr33.1b (up 38% from FY 2020). Net income: kr4.63b (up kr4.39b from FY 2020). Profit margin: 14% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.4%, compared to a 5.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annonce • Feb 25
Elkem Appoints Frederic Jacquin as SVP Strategy & Business Development and Asbjørn Søvik as SVP Green Ventures & Digital, Effective 1 March 2022 Elkem ASA announced that Frederic Jacquin has been appointed as the company's SVP Strategy & Business Development and Asbjørn Søvik has been appointed as the company's SVP Green Ventures & Digital. Mr. Jacquin will continue to head up the company's Silicones division until the replacement process has been concluded, expected by end of June 2022. Frederic Jacquin will start in his role as Senior Vice President for Strategy & Business Development from 1 March 2022. In this role, he will be responsible for corporate strategy and business development, including mergers and acquisitions (M&A) and new growth projects supporting all of Elkem's business divisions. Asbjørn Søvik has been appointed Senior Vice President for Green Ventures & Digital from 1 March 2022. In this new role, Asbjørn will assume responsibility for Elkem's work within battery materials, biocarbon and digitalisation. This includes the responsibility for Vianode, the subsidiary and brand created by Elkem to pursue strategic growth opportunities for advanced battery materials. Mr. Frederic Jacquin has been the Senior Vice President of Silicones at Elkem since 2015. He has previously worked for 11 years in Elkem Silicones International. He held the position as Vice President of Marketing and Sales before he was appointed head of Elkem Silicones in early 2015. Mr. Asbjørn Søvik has been the Senior Vice President of Business Development at Elkem since 2018. He has worked in the company since 1995 and was previously the SVP for the Carbon division from 2007 to 2018. Recent Insider Transactions • Feb 11
Senior Vice President of Technology recently sold €171k worth of stock On the 9th of February, Havard Moe sold around 50k shares on-market at roughly €3.43 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €688k more than they bought in the last 12 months. Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr7.49 (up from kr0.41 in FY 2020). Revenue: kr33.7b (up 40% from FY 2020). Net income: kr4.63b (up kr4.39b from FY 2020). Profit margin: 14% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.0%, compared to a 6.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annonce • Feb 09
Elkem ASA Proposes Cash Dividend, Payable on or About May 6, 2022 Elkem ASA proposed cash dividend of NOK 3.00 per share. Ex-dividend date is 28 April 2022. Record date is 29 April 2022. Payment date is On or about May 6, 2022. Date of approval is April 27, 2022. Annonce • Feb 02
Elkem ASA (OB:ELK) acquired remaining 50% stake in Elkem Salten energy recovery plant from Kvitebjørn Energi AS. Elkem ASA (OB:ELK) acquired remaining 50% stake in Elkem Salten energy recovery plant from Kvitebjørn Energi AS on February 1, 2022.
Elkem ASA (OB:ELK) completed the acquisition of remaining 50% stake in Elkem Salten energy recovery plant from Kvitebjørn Energi AS on February 1, 2022. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr2.16 (vs kr0.18 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr8.80b (up 54% from 3Q 2020). Net income: kr1.37b (up kr1.48b from 3Q 2020). Profit margin: 16% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 29
Senior Vice President of Technology recently sold €194k worth of stock On the 27th of October, Havard Moe sold around 50k shares on-market at roughly €3.88 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €516k more than they bought in the last 12 months. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS kr0.98 (vs kr0.022 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr7.17b (up 26% from 2Q 2020). Net income: kr609.0m (up kr622.0m from 2Q 2020). Profit margin: 8.5% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Executive Departure • Jul 13
Chief Executive Officer Michael Koenig has left the company On the 30th of June, Michael Koenig was replaced as CEO by Helge Aasen after 1.6 years in the role. We don't have any record of a personal shareholding under Michael's name. Michael is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 10.50 years. Under Michael's leadership, the company delivered a total shareholder return of 42%. Annonce • Apr 29
Elkem Asa Proposes Cash Dividend Elkem ASA will be traded ex dividend of NOK 0.15 as of 28 April 2021. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS kr1.18 (vs kr0.43 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr7.19b (up 27% from 1Q 2020). Net income: kr684.0m (up 173% from 1Q 2020). Profit margin: 9.5% (up from 4.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Annonce • Apr 27
Elkem ASA has completed a Follow-on Equity Offering in the amount of NOK 1.891277 billion. Elkem ASA has completed a Follow-on Equity Offering in the amount of NOK 1.891277 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 56,456,034
Price\Range: NOK 33.5 Upcoming Dividend • Apr 21
Upcoming dividend of kr0.15 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 06 May 2021. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.5%).