Elkem ASA

LSE:0SFN Stock Report

Market Cap: NOK 12.1b

Elkem Valuation

Is 0SFN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0SFN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
NOK 114.46
Fair Value
83.4% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: 0SFN (NOK19.05) is trading below our estimate of fair value (NOK114.46)

Significantly Below Fair Value: 0SFN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0SFN?

Key metric: As 0SFN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0SFN. This is calculated by dividing 0SFN's market cap by their current earnings.
What is 0SFN's PE Ratio?
PE Ratio5.9x
EarningsNOK 2.03b
Market CapNOK 12.05b

Price to Earnings Ratio vs Peers

How does 0SFN's PE Ratio compare to its peers?

The above table shows the PE ratio for 0SFN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.4x
VCT Victrex
41.5x29.8%UK£714.1m
JMAT Johnson Matthey
3.9x-28.0%UK£2.1b
CRDA Croda International
26x14.8%UK£4.1b
TET Treatt
10.3x3.7%UK£148.4m
0SFN Elkem
5.9x11.6%NOK 12.1b

Price-To-Earnings vs Peers: 0SFN is good value based on its Price-To-Earnings Ratio (5.9x) compared to the peer average (20.4x).

Price to Earnings Ratio vs Industry

How does 0SFN's PE Ratio compare vs other companies in the European Chemicals Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
0SFN 5.9xIndustry Avg. 15.6xNo. of Companies13PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0SFN is good value based on its Price-To-Earnings Ratio (5.9x) compared to the European Chemicals industry average (15.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0SFN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0SFN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.9x
Fair PE Ratio14.9x

Price-To-Earnings vs Fair Ratio: 0SFN is good value based on its Price-To-Earnings Ratio (5.9x) compared to the estimated Fair Price-To-Earnings Ratio (14.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0SFN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 19.05
NOK 25.60
+34.4%
15.1%NOK 30.00NOK 20.00n/a5
Apr ’26NOK 20.97
NOK 26.20
+24.9%
15.1%NOK 30.00NOK 20.50n/a5
Mar ’26NOK 22.49
NOK 26.20
+16.5%
15.1%NOK 30.00NOK 20.50n/a5
Feb ’26NOK 22.48
NOK 24.10
+7.2%
15.3%NOK 30.00NOK 20.00n/a5
Jan ’26NOK 17.40
NOK 22.90
+31.6%
14.9%NOK 28.00NOK 20.00n/a5
Dec ’25NOK 18.24
NOK 23.10
+26.7%
14.1%NOK 28.00NOK 20.00n/a5
Nov ’25NOK 17.74
NOK 23.92
+34.9%
13.2%NOK 28.00NOK 20.00n/a6
Oct ’25NOK 20.33
NOK 24.92
+22.6%
14.2%NOK 30.00NOK 21.00n/a6
Sep ’25NOK 19.91
NOK 26.00
+30.6%
11.7%NOK 30.00NOK 22.00n/a5
Aug ’25NOK 22.94
NOK 26.00
+13.3%
11.7%NOK 30.00NOK 22.00n/a5
Jul ’25NOK 20.62
NOK 24.50
+18.8%
13.1%NOK 28.00NOK 20.00n/a4
Jun ’25NOK 21.94
NOK 25.60
+16.7%
14.1%NOK 30.00NOK 20.00n/a5
May ’25NOK 19.52
NOK 25.60
+31.1%
14.1%NOK 30.00NOK 20.00n/a5
Apr ’25NOK 21.32
NOK 25.50
+19.6%
14.5%NOK 30.00NOK 20.00NOK 20.975
Mar ’25NOK 21.49
NOK 25.08
+16.7%
13.9%NOK 30.00NOK 20.00NOK 22.496
Feb ’25NOK 22.01
NOK 25.08
+14.0%
11.9%NOK 30.00NOK 22.00NOK 22.486
Jan ’25NOK 21.23
NOK 21.80
+2.7%
12.8%NOK 25.00NOK 18.00NOK 17.405
Dec ’24NOK 17.60
NOK 21.80
+23.9%
12.8%NOK 25.00NOK 18.00NOK 18.245
Nov ’24NOK 17.48
NOK 24.80
+41.9%
23.1%NOK 35.00NOK 18.00NOK 17.745
Oct ’24NOK 21.68
NOK 29.00
+33.8%
16.9%NOK 35.00NOK 25.00NOK 20.335
Sep ’24NOK 22.20
NOK 29.80
+34.2%
15.1%NOK 35.00NOK 25.00NOK 19.915
Aug ’24NOK 23.78
NOK 33.33
+40.2%
20.6%NOK 45.00NOK 25.00NOK 22.946
Jul ’24NOK 24.84
NOK 39.33
+58.3%
20.4%NOK 50.00NOK 27.00NOK 20.626
Jun ’24NOK 26.70
NOK 41.83
+56.7%
15.0%NOK 50.00NOK 31.00NOK 21.946
May ’24NOK 36.00
NOK 44.33
+23.1%
11.7%NOK 50.00NOK 37.00NOK 19.526
Apr ’24NOK 35.42
NOK 44.83
+26.6%
13.0%NOK 50.00NOK 37.00NOK 21.326
AnalystConsensusTarget
Consensus Narrative from 5 Analysts
NOK 25.66
Fair Value
25.8% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/23 05:30
End of Day Share Price 2025/04/23 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Elkem ASA is covered by 9 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Sebastian SatzCitigroup Inc
Niclas GehinDNB Markets