Elkem ASA

LSE:0SFN Stock Report

Market Cap: NOK 11.5b

Elkem Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales 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.

Below Fair Value: 0SFN (NOK17.94) is trading below our estimate of fair value (NOK44.97)

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 barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0SFN. This is calculated by dividing 0SFN's market cap by their current revenue.
What is 0SFN's PS Ratio?
PS Ratio0.4x
SalesNOK 31.76b
Market CapNOK 11.46b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 0SFN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.1x
ELM Elementis
1.4x3.4%UK£795.8m
VCT Victrex
2.6x5.8%UK£747.0m
SYNT Synthomer
0.1x5.0%UK£284.6m
JMAT Johnson Matthey
0.2x-43.3%UK£2.6b
0SFN Elkem
0.4x9.9%NOK 11.5b

Price-To-Sales vs Peers: 0SFN is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

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

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.1.3x-6.9%
0SFN Elkem
 0.4x9.9%US$1.03b
JMAT Johnson Matthey
0.2x-43.3%US$3.26b
SYNT Synthomer
0.1x5.0%US$358.79m
0SFN 0.4xIndustry Avg. 1.3xNo. of Companies6PS01.63.24.86.48+
7 CompaniesEstimated GrowthMarket Cap
Industry Avg.1.3x28.4%
0SFN Elkem
 0.4x80.0%US$1.03b
No more companies

Price-To-Sales vs Industry: 0SFN is good value based on its Price-To-Sales Ratio (0.4x) compared to the UK Chemicals industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

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

0SFN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.4x
Fair PS Ratio1.7x

Price-To-Sales vs Fair Ratio: 0SFN is good value based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (1.7x).

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 17.94
NOK 23.30
+29.9%
13.4%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 20.00n/a5
Mar ’25NOK 21.49
NOK 25.08
+16.7%
13.9%NOK 30.00NOK 20.00n/a6
Feb ’25NOK 22.01
NOK 25.08
+14.0%
11.9%NOK 30.00NOK 22.00n/a6
Jan ’25NOK 21.23
NOK 21.80
+2.7%
12.8%NOK 25.00NOK 18.00n/a5
Dec ’24NOK 17.60
NOK 21.80
+23.9%
12.8%NOK 25.00NOK 18.00n/a5
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
Mar ’24NOK 39.78
NOK 45.33
+13.9%
13.1%NOK 50.00NOK 37.00NOK 21.496
Feb ’24NOK 35.76
NOK 42.83
+19.8%
15.3%NOK 50.00NOK 35.00NOK 22.016
Jan ’24NOK 35.81
NOK 46.40
+29.6%
14.6%NOK 55.00NOK 37.00NOK 21.235
Dec ’23NOK 35.54
NOK 46.40
+30.6%
14.6%NOK 55.00NOK 37.00NOK 17.605
Nov ’23NOK 34.41
NOK 47.60
+38.3%
11.3%NOK 55.00NOK 40.00NOK 17.485

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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