Elmera Group ASA

OB:ELMRA Stock Report

Market Cap: NOK 4.3b

Elmera Group Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 ELMRA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ELMRA (NOK39) is trading below our estimate of fair value (NOK291.25)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ELMRA. This is calculated by dividing ELMRA's market cap by their current earnings.
What is ELMRA's PE Ratio?
PE Ratio18x
EarningsNOK 236.05m
Market CapNOK 4.26b

Price to Earnings Ratio vs Peers

How does ELMRA's PE Ratio compare to its peers?

The above table shows the PE ratio for ELMRA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.1x
SKAND Skandia GreenPower
13.4xn/aNOK 130.5m
MGN Magnora
5.6x-23.7%NOK 1.6b
SCATC Scatec
6.7x-39.4%NOK 12.7b
COCE5 Companhia Energética do Ceará - COELCE
6.9xn/aR$2.1b
ELMRA Elmera Group
18x15.9%NOK 4.3b

Price-To-Earnings vs Peers: ELMRA is expensive based on its Price-To-Earnings Ratio (18x) compared to the peer average (8.1x).

Price to Earnings Ratio vs Industry

How does ELMRA's PE Ratio compare vs other companies in the European Electric Utilities Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ELMRA 18.0xIndustry Avg. 12.7xNo. of Companies10PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ELMRA is expensive based on its Price-To-Earnings Ratio (18x) compared to the European Electric Utilities industry average (12.7x).

Price to Earnings Ratio vs Fair Ratio

What is ELMRA'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.

ELMRA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: ELMRA is expensive based on its Price-To-Earnings Ratio (18x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

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 ELMRA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 39.00
NOK 36.00
-7.7%
23.6%NOK 42.00NOK 24.00n/a3
Nov ’25NOK 33.50
NOK 31.67
-5.5%
24.4%NOK 39.00NOK 21.00n/a3
Oct ’25NOK 33.95
NOK 31.67
-6.7%
24.4%NOK 39.00NOK 21.00n/a3
Sep ’25NOK 33.20
NOK 32.33
-2.6%
21.0%NOK 39.00NOK 23.00n/a3
Aug ’25NOK 33.20
NOK 30.33
-8.6%
17.1%NOK 34.00NOK 23.00n/a3
Jul ’25NOK 32.70
NOK 30.33
-7.2%
17.1%NOK 34.00NOK 23.00n/a3
Jun ’25NOK 32.20
NOK 29.67
-7.9%
20.7%NOK 34.00NOK 21.00n/a3
May ’25NOK 33.20
NOK 29.33
-11.6%
20.5%NOK 35.00NOK 21.00n/a3
Apr ’25NOK 34.34
NOK 29.00
-15.6%
22.3%NOK 35.00NOK 20.00n/a3
Mar ’25NOK 33.40
NOK 29.00
-13.2%
22.3%NOK 35.00NOK 20.00n/a3
Feb ’25NOK 31.40
NOK 25.50
-18.8%
37.3%NOK 35.00NOK 16.00n/a2
Jan ’25NOK 30.20
NOK 20.50
-32.1%
22.0%NOK 25.00NOK 16.00n/a2
Dec ’24NOK 24.52
NOK 20.00
-18.4%
25.0%NOK 25.00NOK 15.00n/a2
Nov ’24NOK 21.76
NOK 20.00
-8.1%
25.0%NOK 25.00NOK 15.00NOK 33.502
Oct ’24NOK 26.22
NOK 20.00
-23.7%
25.0%NOK 25.00NOK 15.00NOK 33.952
Sep ’24NOK 22.08
NOK 20.00
-9.4%
25.0%NOK 25.00NOK 15.00NOK 33.202
Aug ’24NOK 20.34
NOK 20.00
-1.7%
25.0%NOK 25.00NOK 15.00NOK 33.202
Jul ’24NOK 21.36
NOK 20.00
-6.4%
25.0%NOK 25.00NOK 15.00NOK 32.702
Jun ’24NOK 22.08
NOK 20.00
-9.4%
25.0%NOK 25.00NOK 15.00NOK 32.202
May ’24NOK 17.76
NOK 15.50
-12.7%
29.0%NOK 20.00NOK 11.00NOK 33.202
Apr ’24NOK 16.75
NOK 15.50
-7.5%
29.0%NOK 20.00NOK 11.00NOK 34.342
Mar ’24NOK 15.16
NOK 15.00
-1.1%
33.3%NOK 20.00NOK 10.00NOK 33.402
Feb ’24NOK 14.70
NOK 21.50
+46.3%
44.2%NOK 31.00NOK 12.00NOK 31.402
Jan ’24NOK 15.99
NOK 22.00
+37.6%
40.9%NOK 31.00NOK 13.00NOK 30.202
Dec ’23NOK 19.60
NOK 22.00
+12.2%
40.9%NOK 31.00NOK 13.00NOK 24.522
Nov ’23NOK 17.47
NOK 20.50
+17.3%
41.5%NOK 29.00NOK 12.00NOK 21.762

Analyst Forecast: Target price is lower than the current share price.

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