Elkem ASA

OTCPK:ELKE.F Stock Report

Market Cap: US$1.0b

Elkem Valuation

Is ELKE.F 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-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 ELKE.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ELKE.F ($1.65) is trading below our estimate of fair value ($4.06)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ELKE.F?

Key metric: As ELKE.F is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ELKE.F. This is calculated by dividing ELKE.F's market cap by their current revenue.
What is ELKE.F's PS Ratio?
PS Ratio0.4x
SalesNOK 31.76b
Market CapNOK 11.57b

Price to Sales Ratio vs Peers

How does ELKE.F's PS Ratio compare to its peers?

The above table shows the PS ratio for ELKE.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.4x
ECVT Ecovyst
1.3x5.2%US$932.1m
VHI Valhi
0.4xn/aUS$755.2m
SCL Stepan
0.8x6.5%US$1.7b
CCF Chase
3xn/aUS$1.2b
ELKE.F Elkem
0.4x11.4%US$11.6b

Price-To-Sales vs Peers: ELKE.F is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (0.8x).

Price to Sales Ratio vs Industry

How does ELKE.F's PS Ratio compare vs other companies in the US Chemicals Industry?

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
TSE Trinseo
0.04x4.1%US$157.18m
ALTO Alto Ingredients
0.1x3.1%US$108.07m
BON Bon Natural Life
0.3xn/aUS$7.46m
ABLT American Biltrite
0.02xn/aUS$2.91m
ELKE.F 0.4xIndustry Avg. 1.5xNo. of Companies16PS01.22.43.64.86+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ELKE.F is good value based on its Price-To-Sales Ratio (0.4x) compared to the US Chemicals industry average (1.5x).

Price to Sales Ratio vs Fair Ratio

What is ELKE.F'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.

ELKE.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.4x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ELKE.F's Price-To-Sales Fair Ratio for valuation analysis.

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 ELKE.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
US$2.07
0%
14.1%US$2.50US$1.79n/a5
Nov ’25n/a
US$2.19
0%
13.2%US$2.56US$1.83n/a6
Oct ’25n/a
US$2.35
0%
14.2%US$2.83US$1.98n/a6
Sep ’25n/a
US$2.42
0%
11.7%US$2.80US$2.05n/a5
Aug ’25n/a
US$2.42
0%
11.7%US$2.80US$2.05n/a5
Jul ’25n/a
US$2.29
0%
13.1%US$2.62US$1.87n/a4
Jun ’25US$2.05
US$2.33
+13.9%
14.1%US$2.74US$1.82n/a5
May ’25n/a
US$2.33
0%
14.1%US$2.74US$1.82n/a5
Apr ’25n/a
US$2.43
0%
14.5%US$2.85US$1.90n/a5
Mar ’25US$1.70
US$2.39
+40.7%
13.9%US$2.86US$1.91n/a6
Feb ’25n/a
US$2.39
0%
11.9%US$2.85US$2.09n/a6
Jan ’25US$2.09
US$2.00
-4.1%
12.8%US$2.30US$1.66n/a5
Dec ’24US$1.65
US$2.00
+21.5%
12.8%US$2.30US$1.66n/a5
Nov ’24n/a
US$2.21
0%
23.1%US$3.12US$1.61n/a5
Oct ’24n/a
US$2.72
0%
16.9%US$3.29US$2.35n/a5
Sep ’24n/a
US$2.81
0%
15.1%US$3.30US$2.36n/a5
Aug ’24n/a
US$3.31
0%
20.6%US$4.47US$2.48n/a6
Jul ’24n/a
US$3.65
0%
20.4%US$4.65US$2.51n/a6
Jun ’24n/a
US$3.81
0%
15.0%US$4.56US$2.83US$2.056
May ’24n/a
US$4.16
0%
11.7%US$4.69US$3.47n/a6
Apr ’24n/a
US$4.21
0%
13.0%US$4.70US$3.48n/a6
Mar ’24n/a
US$4.45
0%
13.1%US$4.91US$3.63US$1.706
Feb ’24n/a
US$4.29
0%
15.3%US$5.00US$3.50n/a6
Jan ’24n/a
US$4.64
0%
14.6%US$5.50US$3.70US$2.095
Dec ’23n/a
US$4.64
0%
14.6%US$5.50US$3.70US$1.655
Nov ’23n/a
US$4.64
0%
11.3%US$5.37US$3.90n/a5

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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