olivLaw · European equity research
Elkem ASA ELK.OL
Norway · Euronext Oslo Børs · ISIN NO0010816093 · Vertical: Listed companies from Norway
Elkem ASA is a Norwegian producer of silicon, ferrosilicon and silicon products, whose exit from its silicones division (treated as discontinued operations) and exposure to power contracts and the Vianode receivable define its current profile. For fiscal 2024 the company reported equity of 26020 million NOK, a solid financial position under pressure from energy prices and carbon regulation.
At the close of 04 Nov 2026, Elkem ASA (ELK.OL) stock was 30.92 NOK (−0.13% on the day), with market capitalisation 19.6 bn NOK, P/E 40.2 on diluted EPS of 0.77 NOK over the last 12 months, beta 0.74, 52-week range 25.00–36.84 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.5
- weak (30–45)
- Bollinger (20, 2)
- 29.52 – 33.90
- in the lower half of the band · %B 0.32 · band width 13.8%
- SMA 50 / 200
- 33.44 / 31.11
- mixed trend
- MACD (12, 26, 9)
- -0.71 / -0.75
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.5% | +0.4% | −8.8 pp | — |
| 3 months | −5.3% | −3.3% | −2.1 pp | — |
| 6 months | +10.9% | +4.0% | +6.9 pp | — |
| Year to date | +1.4% | +8.1% | −6.7 pp | — |
| 1 year | +18.9% | +10.7% | +8.2 pp | −5.7% |
| 3 years | +71.1% | +50.1% | +21.0 pp | +15.4% |
| 5 years | −8.0% | +43.6% | −51.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 22.8, median 192.4, max 233.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 45.0 bn | 21.1 bn | 17.8 bn |
| Revenue YoY | unavailable | −53.1% | −15.7% |
| Net income | 9.6 bn | 72.0 m | 488.0 m |
| Net income YoY | unavailable | −99.2% | +577.8% |
| Diluted EPS | 0.15 | 0.11 | 0.77 |
| Diluted EPS YoY | unavailable | −27.1% | +600.0% |
| net % | 21.2% | 0.3% | 2.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 4.4 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 26.0 bn NOK
- Total assets
- 53.4 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 2.96x
- ROE
- 1.9%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 45.0 bn | 21.1 bn | 17.8 bn | esef· 08 May 2025verified |
| Operating income | 12.4 bn | 3.6 bn | 2.1 bn | esef· 08 May 2025verified |
| Depreciation & amortisation | 2.0 bn | 844.0 m | 931.0 m | esef· 08 May 2025verified |
| EBITDA | 14.4 bn ≈ | 4.4 bn ≈ | 3.0 bn ≈ | esef· 08 May 2025derived |
| Interest expense | 313.0 m | 666.0 m | 778.0 m | esef· 08 May 2025verified |
| Pre-tax income | 12.2 bn | 2.9 bn | 1.5 bn | esef· 08 May 2025verified |
| Income tax | 2.6 bn | 781.0 m | -588.0 m | esef· 08 May 2025verified |
| Net income | 9.6 bn | 72.0 m | 488.0 m | esef· 08 May 2025verified |
| Diluted EPS | 0.15 | 0.11 | 0.77 | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.3 bn | 6.4 bn | 4.4 bn | esef· 08 May 2025verified |
| Inventories | 10.3 bn | 9.0 bn | 6.0 bn | esef· 08 May 2025verified |
| Current assets | 26.6 bn | 21.5 bn | 13.9 bn | esef· 08 May 2025verified |
| Property, plant & equipment, net | 19.5 bn | 22.8 bn | 8.4 bn | esef· 08 May 2025verified |
| Goodwill | 984.0 m | 1.0 bn | 329.0 m | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 1.4 bn | 1.5 bn | 216.0 m | esef· 08 May 2025verified |
| Total assets | 52.8 bn | 50.5 bn | 53.4 bn | esef· 08 May 2025verified |
| Current liabilities | 11.8 bn | 10.6 bn | 4.7 bn | esef· 08 May 2025verified |
| Equity | 28.8 bn | 24.5 bn | 26.0 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 63.6 bn | 654.5 m | 633.8 m | esef· 08 May 2025derived |
Cash flow · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 9.3 bn | 2.8 bn | 2.0 bn | esef· 08 May 2025verified |
| Investing cash flow | -4.4 bn | -5.3 bn | -3.3 bn | esef· 08 May 2025verified |
| Financing cash flow | -2.9 bn | -487.0 m | 737.0 m | esef· 08 May 2025verified |
| Share repurchases | 38.0 m | 8.0 m | -5.0 m | esef· 08 May 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 19.6 bn NOK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.7% | 47 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.7x | 18 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 40.2x | 11 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial47/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial11/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ELKEM ASA (ELK.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 17.8 bn NOK in 2024; YoY growth -15.7%; net margin 2.7%; ROE 1.9%.
The estimated value range is 6.66–22.88 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.23 NOK, the price of 30.92 NOK leaves a potential of -57.2% (value / price − 1) and a margin of safety of -133.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.0x
What contradicts it
- Interest coverage: 2.7x
- P/E (TTM): 40.2x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for ELK.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.53 Total return -47% · Per year -47% | 29.37 Total return -5% · Per year -5% | 44.45 Total return 44% · Per year 44% |
| 3 years | 13.13 Total return -58% · Per year -25% | 26.51 Total return -14% · Per year -5% | 44.45 Total return 44% · Per year 13% |
| 5 years | 10.42 Total return -66% · Per year -20% | 23.93 Total return -23% · Per year -5% | 44.45 Total return 44% · Per year 8% |
- Exit P/E± 6.63
- Net margin± 4.64
- Annual revenue growth± 4.19
- Annual dilution± 0.39
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Elkem ASA is a Norwegian producer of silicon, ferrosilicon and silicon products, whose exit from its silicones division (treated as discontinued operations) and exposure to power contracts and the Vianode receivable define its current profile. For fiscal 2024 the company reported equity of 26020 million NOK, a solid financial position under pressure from energy prices and carbon regulation 1.
SWOT
Strengths
- Solid equity and a financial position supported by internal liquidity policies 1.
- Long-term power contracts that reduce exposure to spot prices for part of consumption, including the contract to 2030 and the Axpo contract for 2027-2035 1.
- Norwegian CO2 compensation with an annual cap and clear conditions gives a predictable cost base over the medium term 1.
Weaknesses
- Dependence on electricity and Norwegian power prices, with price differences that created hedge accounting ineffectiveness 1.
- Currency exposure remains only partly hedged, leaving part of EUR and USD revenue unprotected 1.
- Temporary waiver of the interest cover covenant in 2024 shows pressure on leverage metrics 1.
Opportunities
- Demand linked to electric vehicles, renewable and nuclear energy, where silicon products play an important role 1.
- Recycling and reuse potential in silicone production, which could lower costs and environmental impact 1.
- Recovery of the Vianode sale receivable if the partner completes the financing needed for the milestones 1.
Threats
Risks
- Vianode receivablehigh
The receivable from the Vianode sale is valued at 765 million NOK, but its value depends on partner financing and reaching construction milestones; without funding it could be worth zero 1.
- Energy hedge ineffectivenesshigh
Price differences between energy areas have produced hedge ineffectiveness losses that could continue if the differences do not narrow 1.
- Carbon regulationmedium
Changes to the emissions quota scheme or a carbon border mechanism could raise costs and reduce competitiveness 1.
- Financial covenantsmedium
The interest cover covenant was temporarily reduced in 2024 and returns to its original level in 2025; a breach could limit financing 1.
- Currency exposurelow
EUR and USD revenues are only partly hedged, and currency moves could affect unhedged results 1.
Investment thesis
What would need to be true (bull case)
- Solid equity and long-term power contracts could provide stability if energy prices stay volatile.
- The link of products to the energy transition and electric vehicles could open growth in higher-value segments.
- An annually capped CO2 compensation could protect part of carbon costs if conditions are met.
What would break the thesis
- The Vianode receivable could be recovered only partly or not at all if partner financing does not materialise.
- Energy price differences and hedge ineffectiveness could keep weighing on results.
- A carbon border mechanism or a Chinese emissions system could weaken competitiveness in export markets.
What to watch
- Development of the Vianode receivable and partner financing2025
- Reporting of hedge ineffectiveness effects across power price areasQ1 2025
- Return of the interest cover covenant to its original level2025
- Dividend proposal for fiscal 2025 against the 30-50 per cent pay-out rangenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Elkem produces silicon, ferrosilicon and foundry and silicon products used in chemicals, metallurgy and the energy transition. According to the 2024 annual report, products used in electric vehicles, renewable and nuclear energy and construction play an important role 1. Silicones, a division now treated as discontinued operations, changes comparisons with earlier periods 1. The majority shareholder is Bluestar Elkem International, controlled by Sinochem 1.
The company operates plants in several Norwegian and European power price areas, and electricity is its main production cost. To reduce volatility Elkem uses financial power contracts, including the '30-øringen' contract until 2030 and a new Axpo contract for 2027-2035 1. Hedge accounting applies to these contracts, so effects appear in revenue and energy costs with a lag 1.
The financial structure rests on a leverage target between 1.0 and 2.0 times EBITDA over a cycle, a dividend policy of 30-50 per cent of profit, and centralised financing at parent level 1. For 2024 the board proposed a dividend of 0.3 NOK per share, while no dividend was paid for 2023 1.
Segments
Silicon and ferrosilicon
The core business, whose production cost depends heavily on electricity and CO2 quota costs, and which benefits from Norway's CO2 compensation capped at 7 billion NOK per year 1.
Foundry and microsilica products
Products for foundries and construction, linked to the green transition through microsilica in concrete and products used in renewable energy 1.
Silicones (discontinued operations)
The silicones division is presented as discontinued operations in the 2024 financial statements, separating continuing results from earlier periods 1.
Market context
The silicon and ferrosilicon market depends on demand from steel, aluminium and chemical industries, and on energy costs and emission quotas in the EU and Norway. The company relies on power prices in Norwegian markets and on EUR and USD exchange rates, which affect revenue 1. About 22 per cent of expected EUR revenues for 2025 are hedged 1.
The market is also shaped by carbon pricing mechanisms: Elkem falls under the EU emissions trading system, and the absence of a similar system in China could raise operating costs if one is introduced 1. A carbon border adjustment mechanism could affect competitiveness in global markets 1.
Trends
- Norwegian CO2 compensationmixed
The new compensation scheme for CO2 costs in electricity prices could support margins, but 40 per cent of compensation depends on investments in energy efficiency and climate measures 1.
- Energy transition and electric vehiclestailwind
Silicon products used in electric vehicles, renewable and nuclear energy are seen by the company as an important long-term opportunity 1.
- Power price volatilityheadwind
Large price differences between Norwegian power areas have created hedge ineffectiveness in accounting, which could keep affecting results if differences persist 1.
- Emissions regulationmixed
Changes in the number of free allowances and quota prices influence raw material and energy costs; a Chinese emissions trading system could raise costs 1.
Competitive position
The reviewed sources do not name competitors. From the report's context, competition comes from silicon and ferrosilicon producers in Asia and Europe, particularly in regions with lower energy costs or different carbon rules 1. The company argues its products are a key part of the green transition, which could differentiate its offer in some segments 1.
A cost advantage for competitors without carbon taxes or border adjustment could pressure Elkem's margins in export markets if European and Norwegian rules do not align with other regions 1.
- Asian silicon and ferrosilicon producers
Competition from regions with different energy costs and carbon regulation, mentioned in the report's market risk context 1.
- European silicon metallurgy producers
Competitors exposed to the same EU emissions trading system, making cost comparison relevant 1.
- Foundry and construction materials producers
Competition in foundry and microsilica segments, where Elkem links its position to the green transition 1.
- Synthetic anode and graphite producers
Relevant through the former Vianode holding, whose value depends on partner financing and investment 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Elkem ASA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.