We initiate coverage of Elkem with a Buy recommendation and a TP of NOK 35. While Elkem is plagued by overcapacity driven by China and low demand pressuring prices for most of its products, matters are likely to improve. The planned divestment of Silicones will improve its profitability and could eliminate the net debt. The recent introduction of quotas and minimum prices for ferrosilicon in the EU will most likely improve prices in 2026 and onwards. Furthermore, the EU will revise and strengthe ....
