Welfare technology (WT) is often developed with a technical perspective, which does not involve important ethical considerations and different values that come up during the development and implementation of WT within elderly care. This paper presents a study where we have applied an ethical value matrix to support systematic ethical assessments of WT intended for personal health monitoring. The matrix consists of values in a checklist and a number of stakeholders and it is possible to analyze which values are emphasized by which stakeholders. The aim was to assess the matrix and find out how the matrix supports identification of values and interests that drive the various stakeholders in the development and implementation of WT. We have realized that several values specified by different actors as especially important were not included in the matrix and that the values in the matrix did not visualize or enable identification of value conflicts.