Stock BWLPG BW LPG LIMITED
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Financials BW LPG Limited

Equities

BWLPG

SGXZ69436764

Oil & Gas Transportation Services

End-of-day quote Oslo Bors
Other stock markets
 06:00:00 2024-07-11 pm EDT 		5-day change 1st Jan Change
175 NOK -6.32% Intraday chart for BW LPG Limited -9.56% +15.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,161 955.4 779.6 1,032 2,076 2,151 - -
Enterprise Value (EV) 1 2,331 1,883 1,518 1,517 2,359 2,257 2,073 1,869
P/E ratio 4.25 x 3.93 x 4.27 x 4.6 x 4.22 x 6.15 x 9.03 x 9.04 x
Yield 10.1% 12.1% 9.85% 16.5% 23.2% 18.2% 9.9% 10.9%
Capitalization / Revenue 2.12 x 1.73 x 1.67 x 2.13 x 2.33 x 2.84 x 3.35 x 3.44 x
EV / Revenue 4.26 x 3.42 x 3.26 x 3.14 x 2.65 x 2.98 x 3.23 x 2.99 x
EV / EBITDA 5.85 x 4.55 x 4.87 x 3.72 x 3.37 x 3.89 x 4.42 x 4.13 x
EV / FCF 7.47 x 4.76 x 3.96 x 3.89 x 5.24 x 2.8 x 5.06 x 4.4 x
FCF Yield 13.4% 21% 25.2% 25.7% 19.1% 35.7% 19.8% 22.7%
Price to Book 0.99 x 0.76 x 0.57 x 0.75 x 1.42 x 1.46 x 1.48 x 1.48 x
Nbr of stocks (in thousands) 138,618 138,097 137,175 133,381 139,474 131,753 - -
Reference price 2 8.378 6.918 5.683 7.736 14.88 16.33 16.33 16.33
Announcement Date 2/27/20 3/1/21 3/1/22 2/28/23 2/29/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 547.3 550.8 465.6 483.3 890.9 758.4 641.7 625.3
EBITDA 1 398.8 414 311.7 407.7 700.2 579.8 468.7 453
EBIT 1 272.5 261.6 157.5 248.3 482.3 362.9 262.3 261.2
Operating Margin 49.79% 47.49% 33.83% 51.36% 54.14% 47.85% 40.88% 41.76%
Earnings before Tax (EBT) 1 276.2 244.4 186.9 239.6 504 390.3 271.4 264.2
Net income 1 273.8 243.9 184.8 227.4 470 356.5 243.7 243.9
Net margin 50.04% 44.27% 39.7% 47.05% 52.75% 47.01% 37.98% 39.01%
EPS 2 1.970 1.760 1.330 1.680 3.530 2.653 1.809 1.806
Free Cash Flow 1 312.1 395.6 383 389.4 450.4 805 409.5 425
FCF margin 57.02% 71.83% 82.27% 80.57% 50.55% 106.14% 63.81% 67.96%
FCF Conversion (EBITDA) 78.26% 95.56% 122.88% 95.52% 64.32% 138.85% 87.38% 93.82%
FCF Conversion (Net income) 113.96% 162.24% 207.24% 171.25% 95.83% 225.78% 168.02% 174.23%
Dividend per Share 2 0.8500 0.8400 0.5600 1.280 3.460 2.972 1.617 1.786
Announcement Date 2/27/20 3/1/21 3/1/22 2/28/23 2/29/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 116.7 130.8 122 130 162.1 225.3 155.4 226.9 283.4 227.6 175.2 171.5 184 157.5 142
EBITDA 1 78.82 93.25 82.57 92.83 139 176.1 107.6 183.9 232.6 186.4 129.1 126.6 138.7 115.5 100
EBIT 1 37.46 52.72 49.26 54.18 96.93 137.9 54.03 128.7 178.4 137.4 79.64 76.7 89.29 67 53
Operating Margin 32.1% 40.3% 40.38% 41.67% 59.8% 61.2% 34.78% 56.7% 62.93% 60.37% 45.47% 44.73% 48.52% 42.54% 37.32%
Earnings before Tax (EBT) 1 62.68 58.05 38.94 46.71 95.95 131.8 78.23 122.4 171.5 155.2 76.49 73.75 86.74 63.5 50
Net income 1 62.44 56.32 39 43.37 91.87 127.2 78.29 113 151.4 141.9 70.23 67.29 79.17 60 47
Net margin 53.5% 43.05% 31.97% 33.36% 56.68% 56.48% 50.39% 49.79% 53.43% 62.35% 40.09% 39.24% 43.02% 38.1% 33.1%
EPS 2 0.4500 0.4100 0.2600 0.3200 0.6900 0.9500 0.5900 0.8500 1.140 1.070 0.5210 0.4977 0.5860 0.4350 0.3400
Dividend per Share 2 0.1800 0.3100 0.2000 0.2500 0.5200 0.9500 0.8100 0.8000 0.9000 - 0.6742 0.6474 0.7002 0.4150 0.3350
Announcement Date 3/1/22 5/18/22 8/28/22 11/16/22 2/28/23 5/22/23 8/28/23 11/14/23 2/29/24 5/30/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,170 927 739 485 283 106 - -
Net Cash position 1 - - - - - - 78.6 282
Leverage (Debt/EBITDA) 2.933 x 2.24 x 2.371 x 1.189 x 0.4037 x 0.1828 x - -
Free Cash Flow 1 312 396 383 389 450 805 410 425
ROE (net income / shareholders' equity) 25.4% 20% 14.1% 16.2% 31% 23.8% 16.6% 16.7%
ROA (Net income/ Total Assets) 11.4% 9.82% 7.73% 10.2% 16.9% 13.9% 8.5% 11.3%
Assets 1 2,405 2,483 2,390 2,232 2,780 2,565 2,867 2,159
Book Value Per Share 2 8.490 9.060 10.00 10.30 10.50 11.20 11.10 11.10
Cash Flow per Share 2.320 2.870 2.210 - - - - -
Capex 1 10.1 44.5 187 46.2 116 36 41.5 18.5
Capex / Sales 1.84% 8.08% 40.24% 9.56% 13.02% 4.75% 6.47% 2.96%
Announcement Date 2/27/20 3/1/21 3/1/22 2/28/23 2/29/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BW LPG Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
16.33 USD
Average target price
22.12 USD
Spread / Average Target
+35.50%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sea-Borne Tankers

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Sea-Borne Tankers
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