Financials Westlake Corporation

Equities

WLK

US9604131022

Commodity Chemicals

Market Closed - Nyse 04:00:01 2024-05-24 pm EDT 5-day change 1st Jan Change
158.6 USD +1.19% Intraday chart for Westlake Corporation +0.46% +13.29%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,003 10,422 12,415 13,078 17,935 20,386 - -
Enterprise Value (EV) 1 11,720 12,675 15,687 15,729 19,537 21,813 21,177 20,315
P/E ratio 21.6 x 31.9 x 6.23 x 5.91 x 37.8 x 22.3 x 17.8 x 15.6 x
Yield 1.46% 1.31% 1.17% 1.28% 1.22% 1.26% 1.35% 1.5%
Capitalization / Revenue 1.11 x 1.39 x 1.05 x 0.83 x 1.43 x 1.64 x 1.53 x 1.44 x
EV / Revenue 1.44 x 1.69 x 1.33 x 1 x 1.56 x 1.76 x 1.59 x 1.44 x
EV / EBITDA 8.33 x 10.2 x 4.25 x 3.76 x 7.47 x 8.83 x 7.56 x 6.63 x
EV / FCF 22.8 x 16.4 x 9.04 x 6.88 x 15 x 25.2 x 18 x 15.9 x
FCF Yield 4.39% 6.09% 11.1% 14.5% 6.66% 3.97% 5.54% 6.31%
Price to Book 1.54 x 1.73 x 1.56 x 1.32 x 1.76 x 1.88 x 1.37 x 1.31 x
Nbr of stocks (in thousands) 128,340 127,722 127,822 127,538 128,141 128,570 - -
Reference price 2 70.15 81.60 97.13 102.5 140.0 158.6 158.6 158.6
Announcement Date 2/18/20 2/23/21 2/22/22 2/21/23 2/20/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,118 7,504 11,778 15,794 12,548 12,410 13,320 14,118
EBITDA 1 1,407 1,246 3,693 4,179 2,615 2,469 2,802 3,063
EBIT 1 656 429 2,800 3,050 729 1,346 1,703 1,960
Operating Margin 8.08% 5.72% 23.77% 19.31% 5.81% 10.85% 12.78% 13.88%
Earnings before Tax (EBT) 1 570 331 2,677 2,946 700 1,249 1,541 1,744
Net income 1 421 330 2,015 2,247 479 920.9 1,155 1,301
Net margin 5.19% 4.4% 17.11% 14.23% 3.82% 7.42% 8.67% 9.22%
EPS 2 3.250 2.560 15.58 17.34 3.700 7.106 8.927 10.18
Free Cash Flow 1 514 772 1,736 2,287 1,302 866.7 1,174 1,281
FCF margin 6.33% 10.29% 14.74% 14.48% 10.38% 6.98% 8.81% 9.07%
FCF Conversion (EBITDA) 36.53% 61.96% 47.01% 54.73% 49.79% 35.1% 41.9% 41.82%
FCF Conversion (Net income) 122.09% 233.94% 86.15% 101.78% 271.82% 94.12% 101.62% 98.43%
Dividend per Share 2 1.025 1.065 1.135 1.309 1.714 1.999 2.144 2.372
Announcement Date 2/18/20 2/23/21 2/22/22 2/21/23 2/20/24 - - -
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 3,507 4,056 4,483 3,956 3,299 3,356 3,251 3,115 2,826 2,975 3,180 3,238 3,016 3,164 3,421
EBITDA 1 1,131 1,300 1,456 804 619 825 690 682 412 546 641.9 682.5 619.2 679 786.7
EBIT 1 873 1,032 1,175 516 327 536 396 349 -552 223 360.9 404.9 312.9 394 501.2
Operating Margin 24.89% 25.44% 26.21% 13.04% 9.91% 15.97% 12.18% 11.2% -19.53% 7.5% 11.35% 12.5% 10.37% 12.45% 14.65%
Earnings before Tax (EBT) 1 845 997 1,148 496 305 516 377 365 -558 233 330.9 363.3 300.7 358.9 465.6
Net income 1 644 756 858 401 232 394 297 285 -497 174 248.2 263.8 219.8 267 349.9
Net margin 18.36% 18.64% 19.14% 10.14% 7.03% 11.74% 9.14% 9.15% -17.59% 5.85% 7.81% 8.15% 7.29% 8.44% 10.23%
EPS 2 4.980 5.830 6.600 3.100 1.790 3.050 2.310 2.200 -3.860 1.340 1.903 2.121 1.708 2.098 2.763
Dividend per Share 2 0.2975 0.2975 0.2975 0.3570 0.3570 0.3570 0.3570 - 0.5000 - 0.4720 0.5280 0.5280 0.4480 0.4480
Announcement Date 2/22/22 5/3/22 8/2/22 11/3/22 2/21/23 5/4/23 8/3/23 11/2/23 2/20/24 5/1/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,717 2,253 3,272 2,651 1,602 1,427 791 -
Net Cash position 1 - - - - - - - 71.3
Leverage (Debt/EBITDA) 1.931 x 1.808 x 0.886 x 0.6344 x 0.6126 x 0.5778 x 0.2824 x -
Free Cash Flow 1 514 772 1,736 2,287 1,302 867 1,174 1,281
ROE (net income / shareholders' equity) 7.35% 5.54% 28.8% 25.1% 9.58% 8.34% 10.5% 11.5%
ROA (Net income/ Total Assets) 3.39% 2.44% 12.5% 11.5% 4.65% 3.42% 4.16% 4.68%
Assets 1 12,431 13,548 16,147 19,505 10,301 26,966 27,805 27,818
Book Value Per Share 2 45.60 47.30 62.20 78.00 79.60 84.30 115.0 121.0
Cash Flow per Share 2 10.10 10.70 23.40 26.50 15.60 14.90 17.90 21.50
Capex 1 787 525 658 1,108 1,034 1,011 1,023 1,050
Capex / Sales 9.69% 7% 5.59% 7.02% 8.24% 8.15% 7.68% 7.44%
Announcement Date 2/18/20 2/23/21 2/22/22 2/21/23 2/20/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
158.6 USD
Average target price
160 USD
Spread / Average Target
+0.89%
Consensus
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