Financials BW LPG Limited

Equities

BWLPG

BMG173841013

Oil & Gas Transportation Services

Real-time Oslo Bors Other stock markets 10:27:46 2024-05-07 EDT			5-day change	1st Jan Change
167.8 ^NOK	+0.72%		+4.16%	+10.91%

04-26	BW LPG Set to Commence Trading on NYSE	MT
04-23	BW LPG Secures NYSE Approval for Secondary Listing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,161	955.4	779.6	1,032	2,076	2,026	-	-
Enterprise Value (EV) ¹	2,331	1,883	1,518	1,517	2,076	2,051	1,804	1,502
P/E ratio	4.25 x	3.93 x	4.27 x	4.6 x	4.22 x	7.15 x	9.52 x	9.54 x
Yield	10.1%	12.1%	9.85%	16.5%	-	15.3%	10.5%	11.8%
Capitalization / Revenue	2.12 x	1.73 x	1.67 x	2.13 x	2.33 x	2.75 x	3.15 x	3.3 x
EV / Revenue	4.26 x	3.42 x	3.26 x	3.14 x	2.33 x	2.78 x	2.81 x	2.45 x
EV / EBITDA	5.85 x	4.55 x	4.87 x	3.72 x	2.96 x	3.83 x	3.87 x	3.28 x
EV / FCF	7.47 x	4.76 x	3.96 x	3.89 x	-	3.78 x	4.17 x	3.29 x
FCF Yield	13.4%	21%	25.2%	25.7%	-	26.4%	24%	30.4%
Price to Book	0.99 x	0.76 x	0.57 x	0.75 x	-	1.33 x	1.33 x	1.36 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	15.38	15.38	15.38
Announcement Date	20-02-27	21-03-01	22-03-01	23-02-28	24-02-29	-	-	-

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	736.8	642.8	614.2
EBITDA ¹	398.8	414	311.7	407.7	700.2	535.5	466.7	458.4
EBIT ¹	272.5	261.6	157.5	248.3	482.3	335.3	256	252.5
Operating Margin	49.79%	47.49%	33.83%	51.36%	54.14%	45.51%	39.82%	41.11%
Earnings before Tax (EBT) ¹	276.2	244.4	186.9	239.6	504	353.4	266.3	247.6
Net income ¹	273.8	243.9	184.8	227.4	470	285.8	214.8	211.5
Net margin	50.04%	44.27%	39.7%	47.05%	52.75%	38.78%	33.42%	34.43%
EPS ²	1.970	1.760	1.330	1.680	3.530	2.152	1.616	1.612
Free Cash Flow ¹	312.1	395.6	383	389.4	-	542	433	456
FCF margin	57.02%	71.83%	82.27%	80.57%	-	73.56%	67.37%	74.25%
FCF Conversion (EBITDA)	78.26%	95.56%	122.88%	95.52%	-	101.22%	92.79%	99.49%
FCF Conversion (Net income)	113.96%	162.24%	207.24%	171.25%	-	189.67%	201.57%	215.65%
Dividend per Share ²	0.8500	0.8400	0.5600	1.280	-	2.358	1.619	1.813
Announcement Date	20-02-27	21-03-01	22-03-01	23-02-28	24-02-29	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	104.8	116.7	130.8	122	130	162.1	225.3	155.4	226.9	283.4	199.7	164.9	177.9	190	130
EBITDA ¹	65.48	78.82	93.25	82.57	92.83	139	176.1	107.6	183.9	232.6	157	120.3	134.5	147.7	93
EBIT ¹	28	37.46	52.72	49.26	54.18	96.93	137.9	54.03	128.7	178.4	110.6	66.7	80.35	94.12	43
Operating Margin	26.72%	32.1%	40.3%	40.38%	41.67%	59.8%	61.2%	34.78%	56.7%	62.93%	55.39%	40.46%	45.17%	49.54%	33.08%
Earnings before Tax (EBT) ¹	29.45	62.68	58.05	38.94	46.71	95.95	131.8	78.23	122.4	171.5	112.2	62.45	76.33	90.88	38
Net income ¹	28.5	62.44	56.32	39	43.37	91.87	127.2	78.29	113	151.4	105.3	50.83	64.33	77.05	34
Net margin	27.2%	53.5%	43.05%	31.97%	33.36%	56.68%	56.48%	50.39%	49.79%	53.43%	52.71%	30.83%	36.16%	40.56%	26.15%
EPS ²	0.2000	0.4500	0.4100	0.2600	0.3200	0.6900	0.9500	0.5900	0.8500	1.140	0.7867	0.3874	0.4917	0.5863	0.2600
Dividend per Share ²	0.1000	0.1800	0.3100	0.2000	0.2500	0.5200	0.9500	0.8100	0.8000	-	0.7257	0.3563	0.4578	0.6528	0.2600
Announcement Date	21-11-15	22-03-01	22-05-18	22-08-28	22-11-16	23-02-28	23-05-22	23-08-28	23-11-14	24-02-29	-	-	-	-	-

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	-	25.3	-	-
Net Cash position ¹	-	-	-	-	-	-	222	524
Leverage (Debt/EBITDA)	2.933 x	2.24 x	2.371 x	1.189 x	-	0.0472 x	-	-
Free Cash Flow ¹	312	396	383	389	-	542	433	456
ROE (net income / shareholders' equity)	25.4%	20%	14.1%	16.2%	-	20%	14.5%	14%
ROA (Net income/ Total Assets)	11.4%	9.82%	7.73%	10.2%	-	13.5%	7.8%	10.1%
Assets ¹	2,405	2,483	2,390	2,232	-	2,117	2,754	2,094
Book Value Per Share ²	8.490	9.060	10.00	10.30	-	11.60	11.60	11.30
Cash Flow per Share	2.320	2.870	2.210	-	-	-	-	-
Capex ¹	10.1	44.5	187	46.2	-	24	41.5	18.5
Capex / Sales	1.84%	8.08%	40.24%	9.56%	-	3.26%	6.46%	3.01%
Announcement Date	20-02-27	21-03-01	22-03-01	23-02-28	24-02-29	-	-	-

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

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.38 USD

Average target price

15.47 USD

Spread / Average Target

+0.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sea-Borne Tankers

	1st Jan change	Capi.
BW LPG LIMITED	+10.91%	2.03B
COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.	+32.16%	9.54B
FRONTLINE PLC	+22.89%	5.48B
SCORPIO TANKERS INC.	+19.20%	3.59B
INTERNATIONAL SEAWAYS, INC.	+24.18%	2.76B
NANJING TANKER CORPORATION	+32.14%	2.47B
DHT HOLDINGS, INC.	+17.69%	1.87B
DORIAN LPG LTD.	-6.50%	1.7B
FLEX LNG LTD.	-7.60%	1.44B
ODFJELL SE	+50.04%	1.23B

Sea-Borne Tankers