Financials Westlake Corporation

Equities

WLK

US9604131022

Commodity Chemicals

Market Closed - Nyse 16:00:01 2024-06-24 EDT 5-day change 1st Jan Change
150.5 USD +1.68% Intraday chart for Westlake Corporation +0.06% +7.50%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,003 10,422 12,415 13,078 17,935 19,345 - -
Enterprise Value (EV) 1 11,720 12,675 15,687 15,729 19,537 20,784 20,224 19,389
P/E ratio 21.6 x 31.9 x 6.23 x 5.91 x 37.8 x 22 x 16.4 x 14.3 x
Yield 1.46% 1.31% 1.17% 1.28% 1.22% 1.33% 1.47% 1.67%
Capitalization / Revenue 1.11 x 1.39 x 1.05 x 0.83 x 1.43 x 1.55 x 1.44 x 1.36 x
EV / Revenue 1.44 x 1.69 x 1.33 x 1 x 1.56 x 1.67 x 1.5 x 1.36 x
EV / EBITDA 8.33 x 10.2 x 4.25 x 3.76 x 7.47 x 8.48 x 7.27 x 6.37 x
EV / FCF 22.8 x 16.4 x 9.04 x 6.88 x 15 x 26.3 x 17.8 x 15.8 x
FCF Yield 4.39% 6.09% 11.1% 14.5% 6.66% 3.8% 5.63% 6.31%
Price to Book 1.54 x 1.73 x 1.56 x 1.32 x 1.76 x 1.8 x 1.69 x 1.61 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 97.13 102.5 140.0 150.5 150.5 150.5
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 12,479 13,442 14,261
EBITDA 1 1,407 1,246 3,693 4,179 2,615 2,450 2,781 3,043
EBIT 1 656 429 2,800 3,050 729 1,276 1,684 1,938
Operating Margin 8.08% 5.72% 23.77% 19.31% 5.81% 10.22% 12.53% 13.59%
Earnings before Tax (EBT) 1 570 331 2,677 2,946 700 1,144 1,576 1,761
Net income 1 421 330 2,015 2,247 479 889 1,185 1,326
Net margin 5.19% 4.4% 17.11% 14.23% 3.82% 7.12% 8.82% 9.3%
EPS 2 3.250 2.560 15.58 17.34 3.700 6.848 9.189 10.49
Free Cash Flow 1 514 772 1,736 2,287 1,302 790.3 1,138 1,224
FCF margin 6.33% 10.29% 14.74% 14.48% 10.38% 6.33% 8.47% 8.58%
FCF Conversion (EBITDA) 36.53% 61.96% 47.01% 54.73% 49.79% 32.26% 40.92% 40.22%
FCF Conversion (Net income) 122.09% 233.94% 86.15% 101.78% 271.82% 88.9% 96% 92.28%
Dividend per Share 2 1.025 1.065 1.135 1.309 1.714 2.004 2.219 2.515
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 3,206 3,257 3,020 3,161 3,414
EBITDA 1 1,131 1,300 1,456 804 619 825 690 682 412 546 643.6 668 589.8 640.2 764.5
EBIT 1 873 1,032 1,175 516 327 536 396 349 -552 223 357.4 385.6 297.8 376.8 488.8
Operating Margin 24.89% 25.44% 26.21% 13.04% 9.91% 15.97% 12.18% 11.2% -19.53% 7.5% 11.15% 11.84% 9.86% 11.92% 14.32%
Earnings before Tax (EBT) 1 845 997 1,148 496 305 516 377 365 -558 233 331.2 339.7 254.9 341.6 453.1
Net income 1 644 756 858 401 232 394 297 285 -497 174 247.2 248.9 191.2 253.2 339.8
Net margin 18.36% 18.64% 19.14% 10.14% 7.03% 11.74% 9.14% 9.15% -17.59% 5.85% 7.71% 7.64% 6.33% 8.01% 9.95%
EPS 2 4.980 5.830 6.600 3.100 1.790 3.050 2.310 2.200 -3.860 1.340 1.907 2.108 1.552 1.987 2.678
Dividend per Share 2 0.2975 0.2975 0.2975 0.3570 0.3570 0.3570 0.3570 - 0.5000 - 0.5000 0.5660 0.5660 0.5267 0.5267
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 1,440 879 44.7
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.931 x 1.808 x 0.886 x 0.6344 x 0.6126 x 0.5877 x 0.3161 x 0.0147 x
Free Cash Flow 1 514 772 1,736 2,287 1,302 790 1,138 1,224
ROE (net income / shareholders' equity) 7.35% 5.54% 28.8% 25.1% 9.58% 8.05% 10.2% 11.2%
ROA (Net income/ Total Assets) 3.39% 2.44% 12.5% 11.5% 4.65% 3.51% 3.87% 4.41%
Assets 1 12,431 13,548 16,147 19,505 10,301 25,299 30,617 30,075
Book Value Per Share 2 45.60 47.30 62.20 78.00 79.60 83.80 89.30 93.70
Cash Flow per Share 2 10.10 10.70 23.40 26.50 15.60 15.00 17.90 20.50
Capex 1 787 525 658 1,108 1,034 1,019 1,034 1,075
Capex / Sales 9.69% 7% 5.59% 7.02% 8.24% 8.17% 7.7% 7.54%
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
HOLD
Number of Analysts
17
Last Close Price
150.5 USD
Average target price
160.7 USD
Spread / Average Target
+6.82%
Consensus
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