Stock BWLPG BW LPG LIMITED
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Financials BW LPG Limited

Equities

BWLPG

BMG173841013

Oil & Gas Transportation Services

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-04-26 am EDT 		5-day change 1st Jan Change
154.8 NOK +3.55% Intraday chart for BW LPG Limited +5.88% +2.31%
Apr. 26 BW LPG Set to Commence Trading on NYSE MT
Apr. 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 1,847 - -
Enterprise Value (EV) 1 2,331 1,883 1,518 1,517 2,076 1,872 1,625 1,323
P/E ratio 4.25 x 3.93 x 4.27 x 4.6 x 4.22 x 6.82 x 8.96 x 9.06 x
Yield 10.1% 12.1% 9.85% 16.5% - 14.9% 11.3% 12.7%
Capitalization / Revenue 2.12 x 1.73 x 1.67 x 2.13 x 2.33 x 2.57 x 2.92 x 3.05 x
EV / Revenue 4.26 x 3.42 x 3.26 x 3.14 x 2.33 x 2.61 x 2.57 x 2.18 x
EV / EBITDA 5.85 x 4.55 x 4.87 x 3.72 x 2.96 x 3.58 x 3.53 x 2.94 x
EV / FCF 7.47 x 4.76 x 3.96 x 3.89 x - 3.72 x 3.85 x 2.96 x
FCF Yield 13.4% 21% 25.2% 25.7% - 26.9% 26% 33.8%
Price to Book 0.99 x 0.76 x 0.57 x 0.75 x - 1.22 x 1.22 x 1.24 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 14.02 14.02 14.02
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 1 547.3 550.8 465.6 483.3 890.9 717.6 632.6 605.7
EBITDA 1 398.8 414 311.7 407.7 700.2 522.6 459.9 449.9
EBIT 1 272.5 261.6 157.5 248.3 482.3 341.2 249.2 246.8
Operating Margin 49.79% 47.49% 33.83% 51.36% 54.14% 47.54% 39.39% 40.75%
Earnings before Tax (EBT) 1 276.2 244.4 186.9 239.6 504 333.9 255.9 239.1
Net income 1 273.8 243.9 184.8 227.4 470 272.7 207.8 203
Net margin 50.04% 44.27% 39.7% 47.05% 52.75% 38% 32.85% 33.51%
EPS 2 1.970 1.760 1.330 1.680 3.530 2.055 1.564 1.547
Free Cash Flow 1 312.1 395.6 383 389.4 - 503 422.5 447.5
FCF margin 57.02% 71.83% 82.27% 80.57% - 70.09% 66.79% 73.89%
FCF Conversion (EBITDA) 78.26% 95.56% 122.88% 95.52% - 96.24% 91.87% 99.48%
FCF Conversion (Net income) 113.96% 162.24% 207.24% 171.25% - 184.43% 203.28% 220.49%
Dividend per Share 2 0.8500 0.8400 0.5600 1.280 - 2.086 1.581 1.780
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 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 1 104.8 116.7 130.8 122 130 162.1 225.3 155.4 226.9 283.4 192.4 162.4 174.9 187.5 125
EBITDA 1 65.48 78.82 93.25 82.57 92.83 139 176.1 107.6 183.9 232.6 149.7 117.3 131.5 144.7 88
EBIT 1 28 37.46 52.72 49.26 54.18 96.93 137.9 54.03 128.7 178.4 103.3 64.2 77.85 91.62 38
Operating Margin 26.72% 32.1% 40.3% 40.38% 41.67% 59.8% 61.2% 34.78% 56.7% 62.93% 53.69% 39.54% 44.51% 48.87% 30.4%
Earnings before Tax (EBT) 1 29.45 62.68 58.05 38.94 46.71 95.95 131.8 78.23 122.4 171.5 104.8 59.45 73.33 87.88 32
Net income 1 28.5 62.44 56.32 39 43.37 91.87 127.2 78.29 113 151.4 97.94 47.83 61.33 74.05 28
Net margin 27.2% 53.5% 43.05% 31.97% 33.36% 56.68% 56.48% 50.39% 49.79% 53.43% 50.91% 29.46% 35.07% 39.5% 22.4%
EPS 2 0.2000 0.4500 0.4100 0.2600 0.3200 0.6900 0.9500 0.5900 0.8500 1.140 0.7300 0.3674 0.4667 0.5663 0.2200
Dividend per Share 2 0.1000 0.1800 0.3100 0.2000 0.2500 0.5200 0.9500 0.8100 0.8000 - 0.7190 0.3430 0.4412 0.6395 0.2200
Announcement Date 11/15/21 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 - - - - -
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 - 0.0483 x - -
Free Cash Flow 1 312 396 383 389 - 503 423 448
ROE (net income / shareholders' equity) 25.4% 20% 14.1% 16.2% - 18.9% 13.9% 13.5%
ROA (Net income/ Total Assets) 11.4% 9.82% 7.73% 10.2% - 12% 7% 9.4%
Assets 1 2,405 2,483 2,390 2,232 - 2,273 2,969 2,159
Book Value Per Share 2 8.490 9.060 10.00 10.30 - 11.50 11.50 11.30
Cash Flow per Share 2.320 2.870 2.210 - - - - -
Capex 1 10.1 44.5 187 46.2 - 22 41.5 18.5
Capex / Sales 1.84% 8.08% 40.24% 9.56% - 3.07% 6.56% 3.05%
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
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
14.02 USD
Average target price
15.5 USD
Spread / Average Target
+10.60%
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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