Financials Wallenius Wilhelmsen ASA

Equities

WAWI

NO0010571680

Marine Freight & Logistics

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-04-26 am EDT			5-day change	1st Jan Change
107.9 ^NOK	+1.60%		+7.90%	+21.24%

Apr. 26	Stranded ships exit Baltimore port via temporary channel	RE
Apr. 09	Wallenius Wilhelmsen ASA Secures Another Substantial Multi-Year Contract	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,045	1,149	2,427	4,185	3,699	4,128	-	-
Enterprise Value (EV) ¹	4,691	4,576	5,845	7,056	5,706	5,254	4,345	3,179
P/E ratio	11.3 x	-4 x	18 x	6.19 x	4.38 x	3.85 x	3.71 x	4.44 x
Yield	2.42%	-	-	1.51%	13%	16.5%	13.5%	12%
Capitalization / Revenue	0.27 x	0.39 x	0.62 x	0.83 x	0.72 x	0.76 x	0.77 x	0.81 x
EV / Revenue	1.2 x	1.55 x	1.5 x	1.4 x	1.11 x	0.97 x	0.81 x	0.63 x
EV / EBITDA	5.61 x	8.54 x	6.76 x	4.62 x	3.16 x	2.61 x	2.16 x	1.8 x
EV / FCF	7.77 x	9.53 x	12.1 x	5.95 x	3.42 x	3.34 x	2.66 x	2.33 x
FCF Yield	12.9%	10.5%	8.25%	16.8%	29.2%	29.9%	37.6%	42.9%
Price to Book	0.39 x	0.48 x	0.96 x	1.33 x	1.02 x	1.03 x	0.91 x	0.84 x
Nbr of stocks (in thousands)	422,341	422,398	422,404	422,519	422,537	422,537	-	-
Reference price ²	2.475	2.720	5.745	9.905	8.755	9.770	9.770	9.770
Announcement Date	2/11/20	2/9/21	2/8/22	2/9/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,909	2,958	3,884	5,045	5,149	5,435	5,385	5,070
EBITDA ¹	837	536	865	1,528	1,807	2,011	2,007	1,764
EBIT ¹	338	85	388	986	1,229	1,418	1,410	1,163
Operating Margin	8.65%	2.87%	9.99%	19.54%	23.87%	26.09%	26.18%	22.93%
Earnings before Tax (EBT) ¹	112	-306	199	829	1,035	1,259	1,290	1,088
Net income ¹	93	-286	133	679	846	1,075	1,113	929.4
Net margin	2.38%	-9.67%	3.42%	13.46%	16.43%	19.78%	20.67%	18.33%
EPS ²	0.2200	-0.6800	0.3200	1.600	2.000	2.540	2.632	2.200
Free Cash Flow ¹	604	480	482	1,185	1,667	1,573	1,632	1,363
FCF margin	15.45%	16.23%	12.41%	23.49%	32.38%	28.94%	30.31%	26.88%
FCF Conversion (EBITDA)	72.16%	89.55%	55.72%	77.55%	92.25%	78.22%	81.31%	77.26%
FCF Conversion (Net income)	649.46%	-	362.41%	174.52%	197.04%	146.34%	146.65%	146.62%
Dividend per Share ²	0.0600	-	-	0.1500	1.140	1.611	1.321	1.170
Announcement Date	2/11/20	2/9/21	2/8/22	2/9/23	2/14/24	-	-	-

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	990	1,078	1,149	1,190	1,356	1,350	1,255	1,302	1,311	1,281	1,299	1,371	1,370	1,395	1,340
EBITDA ¹	223	306	301	305	434	488	398	477	478	454	446.8	505.3	518.2	540.7	531
EBIT ¹	104	173	177	187	305	344	253	332	335	309	299.3	357.1	369.9	391.9	384.5
Operating Margin	10.51%	16.05%	15.4%	15.71%	22.49%	25.48%	20.16%	25.5%	25.55%	24.12%	23.04%	26.05%	27%	28.09%	28.7%
Earnings before Tax (EBT) ¹	66	114	180	130	254	264	193	335	335	172	252.7	315.6	331.9	358.7	354.5
Net income ¹	51	77	155	105	216	203	145	298	298	106	214	271	283.2	307.5	310.5
Net margin	5.15%	7.14%	13.49%	8.82%	15.93%	15.04%	11.55%	22.89%	22.73%	8.27%	16.48%	19.77%	20.68%	22.04%	23.18%
EPS ²	0.1200	0.1800	0.3700	0.2500	0.5100	0.4800	0.3400	0.7000	0.7000	0.2500	0.4767	0.6067	0.6567	0.7033	0.6700
Dividend per Share ²	-	-	-	-	-	0.1500	-	-	-	1.140	0.2267	0.4781	0.3233	0.7124	0.6500
Announcement Date	11/9/21	2/8/22	5/4/22	8/24/22	11/2/22	2/9/23	5/4/23	8/14/23	11/1/23	2/14/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,646	3,427	3,418	2,871	2,007	1,125	216	-
Net Cash position ¹	-	-	-	-	-	-	-	949
Leverage (Debt/EBITDA)	4.356 x	6.394 x	3.951 x	1.879 x	1.111 x	0.5597 x	0.1078 x	-
Free Cash Flow ¹	604	480	482	1,185	1,667	1,573	1,632	1,363
ROE (net income / shareholders' equity)	3.49%	-4.74%	5.4%	23.9%	25.2%	27.4%	25.2%	18.8%
ROA (Net income/ Total Assets)	1.22%	-1.56%	1.72%	8.39%	9.93%	12.7%	13.9%	10.9%
Assets ¹	7,623	18,350	7,711	8,094	8,518	8,463	8,019	8,519
Book Value Per Share ²	6.340	5.650	6.000	7.460	8.620	9.450	10.70	11.70
Cash Flow per Share	1.770	1.460	-	-	-	-	-	-
Capex ¹	145	135	141	112	163	180	182	443
Capex / Sales	3.71%	4.56%	3.63%	2.22%	3.17%	3.3%	3.38%	8.74%
Announcement Date	2/11/20	2/9/21	2/8/22	2/9/23	2/14/24	-	-	-

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 Wallenius Wilhelmsen ASA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9.77 USD

Average target price

13.47 USD

Spread / Average Target

+37.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
STAR BULK CARRIERS CORP.	+16.23%	2.8B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+33.94%	1.59B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+32.12%	1.57B
DANAOS CORPORATION	+1.55%	1.46B

Deep Sea Freight