Financials BW LPG Limited

Equities

BWLPG

SGXZ69436764

Oil & Gas Transportation Services

End-of-day quote Oslo Bors Other stock markets 15/01/2026			5-day change	1st Jan Change
143.20 ^NOK	-0.49%		+3.99%	+8.48%

12-03	Clarksons Platou Securities Upgrades BW LPG to Buy (Neutral), Sets Target Price at 150 Norwegian Kroner - BN	FW
12-03	Arctic Lowers Price Target for BW LPG to 154 Norwegian Kroner (161), Reiterates Buy - BN	FW

Projected Income Statement: BW LPG Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	550.8	465.6	483.3	890.9	789	689.8	677.8	560.9
Change	-	-15.47%	3.81%	84.34%	-11.44%	-12.58%	-1.74%	-17.24%
EBITDA ¹	414	311.7	407.7	700.2	615.5	524.9	537.2	422.3
Change	-	-24.71%	30.79%	71.75%	-12.1%	-14.72%	2.35%	-21.39%
EBIT ¹	261.6	157.5	248.3	482.3	413.3	285.8	301.2	186.8
Change	-	-39.78%	57.62%	94.28%	-14.31%	-30.86%	5.4%	-37.98%
Interest Paid ¹	-42.46	-38.65	-31.18	-19.76	-8.726	-44.33	-32.33	-22
Earnings before Tax (EBT) ¹	244.4	186.9	239.6	504	425	271	271.2	166.8
Change	-	-23.5%	28.19%	110.29%	-15.68%	-36.23%	0.09%	-38.5%
Net income ¹	243.9	184.8	227.4	470	354.3	224.2	239.2	143.7
Change	-	-24.21%	23.04%	106.67%	-24.61%	-36.73%	6.7%	-39.92%
Announcement Date	01/03/21	01/03/22	28/02/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	137.9	150.1	94	104.8	116.7	130.8	122	130	162.1	225.3	155.4	226.9	283.4	227.6	180.2	225.8	155.4	165.9	177.9	190.3	210	192.2	180.5	196.6	179.4
Change	-	8.83%	-37.37%	11.47%	11.39%	12.09%	-6.75%	6.56%	24.67%	38.99%	-31.03%	46.05%	24.9%	-19.68%	-20.83%	25.31%	-31.2%	6.8%	7.22%	6.96%	10.37%	-8.49%	-6.09%	8.92%	-8.75%
EBITDA ¹	107.2	112.6	54.78	65.48	78.82	93.25	82.57	92.83	139	176.1	107.6	183.9	232.6	186.4	136.3	188.6	104.3	109.8	122.2	135	158.5	146.5	134.7	150.3	132.9
Change	-	5.01%	-51.36%	19.53%	20.39%	18.3%	-11.45%	12.43%	49.76%	26.67%	-38.9%	70.92%	26.45%	-19.86%	-26.87%	38.35%	-44.71%	5.31%	11.31%	10.43%	17.45%	-7.58%	-8.05%	11.58%	-11.58%
EBIT ¹	69.71	76.46	24.27	28	37.46	52.72	49.26	54.18	96.93	137.9	54.03	128.7	178.4	137.4	89.31	139.2	47.4	46.46	59.57	69.44	94.85	91.9	81.4	97.1	79.7
Change	-	9.68%	-68.25%	15.34%	33.82%	40.73%	-6.57%	9.98%	78.91%	42.23%	-60.81%	138.11%	38.63%	-22.95%	-35.01%	55.82%	-65.94%	-2%	28.23%	16.57%	36.59%	-3.11%	-11.43%	19.29%	-17.92%
Charge d'intérêts ¹	-9.476	-8.589	-9.467	-9.781	-9.336	-8.434	-7.981	-7.469	-4.962	-4.801	-7.981	-	-5.242	-0.221	0.536	-0.979	-5.555	-12.34	-10.63	-10.56	-10.5	-9.3	-8.4	-8	-7.05
Earnings before Tax (EBT) ¹	76.43	71.54	23.27	29.45	62.68	58.05	38.94	46.71	95.95	131.8	78.23	122.4	171.5	155.2	89.37	138.6	41.85	66.77	47.07	60.26	97.09	74.37	60.56	69.51	66.55
Change	-	-6.4%	-67.48%	26.59%	112.82%	-7.39%	-32.92%	19.95%	105.43%	37.37%	-40.65%	56.5%	40.09%	-9.52%	-42.41%	55.06%	-69.8%	59.55%	-29.5%	28.02%	61.12%	-23.4%	-18.57%	14.77%	-4.25%
Net income ¹	76.59	71.17	23.27	28.5	62.44	56.32	39	43.37	91.87	127.2	78.29	113	151.4	141.9	76.83	104.7	30.87	46.09	34.93	57.07	85.88	66.47	53.39	60.86	58.36
Change	-	-7.08%	-67.31%	22.48%	119.1%	-9.8%	-30.75%	11.21%	111.82%	38.48%	-38.46%	44.31%	34.04%	-6.28%	-45.86%	36.24%	-70.51%	49.3%	-24.22%	63.4%	50.48%	-22.6%	-19.68%	13.99%	-4.11%
Announcement Date	01/03/21	17/05/21	25/08/21	15/11/21	01/03/22	18/05/22	28/08/22	16/11/22	28/02/23	22/05/23	28/08/23	14/11/23	29/02/24	30/05/24	22/08/24	02/12/24	27/02/25	20/05/25	26/08/25	02/12/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: BW LPG Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	927	739	485	283	894	678	381	111
Change	-	-20.28%	-34.37%	-41.65%	215.9%	-24.13%	-43.81%	-70.87%
Announcement Date	01/03/21	01/03/22	28/02/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: BW LPG Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	44.51	187.3	46.19	116	602	103.5	18.5	9
Change	-	320.87%	-75.34%	151.22%	418.77%	-82.81%	-82.13%	-51.35%
Free Cash Flow (FCF) ¹	395.6	383	389.4	450.4	207.9	490.5	500.5	390.5
Change	-	-3.19%	1.67%	15.65%	-53.83%	135.9%	2.04%	-21.98%
Announcement Date	01/03/21	01/03/22	28/02/23	29/02/24	27/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: BW LPG Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	75.17%	66.95%	84.35%	78.59%	78.01%	76.1%	79.27%	75.29%
EBIT Margin (%)	47.49%	33.83%	51.36%	54.14%	52.38%	41.43%	44.44%	33.3%
EBT Margin (%)	44.37%	40.15%	49.58%	56.57%	53.86%	39.29%	40.02%	29.74%
Net margin (%)	44.27%	39.7%	47.05%	52.75%	44.9%	32.5%	35.29%	25.62%
FCF margin (%)	71.83%	82.27%	80.57%	50.55%	26.35%	71.11%	73.85%	69.62%
FCF / Net Income (%)	162.24%	207.24%	171.25%	95.83%	58.69%	218.81%	209.25%	271.76%
Profitability
ROA	9.82%	7.73%	10.19%	16.91%	12.13%	-	-	-
ROE	20%	14.09%	16.2%	31%	22.4%	12.41%	13.08%	7.79%
Financial Health
Leverage (Debt/EBITDA)	2.24x	2.37x	1.19x	0.4x	1.45x	1.29x	0.71x	0.26x
Debt / Free cash flow	2.34x	1.93x	1.25x	0.63x	4.3x	1.38x	0.76x	0.28x
Capital Intensity
CAPEX / Current Assets (%)	8.08%	40.24%	9.56%	13.02%	76.3%	15.01%	2.73%	1.6%
CAPEX / EBITDA (%)	10.75%	60.1%	11.33%	16.57%	97.81%	19.72%	3.44%	2.13%
CAPEX / FCF (%)	11.25%	48.91%	11.86%	25.77%	289.53%	21.1%	3.7%	2.3%
Items per share
Cash flow per share ¹	2.871	2.211	-	-	-	-	-	-
Change	-	-22.98%	-	-	-	-	-	-
Dividend per Share ¹	0.84	0.56	1.28	3.46	2.42	1.295	1.269	0.7418
Change	-	-33.33%	128.57%	170.31%	-30.06%	-46.48%	-1.98%	-41.56%
Book Value Per Share ¹	9.063	10.02	10.26	10.5	12.16	11.95	12.19	12.21
Change	-	10.56%	2.37%	2.34%	15.87%	-1.76%	2.01%	0.2%
EPS ¹	1.76	1.33	1.68	3.53	2.64	1.478	1.579	0.947
Change	-	-24.43%	26.32%	110.12%	-25.21%	-44.03%	6.85%	-40.02%
Nbr of stocks (in thousands)	138,097	137,175	133,381	139,474	151,538	151,343	151,343	151,343
Announcement Date	01/03/21	01/03/22	28/02/23	29/02/24	27/02/25	-	-	-