Company Valuation: BW LPG Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 953 779.3 1,026 2,081 1,670 2,550 2,550 -
Change - -18.23% 31.68% 102.79% -19.77% 52.73% 0% -
Enterprise Value (EV) 1 1,880 1,518 1,511 2,364 2,563 3,222 2,929 2,669
Change - -19.26% -0.47% 56.42% 8.44% 25.71% -9.1% -8.86%
P/E ratio 3.92x 4.27x 4.58x 4.23x 4.17x 10.9x 9.35x 17.6x
PBR 0.76x 0.57x 0.75x 1.42x 0.91x 1.36x 1.32x 1.32x
PEG - -0.2x 0.2x 0x -0.2x -0.3x 0.6x -0.4x
Capitalization / Revenue 1.73x 1.67x 2.12x 2.34x 2.12x 3.32x 3.08x 3.72x
EV / Revenue 3.41x 3.26x 3.13x 2.65x 3.25x 4.2x 3.54x 3.9x
EV / EBITDA 4.54x 4.87x 3.71x 3.38x 4.16x 6.04x 4.64x 5.5x
EV / EBIT 7.19x 9.64x 6.09x 4.9x 6.2x 11.3x 7.64x 14.1x
EV / FCF 4.75x 3.96x 3.88x 5.25x 12.3x 6.47x 5.33x 6.72x
FCF Yield 21% 25.2% 25.8% 19.1% 8.11% 15.5% 18.8% 14.9%
Dividend per Share 2 0.84 0.56 1.28 3.46 2.42 1.361 1.796 0.8385
Rate of return 12.2% 9.86% 16.6% 23.2% 22% 8.08% 10.7% 4.98%
EPS 2 1.76 1.33 1.68 3.53 2.64 1.545 1.803 0.9547
Distribution rate 47.7% 42.1% 76.2% 98% 91.7% 88.1% 99.7% 87.8%
Net sales 1 550.8 465.6 483.3 890.9 789 767.6 826.9 684.9
EBITDA 1 414 311.7 407.7 700.2 615.5 533.7 631 485.6
EBIT 1 261.6 157.5 248.3 482.3 413.3 285.7 383.4 189.2
Net income 1 243.9 184.8 227.4 470 354.3 234.4 273.5 144.5
Net Debt 1 927.5 738.9 484.9 282.6 893.6 672.2 378.9 119.3
Reference price 2 6.90 5.68 7.69 14.92 11.02 16.85 16.85 16.85
Nbr of stocks (in thousands) 138,097 137,175 133,381 139,474 151,538 151,343 151,343 -
Announcement Date 01/03/21 01/03/22 28/02/23 29/02/24 27/02/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.6x4.1x5.9x8.31% 2.48B
16.09x4.46x12.07x3.19% 13.01B
15.77x7.44x9.81x6.44% 6.47B
11.08x3.58x6.31x2.4% 3.21B
11.37x4.15x7.33x5.9% 3B
11.21x - - - 2.51B
11.63x7.25x9.61x6.43% 2.42B
10.84x7.57x10.08x8.46% 1.58B
16.27x8.33x11.03x11.33% 1.43B
7.26x3.97x5.91x8.86% 1.35B
Average 12.21x 5.65x 8.67x 6.81% 3.75B
Weighted average by Cap. 13.72x 5.35x 9.74x 5.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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