BW LPG Limited
BW LPG Limited, an investment holding company, engages in ship owning and chartering activities worldwide. It operates through Shipping and Product Services segments. The company engages in the transportation of liquefied petroleum gas (LPG); provision of integrated LPG delivery services, as well a…
BW LPG Limited, an investment holding company, engages in ship owning and chartering activities worldwide. It operates through Shipping and Product Services segments. The company engages in the transportation of liquefied petroleum gas (LPG); provision of integrated LPG delivery services, as well as management services; wholesale and trade of LPG; and investment in commercial enterprises. As of December 31, 2025, it owned and operated a fleet of 54 vessels, including 28 very large gas carriers, 7 large gas carriers time chartered in by product services, and 8 VLGCs owned by BW LPG India Pte. Ltd. BW LPG Limited was formerly known as BW Gas LPG Holding Limited and changed its name to BW LPG Limited in September 2013. The company was founded in 1935 and is headquartered in Singapore.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF is somewhat apart.
Other models: NOK 422.65–595.75 (median 579.28). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using a three-year average of free cash flow, because the latest figure is depressed by heavy investment or one-off items, with cash, debt, and shares from the latest report. Base assumptions are 6.15% growth, 2.5% terminal growth, and 9.2% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 6.15%, discount rate 9.20%, terminal growth 2.50% (sector defaults). See a worked example.
Blended growth assumption: 6.2% (sector default 4.6%, own revenue history 40.0%, analyst revenue consensus -10.0%).
Analyst consensus expects revenue growth of -39.2% a year; the growth assumption used is 6.2%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — NOK 224.78 (+7.9%)
-
EPS-based Gordon proxy
— NOK 422.65 (+102.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— NOK 680.03 (+226.3%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
-
FCFF (steady state)
— NOK 579.28 (+178.0%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
-
EV/EBITDA (12x)
— NOK 595.75 (+185.9%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— NOK 676.67 (+224.7%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
-
EV/Sales (Rule of 40)
— NOK 1274.53 (+511.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 166.95 | -24.8% |
| Base NOK 224.78 | 7.3% |
| Bull NOK 321.41 | 35.2% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At NOK 208.40 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.5%, discount 9.2%).
Compare: the market implies -3.0% a year, this model assumes 6.2%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| 2.2% | 388.30 | 316.92 | 266.85 | 229.78 | 201.23 |
| 4.2% | 426.20 | 347.62 | 292.51 | 251.73 | 220.33 |
| 6.2% | 466.98 | 380.63 | 320.08 | 275.29 | 240.82 |
| 8.2% | 510.82 | 416.09 | 349.69 | 300.58 | 262.80 |
| 10.2% | 557.89 | 454.14 | 381.43 | 327.68 | 286.34 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +23.0% a year | 20 / 20 |
| Balance sheet | net debt 0.4x EBITDA | 20 / 20 |
| Margins | EBITDA margin 23% | 20 / 20 |
Peers in Energy
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BWLPG.OL (this company) | NOK 208.40 | 7.3% | 7.5 | 1.8 | 1.2% | 100 |
| HBR.L Harbour Energy plc | GBP 2.62 | 61.8% | – | 1.4 | 7.9% | 92 |
| FANG Diamondback Energy | USD 179.58 | 36.7% | 24.4 | 1.3 | 2.4% | 100 |
| SHEL.L Shell plc | GBP 36.98 | 32.8% | 8.6 | 1.4 | 3.0% | 84 |
| AKSO.OL Aker Solutions ASA | NOK 35.92 | 22.8% | 6.8 | 1.5 | 9.1% | 75 |
| BP.L BP p.l.c. | GBP 5.54 | 19.2% | – | – | 4.4% | 69 |
| EOG EOG Resources | USD 144.89 | 6.1% | 11.1 | 2.4 | 2.8% | 92 |
| TTE.PA TotalEnergies SE | EUR 79.16 | 5.4% | 8.9 | 1.5 | 4.3% | 84 |
| ENB.TO Enbridge Inc. | CAD 67.33 | -11.4% | 19.6 | 2.4 | 5.9% | 80 |
| Peer median | 10.0 | 1.5 | ||||
Dividends
Paid in the last 12 months: NOK 24.56 per share · yield 11.79% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 20.517 |
| 2025 | 13.645 |
| 2024 | 30.894 |
| 2023 | 33.286 |
| 2022 | 9.024 |
| 2021 | 6.141 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:55
| Revenue | NOK 33,188,701,704 |
|---|---|
| EBITDA | NOK 7,778,266,883 |
| EBIT | NOK 5,412,658,766 |
| Net income | NOK 4,194,120,802 |
| Free cash flow | NOK 5,937,775,458 |
| Capital expenditures | NOK 3,541,397,131 |
| Debt | NOK 5,755,120,855 |
| Cash | NOK 2,859,239,449 |
| Working capital | NOK 2,762,346,222 |
| Shares outstanding | 151,814,604 |
| Reported dividends per share | NOK 2.5900 |