Wallenius Wilhelmsen ASA
Wallenius Wilhelmsen ASA, together with its subsidiaries, engages in the logistics and transportation business worldwide. It operates in three segments: Shipping Services, Logistics Services, and Government Services. The company provides ship management services, including crewing, technical, and m…
Wallenius Wilhelmsen ASA, together with its subsidiaries, engages in the logistics and transportation business worldwide. It operates in three segments: Shipping Services, Logistics Services, and Government Services. The company provides ship management services, including crewing, technical, and management; insurance brokerage services; agency services; freight and liner services; and marine products to vessels. It also offers ocean transport of RoRo cargo, breakbulk and vehicles, as well as manufacturers, construction, and other high and heavy equipment. In addition, the company provides vehicle processing center, equipment processing center, and inland distribution network and terminal services. The company serves agriculture, automotive, aviation, boats and yachts, breakbulk, commercial vehicles, construction, machinery and machine tools, mining, oil and gas, power and energy, and rail industries. It operates through a fleet of 127 vessels sailing on 15 trade routes. The company was founded in 1861 and is based in Lysaker, Norway.Looks undervalued
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Other models: NOK 320.30–509.42 (median 450.21). 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 below modeled range
Free-cash-flow DCF using Fiscal year 2025 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 3% growth, 2.7% terminal growth, and 10% 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. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 3% (limited from 4.20% because the latest annual revenue declined), discount rate 10%, terminal growth 2.70%. See a worked example.
Blended growth assumption: 4.2% (sector default 6.2%, own revenue history 7.8%, analyst revenue consensus 1.4%).
Analyst consensus expects revenue growth of 1.4% a year; the growth assumption used is 3.0%.
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 456.28 (+184.1%)
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EPS-based Gordon proxy
— NOK 320.30 (+99.4%)
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.
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DCF (trailing free cash flow)
— NOK 456.28 (+184.1%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— NOK 450.21 (+180.3%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— NOK 509.42 (+217.2%)
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.
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Fade DCF (10-year growth fade)
— NOK 456.05 (+184.0%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— NOK 933.63 (+481.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 334.64 | 52.0% |
| Base NOK 456.28 | 64.8% |
| Bull NOK 672.72 | 76.1% |
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.
The price implies free-cash-flow decline faster than 15% a year.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| -1.0% | 529.12 | 443.11 | 380.63 | 333.17 | 295.88 |
| 1.0% | 580.96 | 486.02 | 417.06 | 364.71 | 323.60 |
| 3.0% | 636.84 | 532.23 | 456.28 | 398.64 | 353.39 |
| 5.0% | 697.00 | 581.94 | 498.44 | 435.08 | 385.37 |
| 7.0% | 761.69 | 635.36 | 543.71 | 474.19 | 419.67 |
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 +35.4% a year | 20 / 20 |
| Balance sheet | net debt 0.0x EBITDA | 20 / 20 |
| Margins | EBITDA margin 36% | 20 / 20 |
Peers in Industrials
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 |
|---|---|---|---|---|---|---|
| WAWI.OL (this company) | NOK 160.60 | 64.8% | 7.1 | 2.2 | 0.3% | 100 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.31 | 59.5% | 7.9 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.45 | 55.4% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 153.20 | 47.3% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.79 | 45.8% | 19.8 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 110.60 | 42.8% | 12.8 | 2.0 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 88.95 | 40.9% | 7.2 | 1.8 | 1.2% | 100 |
| MPCC.OL MPC Container Ships ASA | NOK 24.09 | 33.9% | 5.4 | 1.1 | 0.7% | 80 |
| Peer median | 9.2 | 1.6 | ||||
Dividends
Paid in the last 12 months: NOK 15.05 per share · yield 9.37% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 15.049 |
| 2025 | 24.260 |
| 2024 | 18.649 |
| 2023 | 8.533 |
| 2022 | 1.441 |
| 2020 | 0.548 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | NOK 49,547,503,210 |
|---|---|
| EBITDA | NOK 18,703,236,899 |
| EBIT | NOK 12,547,621,519 |
| Net income | NOK 9,625,831,730 |
| Free cash flow | NOK 14,173,989,945 |
| Capital expenditures | NOK 2,316,629,444 |
| Debt | NOK 19,185,474,048 |
| Cash | NOK 10,126,980,141 |
| Working capital | NOK -3,366,204,417 |
| Shares outstanding | 422,794,566 |
| Reported dividends per share | NOK 0.5400 |