BW LPG Limited

OB:BWLPG Stock Report

Market Cap: NOK 23.1b

BWG Valuation

Is BWLPG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BWLPG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BWLPG (NOK175) is trading below our estimate of fair value (NOK399.91)

Significantly Below Fair Value: BWLPG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BWLPG?

Key metric: As BWLPG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BWLPG. This is calculated by dividing BWLPG's market cap by their current earnings.
What is BWLPG's PE Ratio?
PE Ratio4.4x
EarningsUS$484.66m
Market CapUS$2.15b

Price to Earnings Ratio vs Peers

How does BWLPG's PE Ratio compare to its peers?

The above table shows the PE ratio for BWLPG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average5.9x
HAFNI Hafnia
3.4x-20.2%NOK 30.4b
OET Okeanis Eco Tankers
6.6x10.3%NOK 8.5b
AGAS Avance Gas Holding
2.5x-81.6%NOK 8.1b
BWEK BW Epic Kosan
11.1x1.3%NOK 3.9b
BWLPG BWG
4.4x-26.6%NOK 23.1b

Price-To-Earnings vs Peers: BWLPG is good value based on its Price-To-Earnings Ratio (4.4x) compared to the peer average (6.9x).

Price to Earnings Ratio vs Industry

How does BWLPG's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BWLPG 4.4xIndustry Avg. 8.3xNo. of Companies18PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BWLPG is good value based on its Price-To-Earnings Ratio (4.4x) compared to the European Oil and Gas industry average (7.7x).

Price to Earnings Ratio vs Fair Ratio

What is BWLPG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BWLPG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.4x
Fair PE Ratio5.7x

Price-To-Earnings vs Fair Ratio: BWLPG is good value based on its Price-To-Earnings Ratio (4.4x) compared to the estimated Fair Price-To-Earnings Ratio (5.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BWLPG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 145.10
NOK 237.24
+63.5%
17.2%NOK 284.93NOK 185.18n/a3
Nov ’25NOK 141.00
NOK 237.24
+68.3%
17.2%NOK 284.93NOK 185.18n/a3
Oct ’25NOK 158.30
NOK 237.24
+49.9%
17.2%NOK 284.93NOK 185.18n/a3
Sep ’25NOK 166.50
NOK 237.24
+42.5%
17.2%NOK 284.93NOK 185.18n/a3
Aug ’25NOK 177.20
NOK 237.24
+33.9%
17.2%NOK 284.93NOK 185.18n/a3
Jul ’25NOK 198.90
NOK 254.69
+28.0%
7.0%NOK 279.98NOK 241.54n/a3
Jun ’25NOK 217.40
NOK 253.87
+16.8%
7.1%NOK 279.49NOK 240.57n/a3
May ’25NOK 161.10
NOK 166.44
+3.3%
15.9%NOK 199.66NOK 134.96n/a3
Apr ’25NOK 121.00
NOK 166.86
+37.9%
15.9%NOK 200.22NOK 135.20n/a3
Mar ’25NOK 123.60
NOK 169.28
+37.0%
18.3%NOK 200.82NOK 125.19n/a4
Feb ’25NOK 130.00
NOK 171.90
+32.2%
18.8%NOK 204.42NOK 124.11n/a5
Jan ’25NOK 151.30
NOK 177.75
+17.5%
19.8%NOK 214.41NOK 128.70n/a5
Dec ’24NOK 162.10
NOK 174.23
+7.5%
20.1%NOK 210.02NOK 126.06n/a5
Nov ’24NOK 168.20
NOK 173.38
+3.1%
15.8%NOK 209.23NOK 131.97NOK 141.004
Oct ’24NOK 134.70
NOK 142.53
+5.8%
10.4%NOK 155.49NOK 117.42NOK 158.304
Sep ’24NOK 126.80
NOK 142.81
+12.6%
10.5%NOK 155.36NOK 117.32NOK 166.504
Aug ’24NOK 109.30
NOK 126.46
+15.7%
10.2%NOK 145.26NOK 112.04NOK 177.204
Jul ’24NOK 107.20
NOK 128.32
+19.7%
14.0%NOK 149.93NOK 101.73NOK 198.904
Jun ’24NOK 98.00
NOK 130.84
+33.5%
15.3%NOK 156.26NOK 100.66NOK 217.404
May ’24NOK 85.85
NOK 113.65
+32.4%
20.7%NOK 145.87NOK 87.06NOK 161.104
Apr ’24NOK 78.35
NOK 109.81
+40.2%
21.1%NOK 140.80NOK 84.96NOK 121.004
Mar ’24NOK 95.40
NOK 106.58
+11.7%
19.4%NOK 140.76NOK 87.85NOK 123.604
Feb ’24NOK 83.80
NOK 101.08
+20.6%
13.2%NOK 120.37NOK 84.42NOK 130.004
Jan ’24NOK 75.80
NOK 97.74
+28.9%
10.7%NOK 110.14NOK 83.19NOK 151.304
Dec ’23NOK 86.60
NOK 100.87
+16.5%
10.2%NOK 114.98NOK 86.85NOK 162.104
Nov ’23NOK 88.30
NOK 97.76
+10.7%
17.7%NOK 123.04NOK 77.15NOK 168.204

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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