Wallenius Wilhelmsen Valuation

Is WAWI 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 WAWI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WAWI (NOK115.9) is trading below our estimate of fair value (NOK551.54)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for WAWI. This is calculated by dividing WAWI's market cap by their current earnings.
What is WAWI's PE Ratio?
PE Ratio	4.9x
Earnings	US$896.00m
Market Cap	US$4.43b

WAWI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.1x
Enterprise Value/EBITDA	4.1x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for WAWI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	3.4x
HAUTO Höegh Autoliners	3.5x	-14.8%	NOK 26.0b
WWI Wilh. Wilhelmsen Holding	3.5x	6.5%	NOK 18.2b
SNI Stolt-Nielsen	3.7x	-6.1%	NOK 16.6b
ODF Odfjell	2.9x	-11.4%	NOK 9.0b
WAWI Wallenius Wilhelmsen	4.9x	6.4%	NOK 49.0b

Price-To-Earnings vs Peers: WAWI is expensive based on its Price-To-Earnings Ratio (4.9x) compared to the peer average (3.4x).

Price to Earnings Ratio vs Industry

How does WAWI's PE Ratio compare vs other companies in the European Shipping Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: WAWI is good value based on its Price-To-Earnings Ratio (4.9x) compared to the European Shipping industry average (7.7x).

Price to Earnings Ratio vs Fair Ratio

What is WAWI'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.

WAWI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	4.9x
Fair PE Ratio	8.5x

Price-To-Earnings vs Fair Ratio: WAWI is good value based on its Price-To-Earnings Ratio (4.9x) compared to the estimated Fair Price-To-Earnings Ratio (8.5x).

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 WAWI forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 115.90	NOK 146.70 +26.6%	8.8%	NOK 159.80	NOK 125.84	n/a	4
Nov ’25	NOK 106.10	NOK 146.89 +38.4%	9.1%	NOK 160.55	NOK 125.10	n/a	4
Oct ’25	NOK 126.60	NOK 149.81 +18.3%	4.1%	NOK 160.00	NOK 143.99	n/a	4
Sep ’25	NOK 109.70	NOK 146.99 +34.0%	5.1%	NOK 158.01	NOK 137.05	n/a	4
Aug ’25	NOK 101.80	NOK 152.80 +50.1%	6.0%	NOK 164.77	NOK 142.54	n/a	4
Jul ’25	NOK 106.70	NOK 149.31 +39.9%	7.4%	NOK 162.52	NOK 133.81	n/a	4
Jun ’25	NOK 111.70	NOK 147.64 +32.2%	7.2%	NOK 159.98	NOK 131.58	n/a	4
May ’25	NOK 112.60	NOK 147.15 +30.7%	11.2%	NOK 164.83	NOK 123.75	n/a	4
Apr ’25	NOK 88.35	NOK 142.41 +61.2%	10.6%	NOK 159.29	NOK 119.04	n/a	4
Mar ’25	NOK 104.40	NOK 142.41 +36.4%	10.6%	NOK 159.29	NOK 119.04	n/a	4
Feb ’25	NOK 102.70	NOK 129.77 +26.4%	4.9%	NOK 134.70	NOK 119.02	n/a	4
Jan ’25	NOK 89.00	NOK 126.26 +41.9%	5.2%	NOK 135.13	NOK 117.19	n/a	4
Dec ’24	NOK 97.50	NOK 134.00 +37.4%	3.3%	NOK 139.60	NOK 127.17	n/a	4
Nov ’24	NOK 99.90	NOK 121.58 +21.7%	10.7%	NOK 134.51	NOK 100.03	NOK 106.10	4
Oct ’24	NOK 84.60	NOK 114.96 +35.9%	13.6%	NOK 138.08	NOK 100.24	NOK 126.60	4
Sep ’24	NOK 86.40	NOK 113.40 +31.3%	13.5%	NOK 136.01	NOK 98.73	NOK 109.70	4
Aug ’24	NOK 71.60	NOK 106.99 +49.4%	18.4%	NOK 135.78	NOK 83.75	NOK 101.80	4
Jul ’24	NOK 74.35	NOK 111.04 +49.3%	15.9%	NOK 134.84	NOK 88.67	NOK 106.70	4
Jun ’24	NOK 65.95	NOK 114.04 +72.9%	14.7%	NOK 134.99	NOK 92.07	NOK 111.70	4
May ’24	NOK 79.60	NOK 120.48 +51.4%	10.1%	NOK 135.09	NOK 107.38	NOK 112.60	4
Apr ’24	NOK 75.70	NOK 120.16 +58.7%	11.5%	NOK 138.73	NOK 105.85	NOK 88.35	4
Mar ’24	NOK 87.75	NOK 118.16 +34.7%	11.9%	NOK 135.47	NOK 103.36	NOK 104.40	4
Feb ’24	NOK 95.25	NOK 117.51 +23.4%	11.6%	NOK 136.14	NOK 100.12	NOK 102.70	4
Jan ’24	NOK 97.05	NOK 116.03 +19.6%	11.4%	NOK 133.97	NOK 98.53	NOK 89.00	4
Dec ’23	NOK 92.70	NOK 113.26 +22.2%	9.0%	NOK 127.20	NOK 102.86	NOK 97.50	3
Nov ’23	NOK 73.95	NOK 92.22 +24.7%	15.1%	NOK 109.07	NOK 74.89	NOK 99.90	3

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.