OB:WWI

Stock Analysis Report

Wilh. Wilhelmsen Holding

Executive Summary

Wilh. Wilhelmsen Holding ASA provides maritime products and services worldwide.

Rewards

PE ratio (7x) is below the Norwegian market (15.7x)

Earnings are forecast to grow 18.85% per year

Became profitable this year

Risk Analysis

Unstable dividend track record

Large one-off items impacting financial results



Snowflake Analysis

Good value with adequate balance sheet and pays a dividend.

Share Price & News

How has Wilh. Wilhelmsen Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: WWI has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.9%

WWI

-0.2%

NO Shipping

-0.07%

NO Market


1 Year Return

5.8%

WWI

-1.2%

NO Shipping

0.06%

NO Market

Return vs Industry: WWI exceeded the Norwegian Shipping industry which returned -1.2% over the past year.

Return vs Market: WWI exceeded the Norwegian Market which returned 0.1% over the past year.


Shareholder returns

WWIIndustryMarket
7 Day0.9%-0.2%-0.07%
30 Day-5.0%-6.0%-2.9%
90 Day4.2%6.0%2.9%
1 Year9.3%5.8%2.2%-1.2%5.3%0.06%
3 Year-20.1%-26.1%-11.5%-18.0%31.6%15.2%
5 Year16.9%1.6%-1.8%-14.4%56.8%21.2%

Price Volatility Vs. Market

How volatile is Wilh. Wilhelmsen Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Wilh. Wilhelmsen Holding undervalued compared to its fair value and its price relative to the market?

7.02x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: WWI (NOK161.5) is trading above our estimate of fair value (NOK87.3)

Significantly Below Fair Value: WWI is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: WWI is good value based on its PE Ratio (7x) compared to the Shipping industry average (11.9x).

PE vs Market: WWI is good value based on its PE Ratio (7x) compared to the Norwegian market (15.7x).


Price to Earnings Growth Ratio

PEG Ratio: WWI is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: WWI is good value based on its PB Ratio (0.4x) compared to the NO Shipping industry average (0.6x).


Next Steps

Future Growth

How is Wilh. Wilhelmsen Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

18.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WWI's forecast earnings growth (18.8% per year) is above the savings rate (0.7%).

Earnings vs Market: WWI's earnings (18.8% per year) are forecast to grow faster than the Norwegian market (18.7% per year).

High Growth Earnings: WWI's earnings are forecast to grow, but not significantly.

Revenue vs Market: WWI's revenue (1.3% per year) is forecast to grow slower than the Norwegian market (3.2% per year).

High Growth Revenue: WWI's revenue (1.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WWI's Return on Equity is forecast to be low in 3 years time (7.6%).


Next Steps

Past Performance

How has Wilh. Wilhelmsen Holding performed over the past 5 years?

-22.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WWI has a large one-off gain of $48.0M impacting its December 31 2019 financial results.

Growing Profit Margin: WWI became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: WWI's earnings have declined by -22.9% per year over the past 5 years.

Accelerating Growth: WWI has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: WWI has become profitable in the last year, making it difficult to compare its past year earnings growth to the Shipping industry (-23.5%).


Return on Equity

High ROE: WWI's Return on Equity (6.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Wilh. Wilhelmsen Holding's financial position?


Financial Position Analysis

Short Term Liabilities: WWI's short term assets ($655.0M) exceed its short term liabilities ($568.0M).

Long Term Liabilities: WWI's short term assets ($655.0M) exceed its long term liabilities ($643.0M).


Debt to Equity History and Analysis

Debt Level: WWI's debt to equity ratio (23.7%) is considered satisfactory.

Reducing Debt: WWI's debt to equity ratio has reduced from 72.7% to 23.7% over the past 5 years.

Debt Coverage: WWI's debt is not well covered by operating cash flow (19.8%).

Interest Coverage: WWI's interest payments on its debt are not well covered by EBIT (1.7x coverage).


Balance Sheet

Inventory Level: WWI has a high level of physical assets or inventory.

Debt Coverage by Assets: WWI's debt is covered by short term assets (assets are 1.3x debt).


Next Steps

Dividend

What is Wilh. Wilhelmsen Holding's current dividend yield, its reliability and sustainability?

3.70%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Wilh. Wilhelmsen Holding before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company3.7%marketbottom25%2.9%markettop25%6.2%industryaverage3.9%forecastin3Years3.6%

Current dividend yield vs market & industry

Notable Dividend: WWI's dividend (3.7%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.88%).

High Dividend: WWI's dividend (3.7%) is low compared to the top 25% of dividend payers in the Norwegian market (6.16%).


Stability and Growth of Payments

Stable Dividend: WWI's dividend payments have been volatile in the past 10 years.

Growing Dividend: WWI's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (24.2%), WWI's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WWI's dividends in 3 years are forecast to be well covered by earnings (16.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.3yrs

Average board tenure


CEO

Tom Wilhelmsen (45yo)

9.3yrs

Tenure

US$1,275,000

Compensation

Mr. Thomas Wilhelmsen, also known as Tom, has been Deputy Chief Executive Officer at Wilh. Wilhelmsen ASA since 2009. Mr. Wilhelmsen has been Group Chief Executive Officer of Wilh. Wilhelmsen Holding ASA s ...


CEO Compensation Analysis

Compensation vs Market: Tom's total compensation ($USD1.28M) is above average for companies of similar size in the Norwegian market ($USD567.89K).

Compensation vs Earnings: Tom's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Trond Westlie
Independent Director1.8yrsno datano data
Diderik Schnitler
Chairman9.8yrsno data0.061% $4.4m
Carl Steen
Independent Director8.8yrsno data0.018% $1.3m
Irene Basili
Independent Director3.8yrsno datano data

6.3yrs

Average Tenure

63yo

Average Age

Experienced Board: WWI's board of directors are considered experienced (6.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Wilh. Wilhelmsen Holding ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Wilh. Wilhelmsen Holding ASA
  • Ticker: WWI
  • Exchange: OB
  • Founded: 1861
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: kr7.226b
  • Shares outstanding: 44.58m
  • Website: https://www.wilhelmsen.com

Number of Employees


Location

  • Wilh. Wilhelmsen Holding ASA
  • Strandveien 20
  • Lysaker
  • Akershus
  • 1366
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WWIBOB (Oslo Bors)Class B SharesNONOKJan 1992
WWIOB (Oslo Bors)YesClass A SharesNONOKJan 1992
WML1DB (Deutsche Boerse AG)YesClass A SharesDEEURJan 1992
0P0TLSE (London Stock Exchange)YesClass A SharesGBNOKJan 1992
0P0OLSE (London Stock Exchange)Class B SharesGBNOKJan 1992
WWIOBATS-CHIXE (BATS 'Chi-X Europe')YesClass A SharesGBNOKJan 1992
WWIBOBATS-CHIXE (BATS 'Chi-X Europe')Class B SharesGBNOKJan 1992
WLLS.FOTCPK (Pink Sheets LLC)Class B SharesUSUSDJan 1992
WML2DB (Deutsche Boerse AG)Class B SharesDEEURJan 1992

Biography

Wilh. Wilhelmsen Holding ASA provides maritime products and services worldwide. The company’s Maritime Services segment offers marine products, ship agency services, and logistics to the merchant fleet, as well as ship management services, including manning for various vessel types. Its Supply Services segment engages in the operation of supply bases for the oil industry; development and operation of real estate properties on and off the supply bases; and maintenance of rigs and handling of logistics related to international pipeline projects and windmill parks. The company’s marine products include Unitor chemicals and equipment to clean vessels; Unitor fuel treatment chemicals; Unitor oil spill kits and other damage control products; Unitor cylinders; Timm ropes; Unitor equipment for the maintenance and performance vessels; and Nalfleet water treatment products to treat and protect on board systems, as well as Unicool refrigerants. It also provides marine insurance services; and maritime training solutions. Wilh. Wilhelmsen Holding ASA was founded in 1861 and is headquartered in Lysaker, Norway. Wilh. Wilhelmsen Holding ASA is a subsidiary of Tallyman AS. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 22:03
End of Day Share Price2020/02/19 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.