olivLaw · European equity research
Wallenius Wilhelmsen ASA WAWI.OL
Norway · Euronext Oslo Børs · ISIN NO0010571680 · Vertical: Listed companies from Norway
Wallenius Wilhelmsen ASA is a shipping company that carries light vehicles and heavy and high (H&H) equipment across the deep sea, complemented by logistics services. In its 2025 annual report the company maintains its 2026 outlook, with adjusted EBITDA between 1.65 and 1.75 billion USD, in a context where trade and geopolitical tensions shape demand and costs.
At the close of 06 Nov 2026, Wallenius Wilhelmsen ASA (WAWI.OL) stock was 160.10 NOK (−1.23% on the day), with beta 0.35, 52-week range 85.25–184.20 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.1
- weak (30–45)
- Bollinger (20, 2)
- 161.02 – 180.27
- below the lower band · %B -0.05 · band width 11.3%
- SMA 50 / 200
- 173.05 / 140.79
- mixed trend
- MACD (12, 26, 9)
- -2.79 / -1.52
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.1% | −0.6% | −2.4 pp | — |
| 3 months | +8.5% | −4.2% | +12.6 pp | — |
| 6 months | +39.0% | +4.3% | +34.6 pp | — |
| Year to date | +58.5% | +7.5% | +51.0 pp | — |
| 1 year | +93.9% | +9.9% | +84.0 pp | −4.7% |
| 3 years | +68.1% | +49.8% | +18.2 pp | +12.7% |
| 5 years | +283.9% | +42.8% | +241.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.1 bn | 5.3 bn | 5.2 bn |
| Revenue YoY | unavailable | +3.1% | −1.3% |
| Net income | 853.0 m | 973.0 m | 1.0 bn |
| Net income YoY | unavailable | +14.1% | +4.5% |
| Diluted EPS | 2.00 | 2.30 | 2.41 |
| Diluted EPS YoY | unavailable | +15.0% | +4.8% |
| net % | 16.6% | 18.3% | 19.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 1.3 bn USD
- Net debt
- 192.0 m USD
- Equity
- 3.3 bn USD
- Total assets
- 7.8 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 0.85x
- ROE
- 30.7%
- ROA
- 12.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.1 bn | 5.3 bn | 5.2 bn | esef· 21 Oct 2026verified |
| Operating income | 1.2 bn | 1.3 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 577.0 m | 580.0 m | 651.0 m | esef· 21 Oct 2026verified |
| EBITDA | 1.8 bn ≈ | 1.9 bn ≈ | 1.9 bn ≈ | esef· 21 Oct 2026derived |
| Interest expense | 309.0 m | 325.0 m | 265.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.0 bn | 1.1 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Income tax | 68.0 m | 73.0 m | 42.0 m | esef· 21 Oct 2026verified |
| Net income | 853.0 m | 973.0 m | 1.0 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 2.00 | 2.30 | 2.41 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.7 bn | 1.4 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Inventories | 138.0 m | 139.0 m | 142.0 m | esef· 21 Oct 2026verified |
| Current assets | 2.7 bn | 2.7 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.9 bn | 3.9 bn | 3.9 bn | esef· 21 Oct 2026verified |
| Total assets | 8.5 bn | 8.4 bn | 7.8 bn | esef· 21 Oct 2026verified |
| Short-term debt | 406.0 m | 338.0 m | 398.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.9 bn | 1.4 bn | 865.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 2.3 bn | 2.4 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Equity | 3.1 bn | 3.3 bn | 3.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 426.5 m | 423.0 m | 422.0 m | esef· 21 Oct 2026derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.07 – 76.14 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA36.67 – 45.69 (Mid 40.68)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E22.07 – 76.14 (Mid 47.62)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 34.4% | 91 (vs peers) | 28% |
| Net margin · Quality | 19.4% | 89 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 70 (vs peers) | 28% |
| Interest coverage · Balance sheet | 4.8x | 52 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.9x | 4 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet51/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WALLENIUS WILHELMSEN ASA (WAWI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.2 bn USD in 2025; YoY growth -1.3%; net margin 19.4%; ROE 30.8%; net debt/EBITDA 0.1x.
The estimated value range is 29.37–60.91 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 34.4%
- Net margin: 19.4%
- Net debt / EBITDA: 0.1x
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for WAWI.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wallenius Wilhelmsen ASA is a shipping company that carries light vehicles and heavy and high (H&H) equipment across the deep sea, complemented by logistics services. In its 2025 annual report the company maintains its 2026 outlook, with adjusted EBITDA between 1.65 and 1.75 billion USD 1, in a context where trade and geopolitical tensions shape demand and costs.
SWOT
Strengths
- Global presence and a solid customer portfolio, which support volumes and contractual stability 1.
- Solid balance sheet, low leverage and a strong liquidity position, with continued access to capital markets 1.
- Fleet flexibility through charters and proactive labour management, which help adapt capacity 1.
Weaknesses
- Demand is cyclical and closely correlated with global economic activity, which makes profitability sensitive to downturns 1.
- Shipping has a large carbon footprint, and reaching the net-zero objective depends on many technological and regulatory uncertainties 1.
- The US dollar dominates revenues and costs, but the company has exposure to EUR and other currencies, which introduces currency risk 1.
Opportunities
- Developing low-carbon freight services could strengthen the position with customers seeking decarbonisation 1.
- Fleet renewal with low-impact technology and the introduction of new fuels could generate efficiency and differentiation 1.
- Collecting data for scientific purposes to improve the state of the oceans is named as an opportunity in the report 1.
Threats
- Tariffs, port fees and protectionist measures could reduce volumes and increase operating costs 1.
- Security risks, including tensions in the Middle East and the Red Sea, could change routes and disrupt operations 1.
- Cyber-attacks on IT and operational technology systems on vessels and facilities could disrupt operations or compromise control 1.
Risks
- Geopolitical and trade riskshigh
Trade and geopolitical tensions could lead to tariffs, port fees and route changes, affecting demand and costs 1.
- Cyclical market downturnhigh
A severe and prolonged downturn in the global economy could reduce volumes, rates and profitability, although the company says its contract base mitigates the short-term impact 1.
- Net-zero objectivemedium
Reaching the net-zero objective depends on regulation, access to renewable fuels and the cost of new technologies, which creates uncertainty 1.
- Safety and cyber risksmedium
Operations involve safety risks from heavy equipment and onboard incidents, and cyber-attacks could disrupt or compromise systems 1.
- Currency and fuel exposurelow
Exposure to EUR and other currencies, as well as fuel and carbon prices, can affect results, although the company uses hedging and contract surcharges 1.
Investment thesis
What would need to be true (bull case)
- The solid contract book and continued demand going into 2026 suggest the year could be a strong one for the company, if no major adverse events occur 1.
- A solid balance sheet and strong liquidity give the company room to invest in its fleet and distribute dividends, as with the dividend covering the second half of 2025 1.
- Its global presence and major customer contracts could support volumes through periods of volatility if fleet flexibility is used effectively 1.
What would break the thesis
- Cyclical demand and dependence on global economic activity could lead to lower volumes and rates in a prolonged recession 1.
- Tariffs, port fees and geopolitical tensions could raise costs and disrupt routes, which could reduce operating margins 1.
- Reaching the net-zero objective depends on uncertain factors, and the cost of new fuels could prove hard to recover fully from customers 1.
What to watch
- Delivery of the 2026 adjusted EBITDA guidance2026
- Developments in USTR tariffs and port fees2026
- Progress toward the 2040 net-zero objective and introduction of new fuelsnext 10-K
- Evolution of the security situation in the Middle East and Red Sea routes2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Wallenius Wilhelmsen operates a global fleet for deep-sea shipping, mainly of light vehicles and heavy and high (H&H) equipment. Its activities also include logistics and land-based operations, such as handling vehicles and equipment at terminals and port facilities 1. The US dollar is the dominant currency for both revenues and costs, and is also the group's presentation currency 1.
The business model rests on contracts with major customers in the automotive and equipment sectors, supplemented by fleet capacity flexibility through vessel charters 1. The company describes a solid balance sheet with low leverage and a strong liquidity position, which gives it continued access to debt and capital markets 1.
The 2025 annual report also sets out decarbonisation commitments, with a net-zero 2040 objective that depends on regulation, access to renewable fuels and technology maturity 1. The strategy includes fleet renewal and stepwise introduction of new fuels, with cost recovery built into customer contracts 1.
Segments
Deep-sea shipping
The main segment covers deep-sea transport of light vehicles and heavy equipment on global routes. Demand is cyclical and correlated with global economic activity, and volumes and rates are sensitive to economic changes and trade barriers 1.
Logistics and land-based operations
Logistics and land-based operations include handling and treatment of vehicles and heavy equipment at terminals and facilities. These operations are exposed to port congestion, industrial action and changes in import or export regulations and tariffs 1.
Market context
The reference market is global maritime transport of vehicles and heavy equipment, an industry with demand cyclical to economic activity. The company notes that trade tensions between the US and China and geopolitical uncertainty drive protectionist measures, such as higher tariffs and potential port fees 1.
The report also mentions route and cost risks, including avoidance of the southern Red Sea and the effects of the security situation in the Middle East on shipping and logistics. The company considers its exposure in the region limited, with no material direct effects identified as of approval of the report 1.
Trends
- Trade and geopolitical tensionsheadwind
Trade tensions, particularly between the US and China, and geopolitical uncertainty could lead to higher tariffs and port fees, which could affect demand for ocean transport and land-based logistics 1.
- Solid contract book and demandtailwind
The company signals a strong book of business and continued solid demand going into 2026, which supports expectations of a strong year if no major adverse events occur 1.
- Decarbonisation and fuel costsmixed
The transition to low-carbon fuels and regulatory pressure, including carbon pricing, could raise costs, although the company tries to recover them through contract surcharges and innovation 1.
- Environmental regulation and reportingheadwind
Changes in the European regulatory framework, such as the simplification of CSRD and CSDDD, add complexity for the company, which must meet multiple reporting and compliance requirements 1.
Competitive position
The annual report does not explicitly name competitors in the material provided. The market for vehicle and heavy equipment shipping is nonetheless concentrated, and the company relies on global scale, major customer contracts and fleet flexibility 1.
Declared competitive strengths include global presence, dedication to safety and compliance, and the ability to adjust the fleet through charters. The company also cites exposure to cyclical demand, so its position against rivals depends on overall economic conditions 1.
- RoRo and vehicle carrier operators
Direct vehicle carrier competitors are not named explicitly in the source provided, so they cannot be identified with certainty.
- Heavy equipment shipping operators
The source does not name competitors for the heavy equipment segment, so no ticker can be indicated.
- Port and land logistics operators
Competition in land-based logistics is not detailed in the report provided.
- Shipowners on the same global routes
The report does not list other shipowners as benchmarks, so the list remains unconfirmed from sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wallenius Wilhelmsen ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.