olivLaw · European equity research
BW LPG Limited BWLPG.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
BW LPG operates one of the large fleets of ships carrying liquefied petroleum gas by sea, earning revenue from spot voyages and time charters. Its relevance now comes from extreme volatility in freight rates and geopolitical tensions affecting Middle East routes, while shipping revenue in 2025 was below the prior year.
At the close of 06 Nov 2026, BW LPG Limited (BWLPG.OL) stock was 203.60 NOK (−3.14% on the day), with beta 0.29, 52-week range 119.00–252.40 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)
- 26.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 209.76 – 253.88
- below the lower band · %B -0.14 · band width 19.0%
- SMA 50 / 200
- 234.04 / 195.41
- mixed trend
- MACD (12, 26, 9)
- -5.90 / -2.28
- 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 | −18.0% | −0.6% | −17.3 pp | — |
| 3 months | −0.7% | −4.2% | +3.5 pp | — |
| 6 months | +8.6% | +4.3% | +4.3 pp | — |
| Year to date | +54.2% | +7.5% | +46.7 pp | — |
| 1 year | +47.3% | +9.9% | +37.4 pp | −5.7% |
| 3 years | +23.2% | +49.8% | −26.7 pp | +15.0% |
| 5 years | +333.9% | +42.8% | +291.1 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 227.4 m | 470.0 m | 354.3 m | 242.3 m |
| Net income YoY | unavailable | +106.7% | −24.6% | −31.6% |
| Diluted EPS | 1.68 | 3.53 | 2.64 | 1.60 |
| Diluted EPS YoY | unavailable | +110.1% | −25.2% | −39.4% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 459.1 m | 397.3 m | 147.1 m | 385.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 242.0 m USD
- Financial debt
- 730.4 m USD
- Net debt
- 488.4 m USD
- Equity
- 1.9 bn USD
- Total assets
- 3.1 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 1.53x
- ROE
- 12.5%
- ROA
- 7.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating income | 270.8 m | 523.7 m | 433.7 m | 348.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 239.6 m | 504.0 m | 425.0 m | 303.9 m | esef· 21 Oct 2026verified |
| Income tax | 1.1 m | 11.0 m | 30.1 m | 14.2 m | esef· 21 Oct 2026verified |
| Net income | 227.4 m | 470.0 m | 354.3 m | 242.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.68 | 3.53 | 2.64 | 1.60 | esef· 21 Oct 2026verified |
| Dividend per share | — | — | 2.42 | 1.47 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 287.5 m | 279.7 m | 242.0 m | esef· 21 Oct 2026verified |
| Receivables | — | 315.2 m | 202.9 m | 231.2 m | esef· 21 Oct 2026verified |
| Inventories | — | 188.6 m | 76.7 m | 123.9 m | esef· 21 Oct 2026verified |
| Current assets | — | 878.7 m | 677.9 m | 643.6 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 1.2 m | 636.0 k | 356.0 k | esef· 21 Oct 2026verified |
| Total assets | — | 2.5 bn | 3.3 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | — | 199.9 m | 711.7 m | 730.4 m | esef· 21 Oct 2026verified |
| Current liabilities | — | 655.3 m | 610.1 m | 420.7 m | esef· 21 Oct 2026verified |
| Total liabilities | — | 934.3 m | 1.4 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Equity | 1.6 bn | 1.6 bn | 1.9 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 134.6 m | 131.6 m | 133.7 m | 151.4 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 505.3 m | 513.4 m | 749.1 m | 567.4 m | esef· 21 Oct 2026verified |
| Capex | 46.2 m | 116.0 m | 602.0 m | 182.3 m | esef· 21 Oct 2026verified |
| Free cash flow | 459.1 m ≈ | 397.3 m ≈ | 147.1 m ≈ | 385.1 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 112.5 m | 68.6 m | -541.2 m | -39.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | -522.1 m | -645.3 m | -138.1 m | -534.2 m | esef· 21 Oct 2026verified |
| Share repurchases | 26.3 m | 23.7 m | 100.0 k | 2.7 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 29.2% 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
29% · 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: 14.65 – 50.55 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/EBITDAunavailable · input data missing
- Peers: P/E14.65 – 50.55 (Mid 31.61)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)19.32 – 25.98 (Mid 22.16)
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: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.9% | 74 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 158.9% | 100 (on a fixed band) | 21% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -1.6% | 0 (on a fixed band) | 29% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 14% |
| 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 sheet· partial61/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality84/100 · 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
BW LPG LIMITED (BWLPG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 13.3%.
The estimated value range is 16.98–38.26 USD per share (median of 2 methods, agreement: high); 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.9%
- FCF conversion: 158.9%
What contradicts it
- EPS CAGR 3Y: -1.6%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 40 companies
Multiples and returns vs the median
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 BWLPG.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
BW LPG operates one of the large fleets of ships carrying liquefied petroleum gas by sea, earning revenue from spot voyages and time charters. Its relevance now comes from extreme volatility in freight rates and geopolitical tensions affecting Middle East routes, while shipping revenue in 2025 was below the prior year 1.
SWOT
Strengths
- Large and diversified LPG fleet combining spot and time-charter contracts.
- High adjusted free cash flow in 2025 that could support dividends, debt repayment or investment.
- Integrated trading activity that can capture price differences and arbitrage opportunities.
Weaknesses
- Reliance on volatile spot rates makes revenue hard to predict from one quarter to the next.
- Lower return on capital employed than in earlier years points to pressure on efficiency.
- Rising debt and fleet investment could limit financial flexibility.
Opportunities
- If LPG demand grows on long-haul routes, vessels could be deployed more efficiently in the spot market.
- Time-charter contracts could provide steadier revenue during periods of volatility.
- Fleet modernisation and lower carbon intensity could attract sustainable financing.
Threats
- Armed conflict and route disruption in the Middle East could raise costs and reduce demand.
- Tariffs and protectionist measures could reduce LPG trade volumes.
- Investor pressure on sustainability could limit access to capital if the company does not adapt.
Risks
- Industry cyclicalityhigh
Freight rates can swing sharply, which could weigh on results and cash flow.
- Geopolitical and security riskshigh
Attacks on ships, piracy and route closures could lead to vessel losses and higher insurance costs.
- Trade protectionismmedium
Tariffs and port fees could disrupt trade and reduce shipping demand.
- Access to finance and sustainabilitymedium
Pressure from investors and lenders could limit access to capital on acceptable terms.
- Rising operating costsmedium
Higher vessel operating costs could compress margins, especially when rates are low.
Investment thesis
What would need to be true (bull case)
- Adjusted free cash flow rose sharply in 2025, which could allow shareholder distributions or debt reduction if the trend holds.
- Geopolitical disruption could temporarily tighten available capacity, which could support rates for operating vessels.
- A mixed portfolio of spot and time-charter contracts could reduce exposure to extreme market swings.
What would break the thesis
- TCE income per calendar day fell in 2025 compared with 2024, which could signal margin pressure if rates stay low.
- Routes affected by conflict and tariffs could reduce volumes and raise operating costs.
- Higher debt and fleet investment could limit financial flexibility if the market weakens.
What to watch
- Evolution of spot VLGC rates on the Middle East to Japan route2026
- Impact of the Middle East conflict on routes and insurance costs2026
- Suspension of US and Chinese vessel port service fees, stated to run until November 2026Q4 2026
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
BW LPG is a group that carries liquefied petroleum gas (LPG) on specialised vessels, reported as the Shipping segment. The group also trades LPG cargoes and hedging instruments, reported as Product Services. Revenue comes either from spot voyages priced at current market levels or from time charters at generally fixed rates 1.
The main performance measure in Shipping is TCE income, meaning time charter and voyage revenue less voyage expenses, mainly fuel, port charges and commission. In 2025 TCE income - Shipping was 708,974 thousand USD, up from 608,196 thousand USD in 2024 but below 2023 1. The company also tracks ROCE, which was 11.6 % in 2025 1.
Management reports vessel operating expenses, depreciation and fleet investment as key drivers of profitability. Operating cost per calendar day for owned vessels rose in 2025 compared with 2024, which affects the margin earned on each operating day 1.
Segments
Product Services
The Product Services segment trades LPG cargoes and includes net gains and losses on derivatives used to hedge exposure to LPG prices and freight rates. Its results are reported separately from sea transport 1.
Market context
The maritime LPG transport market is cyclical and volatile. According to Baltic Exchange data cited in the report, short-term VLGC TCE rates between the Middle East and Japan ranged from a high of 175,874 USD per day to a low of 6,243 USD per day over 2019 to December 2025 1. Spot-based revenue was 69.3 % of LPG shipping revenue in 2025, with the rest from time charters 1.
Demand for capacity depends on LPG production, global trade and available shipping routes, while supply is shaped by newbuild deliveries, scrapping of older ships and port congestion. Trade tensions and tariffs can change LPG flows and arbitrage opportunities 1.
Trends
- Spot rate volatilitymixed
The high share of spot voyages means revenue responds quickly to market shifts, which could amplify both gains and declines.
- Middle East geopolitical tensionsheadwind
The armed conflict in the region has disrupted routes through the Strait of Hormuz and the Red Sea, with rerouting and higher insurance costs that could affect rates and expenses.
- Trade protectionismheadwind
Tariffs and port fees could reduce trade volumes and disrupt LPG flows, which could lower shipping demand and arbitrage opportunities.
- Investor focus on sustainabilitymixed
Investors and lenders increasingly focus on sustainability practices, which could add costs or limit access to capital if the company does not adapt.
Competitive position
The annual report does not explicitly name direct competitors. The source provided does not establish a verified set of US-listed peers, so a detailed comparison with other LPG ship operators cannot be made from this document.
- VLGC and LPG ship operators
The source provided does not name competitors; comparative analysis would require additional documents.
News & filings
In the press
- BW LPG Limited Q2 2026 Earnings Call SummaryYahoo Finance — News · 28 Aug 2026 · EN
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 / BW LPG Limited · 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.