BW LPG Ltd
BWLPdata completeness 88%4 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'interestExpense'
BW LPG Ltd earns about 18% on invested capital, far above its ~9% cost of capital, but has diluted owners by 12% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $20.43 and $32.32 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Net income | $227.4M1 | $470M2 | $354.3M2 | $242.3M2 |
| Operating cash flow | $505.3M3 | $513.4M4 | $749.1M4 | $567.4M4 |
| Capital expenditure | $46.2M5 | $116M6 | $602M6 | $182.3M6 |
| Free cash flow (derived) | $459.1M3 | $397.3M4 | $147.1M4 | $385.1M4 |
| Total debt | — | $412.3M7 | $942M8 | $853.1M8 |
| Cash & equivalents | — | $287.5M9 | $279.7M10 | $242M10 |
| Diluted shares | 134.8M | 131.8M | 151.5M | 151.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $120.92 of net worth that earned you $16.01 and generated $25.45 of cash last year, against $56.37 of debt.
It earned about 18% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 12% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 107% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $20.43 and $32.32 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$385.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$385.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$298.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $32.32 |
| Base | 0.0% | $32.32 |
| Bull | 5.0% | $41.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-12-31 · accession 0001104659-25-028922 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037215 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-028922 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037215 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-25-028922 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-037215 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-25-028922 (Borrowings)
- 20-F · period ending 2024-12-31 · accession 0001104659-26-037215 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001104659-25-028922 (CashAndCashEquivalents)
- 20-F · period ending 2024-12-31 · accession 0001104659-26-037215 (CashAndCashEquivalents)