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BW LPG Limited (BWLP) Fair Value & Analysis

Energy · US · Market cap $3.1B

BL BW LPG Limited logo BW LPG Limited BWLP · US
Price$20.85
Fair Value$15.68
Upside-24.8%
Quality66/100
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Healthy Growth
Solidly profitable · 10.1% net margin
Low debt · generates free cash flow
8.89% dividend yield
Ranks above peers (13/14)
Wide moat 69/100
Evidence: High Range $11.76 – $20.87 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 20 days ago

Share price +10.4% over the past month.

A solid business, but screening 25% overvalued on our models.

What matters now

  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from $11.76 (bear) to $20.87 (bull), base $15.68. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 66/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

$22.56 $2.00 Fair Value $15.68 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range $2.00 – $22.56 · fair‑value band $11.76 – $20.87 · the $20.85 price screens above the $15.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Which stocks are undervalued right now? Check free Discover now →

Analysis

BW LPG Limited (BWLP) currently trades at $20.85, while our model-based Fair Value estimate is $15.68, implying the stock looks roughly 24.8% overvalued today. We read business quality at 66/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, BW LPG Limited generated revenue of $3.6B at a net margin of 6.8%. Revenue declined 13.2% year over year. It earns a return on equity of 15.0%. Net debt stands at $748M. Fundamentals as of Jul 17, 2026

Our scenario range runs from $11.76 (bear case) to $20.87 (bull case); at $20.85, the current price sits within that range. The share trades about 9% below its 52-week high and 108% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -25%, BWLP screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF $31.83 $59.79 $114.51 80
Residual Income $11.51 $13.64 $23.65 76
Rev-Margin DCF $21.57 $44.85 $82.41 74
All 26 models by family
DCF Models
FCF DCF $34.11 $54.25 $117.05 38
Owner Earnings $28.59 $67.28 $145.51 31
5Y Revenue Exit $21.57 $38.79 $73.75 39
5Y EBITDA Exit $33.79 $64.04 $121.97 41
5Y P/E Exit $25.12 $55.57 $95.81 38
10Y Revenue Exit $24.57 $52.31 $73.09 36
10Y EBITDA Exit $33.97 $77.01 $156.87 37
10Y P/E Exit $27.85 $59.50 $113.75 35
Earnings-Based
Graham-Dodd $11.17 $77.91 $109.34 54
Lynch FV $26.97 $38.53 $50.09 50
PEG = 1.0 $26.97 $38.53 $50.09 46
EPV $13.34 $15.95 $18.20 59
Dividend Discount
Gordon GGM $11.90 $23.71 $35.91 70
DDM Multi-Stage $11.90 $20.49 $25.03 61
Multiples
P/E Multiple $24.64 $32.86 $41.07 63
P/S Multiple $20.95 $27.93 $34.91 58
P/B Multiple $20.95 $27.93 $34.91 55
EV/EBIT $24.09 $33.20 $42.30 53
EV/EBITDA $33.43 $45.64 $57.86 54
EV/Revenue $15.19 $23.08 $30.97 43
Asset-Based
NCAV (Graham) $6.03 $8.08 $12.05 50
Growth DCF
Growth DCF $31.83 $59.79 $114.51 80
Rev-Margin DCF $21.57 $44.85 $82.41 74
Economic Profit
Residual Income $11.51 $13.64 $23.65 76
ROIC Compounder $14.63 $21.50 $27.61 72
Growth Earnings
Growth-Adj P/E $34.55 $49.36 $64.17 68

Widest divergence: DCF Models ($55.57) versus Asset-Based ($8.08). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) $3.6B
Revenue growth (YoY) -13.2%
Net margin 6.8%
Return on equity 15.0%
Free cash flow $356M FY2025
P/E ratio 12.6
More key figures
Operating margin 15.8%
EPS (TTM) $1.60
EPS growth (YoY) +212%
Net debt $748M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 56 · Market factors (momentum, volatility) 83

Profitability 53
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 84
Price trend over the last 3–12 months (market factor)
52W Momentum 94
Distance to the 52-week high (market factor)
Net Issuance 21
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

BW LPG Limited, an investment holding company, engages in ship owning and chartering activities worldwide. It operates through Shipping and Product Services segments.

Full company description

BW LPG Limited, an investment holding company, engages in ship owning and chartering activities worldwide. It operates through Shipping and Product Services segments. The company engages in the transportation of liquefied petroleum gas (LPG); provision of integrated LPG delivery services, as well as management services; wholesale and trade of LPG; and investment in commercial enterprises. As of December 31, 2025, it owned and operated a fleet of 54 vessels, including 28 very large gas carriers, 7 large gas carriers time chartered in by product services, and 8 VLGCs owned by BW LPG India Pte. Ltd. BW LPG Limited was formerly known as BW Gas LPG Holding Limited and changed its name to BW LPG Limited in September 2013. The company was founded in 1935 and is headquartered in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BW LPG Limited reported revenue of $3.7B in FY2025 versus $1.2B in FY2021, a compound +32.2%/yr. Reported net income was $249M in FY2025, compounding +8.5%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$3.7B
Latest YoY
+9.6%
Avg. growth/yr (3Y)
+34.1%
Avg. growth/yr (5Y)
+32.8%
Avg. growth/yr (9Y)
+25.0%
Revenue +32.2%/yr
FY21 $1.2B
FY22 $1.5B
FY23 $3.1B
FY24 $3.4B
FY25 $3.7B
Net income +8.5%/yr
FY21 $180M
FY22 $223M
FY23 $488M
FY24 $335M
FY25 $249M

BWLP screens 25% overvalued. Compare with Enbridge Inc →

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Cite: Fair Value Calculator (2026). "BW LPG Limited Fair Value". https://www.fairvalue-calculator.com/stock/BWLP

Peer Group

Oil & Gas Midstream · 86 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside −14% · Above median
Return on equity (TTM) 21% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 10% · Above median
Operating margin (TTM) 26% · Above median
Revenue growth -3% · Below median
Dividend yield (TTM) 8.9% · Top 25%
Debt / equity 0.40× · Lower than median

Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper

P/E (TTM) 8.8× · Cheaper than 75% of peers
P/B 1.71× · Cheaper than median
P/S (TTM) 0.88× · Cheaper than median
P/FCF 8.8× · Cheaper than median
EV/EBITDA 6.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 15 · sector 0
FUTURE 0 · sector 42
PAST 83 · sector 41
HEALTH 80 · sector 55
DIVIDEND 100 · sector 99

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Enbridge Inc ENB $56.46 $47.20 -16%
The Williams Companies, Inc WMB $73.38 $12.03 -84%
Enterprise Products Partners L.P. EPD $38.31 $24.74 -35%
TC Energy Corporation TRP C$97.79 C$42.00 -57%
Kinder Morgan, Inc KMI $32.54 $11.12 -66%
Energy Transfer LP, ET $19.91 $17.69 -11%
ONEOK, Inc OKE $93.52 $64.05 -32%
Targa Resources Corp TRGP $273.35 $79.61 -71%
MPLX LP owns and MPLX $57.17 $37.05 -35%
Cheniere Energy, Inc LNG $255.83 $211.18 -17%

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Frequently asked questions

Is BW LPG Limited (BWLP) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of $15.68 versus a price of $20.85, about −25% (overvalued).
What is the fair value of BWLP?
Our model-based fair value for BW LPG Limited is $15.68 (as of Jul 17, 2026), built from audited fundamentals. The current price is $20.85.
What is the quality score of BWLP?
BW LPG Limited has a Quality Score of 66/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of BW LPG Limited (BWLP)?
BW LPG Limited reported trailing-twelve-month revenue of about $3.6B (latest available figure, as of Jul 17, 2026).
What is the net profit margin of BWLP?
The net profit margin of BW LPG Limited is about 6.8%, meaning it keeps roughly 6.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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