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Wilmar International Ltd (F34) Fair Value & Analysis

Consumer Defensive · SG · Market cap 23.2B SGD

WI Wilmar International Ltd F34 · SG
Price3.76 SGD
Fair Value3.89 SGD
Upside+3.5%
Quality51/100
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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +6.9 %/yr)
!Thin margins · 2.0% net margin
!Mixed vs. peers (6/15)
!Narrow moat 32/100
Mixed Growth (revenue 5y +6.9 %/yr)
Thin margins · 2.0% net margin
Low debt · generates free cash flow
2.95% dividend yield
Mixed vs. peers (6/15)
Narrow moat 32/100
Evidence: Medium Range 3.68 SGD – 5.41 SGD Share as image

Fair value as of: Aug 20, 2026

From 24 valuation models · updated 5 days ago

Fair value updated Aug 20, 2026, revised from 3.84 SGD to 3.89 SGD (+1.3%) since Aug 13, 2026. Share price −3.3% over the past month.

A solid business, currently priced close to our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 3.68 SGD (bear) to 5.41 SGD (bull), base 3.89 SGD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

3.97 SGD 2.75 SGD Fair Value 3.89 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 2.75 SGD – 3.97 SGD · fair‑value band 3.68 SGD – 5.41 SGD · the 3.76 SGD price screens below the 3.89 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Wilmar International Ltd (F34) currently trades at 3.76 SGD, while our model-based Fair Value estimate is 3.89 SGD, implying the stock looks roughly 3.5% fairly valued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Wilmar International Ltd generated revenue of 70.4B SGD at a net margin of 2.0%. Revenue grew 3.0% year over year. It earns a return on equity of 6.6%. Net debt stands at 27.9B SGD. Fundamentals as of Aug 20, 2026

Our scenario range runs from 3.68 SGD (bear case) to 5.41 SGD (bull case); at 3.76 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 3%, F34 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 Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 2.53 SGD 5.73 SGD 10.97 SGD 80
Residual Income 2.80 SGD 2.91 SGD 3.03 SGD 76
Rev-Margin DCF 2.41 SGD 4.92 SGD 10.16 SGD 74
All 24 models by family
DCF Models
FCF DCF 2.74 SGD 4.72 SGD 11.02 SGD 38
Owner Earnings 3.60 SGD 9.11 SGD 20.68 SGD 31
5Y Revenue Exit 2.11 SGD 4.21 SGD 8.59 SGD 39
5Y EBITDA Exit 3.75 SGD 7.52 SGD 14.92 SGD 41
5Y P/E Exit 2.92 SGD 7.48 SGD 13.72 SGD 38
10Y Revenue Exit 2.24 SGD 5.84 SGD 8.14 SGD 36
10Y EBITDA Exit 3.54 SGD 9.36 SGD 19.70 SGD 37
10Y P/E Exit 2.93 SGD 7.57 SGD 15.22 SGD 35
Earnings-Based
Graham-Dodd 1.54 SGD 10.72 SGD 15.04 SGD 54
Lynch FV 5.54 SGD 7.91 SGD 10.28 SGD 50
PEG = 1.0 5.54 SGD 7.91 SGD 10.28 SGD 46
EPV 0.8900 SGD 1.15 SGD 1.39 SGD 59
Multiples
P/E Multiple 3.56 SGD 4.75 SGD 5.93 SGD 63
P/S Multiple 2.88 SGD 3.84 SGD 4.80 SGD 58
P/B Multiple 2.88 SGD 3.84 SGD 4.80 SGD 55
EV/EBIT 2.55 SGD 3.63 SGD 4.72 SGD 53
EV/EBITDA 3.95 SGD 5.50 SGD 7.05 SGD 54
EV/Revenue 1.61 SGD 2.61 SGD 3.61 SGD 43
Asset-Based
NCAV (Graham) 1.75 SGD 2.35 SGD 3.50 SGD 50
Growth DCF
Growth DCF 2.53 SGD 5.73 SGD 10.97 SGD 80
Rev-Margin DCF 2.41 SGD 4.92 SGD 10.16 SGD 74
Economic Profit
Residual Income 2.80 SGD 2.91 SGD 3.03 SGD 76
ROIC Compounder 0.8900 SGD 1.15 SGD 1.39 SGD 72
Growth Earnings
Growth-Adj P/E 7.24 SGD 10.35 SGD 13.45 SGD 68

Widest divergence: Growth Earnings (10.35 SGD) versus Economic Profit (1.15 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 13.0
P/S ratio 0.33 TTM
Dividend yield 3.0% payout 38.2%
Net margin 2.0% TTM
Return on equity 6.6% TTM
Return on assets 2.5% TTM
More key figures
Profitability
Operating margin 3.6% TTM
EPS (TTM) 0.2900 SGD
Growth
Revenue (TTM) 70.4B SGD TTM
Revenue growth (YoY) +3.0% 3y avg -1.4%
EPS growth (YoY) +39.5%
Balance sheet & cash flow
Free cash flow 1.3B SGD FY2025
Net debt 27.9B SGD FY2025 · ≈ 21.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 74

Profitability 36
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Wilmar International Limited, together with its subsidiaries, operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally. It operates in four segments: Food Products, Feed and Industrial Products, Plantation and Sugar Milling, and Others.

Full company description

Wilmar International Limited, together with its subsidiaries, operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally. It operates in four segments: Food Products, Feed and Industrial Products, Plantation and Sugar Milling, and Others. The Food Products segment engages in the processing, branding, and distribution of a range of edible food products, including vegetable oils, sugar, flour, rice, noodles, specialty fats, snacks, bakery, and dairy products; and ready-to-eat meals and central kitchen products. Its Feed and Industrial Products segment is involved in the processing, merchandising, and distribution of products, such as animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil, and biodiesel. The Plantation and Sugar Milling segment engages in oil palm plantation and sugar milling activities, as well as production of compound fertilizers. Its Others segment provides logistics and jetty port services; and involvement in investment activities. The company also offers specialty fats; vegetarian food; agricultural and technical advisory services; management consulting, investment, industrial estate, warehousing, seaport, and e-commerce services; plastic package and bleaching earth; ethanol; molasses and co-generated electricity; grains; and beverages. In addition, it engages in the trading of electricity/power design; undertaking and erection of turnkey projects; owning, chartering, brokering, and management of ships; and operation of finance and treasury centers. Wilmar International Limited was founded in 1991 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wilmar International Ltd reported revenue of 70.4B SGD in FY2025 versus 65.8B SGD in FY2021, a compound +1.7%/yr. Reported net income was 1.4B SGD in FY2025, compounding −7.1%/yr from FY2021.

Growth Quality 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
70.4B SGD
Latest YoY
+4.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+46.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+1.6% (-1.4 + 3.0)
Revenue +1.7%/yr
FY21 65.8B SGD
FY22 73.4B SGD
FY23 67.2B SGD
FY24 67.4B SGD
FY25 70.4B SGD
Net income −7.1%/yr
FY21 1.9B SGD
FY22 2.4B SGD
FY23 1.5B SGD
FY24 1.2B SGD
FY25 1.4B SGD

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Cite: Fair Value Calculator (2026). "Wilmar International Ltd Fair Value". https://www.fairvalue-calculator.com/stock/F34

Peer Group

Packaged Foods · 666 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 51 · Below median
Fair Value upside +3% · Above median
Return on equity (TTM) 7% · Below median
Return on assets 2% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth 3% · Below median
Dividend yield (TTM) 2.9% · Above median
Debt / equity 0.34× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 13.0× · Cheaper than median
P/B 0.84× · Cheaper than median
P/S (TTM) 0.26× · Cheaper than 75% of peers
P/FCF 14.3× · Pricier than 75% of peers
EV/EBITDA 6.1× · Cheaper than median
PEG 10.03× · Pricier 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE37 · sector 25
FUTURE15 · sector 20
PAST26 · sector 27
HEALTH83 · sector 96
DIVIDEND58 · sector 52

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 79.06 CHF 57.26 -28%
Danone S.A BN €65.48 €48.41 -26%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 -83%
The Kraft Heinz Company KHC $24.53 $24.59 +0%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 -37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 -61%
General Mills, Inc GIS $38.18 $28.32 -26%
McCormick & Company MKCV $55.65 $43.29 -22%
Kerry Group KRZ €74.25 €56.14 -24%

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Frequently asked questions

Is Wilmar International Ltd (F34) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of 3.89 SGD versus a price of 3.76 SGD, about +3% (fairly valued).
What is the fair value of F34?
Our model-based fair value for Wilmar International Ltd is 3.89 SGD (as of Aug 20, 2026), built from audited fundamentals. The current price: 3.76 SGD.
What is the quality score of F34?
Wilmar International Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Wilmar International Ltd (F34)?
Wilmar International Ltd reported trailing-twelve-month revenue of about 70.4B SGD (latest available figure, as of Aug 20, 2026).
What is the net profit margin of F34?
The net profit margin of Wilmar International Ltd is about 2.0%, meaning it keeps roughly 2.0% of revenue as net income. Based on the latest reported figures.
Does Wilmar International Ltd pay a dividend?
Wilmar International Ltd currently shows a dividend yield of about 2.95% relative to its recent price (as of Aug 20, 2026).

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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