| Last updated |
27 February 2026 |
| Period |
Q4 2025 |
| Contributing analysts |
7 | ABG, Arctic, DNB Carnegie, Fearnley, Kepler, SEB, SB1M |
| Mean Target Price (NOK) |
174 |
| Buy |
5 (71%) |
| Hold |
2 (29%) |
| Sell |
0 (0%) |
| |
Quarterly estimate |
|
Yearly estimates |
| USD million |
Q4 2025 |
Q1 2026 |
Q2 2026 |
Est # |
|
2025E |
2026E |
2027E |
Est # |
| TCE income - Shipping |
190 |
211 |
179 |
7 |
|
588 |
656 |
539 |
6 |
| Revenue from Product Services |
577 |
561 |
561 |
2 |
|
2,527 |
1,678 |
1,678 |
1 |
| Cost of cargo and delivery expenses |
(540) |
(540) |
(540) |
2 |
|
(2,447) |
(1,600) |
(1,600) |
1 |
| Gross profit - Product Services (excl. PS depreciation) |
37 |
24 |
24 |
7 |
|
74 |
96 |
96 |
6 |
| Total net income from shipping and PS |
227 |
235 |
203 |
7 |
|
761 |
859 |
720 |
7 |
| G&A expenses |
(20) |
(17) |
(17) |
7 |
|
(86) |
(79) |
(79) |
7 |
| Other operating income & expenses |
(34) |
(31) |
(31) |
7 |
|
(132) |
(116) |
(117) |
6 |
| Gain / loss from sale of vessels |
20 |
- |
- |
7 |
|
51 |
- |
- |
6 |
| EBITDA |
191 |
187 |
155 |
7 |
|
578 |
663 |
523 |
7 |
| Depreciation |
(58) |
(55) |
(55) |
7 |
|
(226) |
(219) |
(219) |
6 |
| Depreciation - Product Services |
(11) |
(11) |
(11) |
4 |
|
(43) |
(44) |
(44) |
4 |
| Amortisation |
(0.1) |
(0.1) |
(0.1) |
5 |
|
(0.8) |
(0.3) |
(0.3) |
5 |
| EBIT |
127 |
125 |
93 |
7 |
|
330 |
417 |
277 |
7 |
| Net interest |
(10) |
(9) |
(8) |
7 |
|
(44) |
(30) |
(17) |
6 |
| Other financial items |
- |
- |
- |
0 |
|
0.1 |
- |
- |
1 |
| Profit (loss) before tax |
117 |
116 |
86 |
7 |
|
293 |
391 |
262 |
7 |
| Taxes |
(2) |
(2) |
(2) |
6 |
|
(9) |
(6) |
(5) |
6 |
| Net profit |
115 |
115 |
84 |
7 |
|
285 |
387 |
258 |
7 |
| Minority interest |
(13) |
(10) |
(8) |
7 |
|
(26) |
(23) |
(19) |
6 |
| Net profit to shareholders |
102 |
105 |
76 |
7 |
|
248 |
357 |
236 |
7 |
| |
| Net profit - Product Services |
23 |
8 |
8 |
7 |
|
(13) |
33 |
33 |
6 |
| BW LPG's share of BW PS's NPAT (80.0%) |
18 |
7 |
7 |
|
|
(10) |
26 |
26 |
|
| Shipping NPAT |
84 |
99 |
70 |
|
|
258 |
331 |
210 |
|
| |
| Number of outstanding shares (m) |
151 |
151 |
151 |
|
|
151 |
151 |
151 |
|
| |
| EPS |
0.69 |
0.69 |
0.50 |
7 |
|
1.60 |
2.31 |
1.53 |
7 |
| EPS adj. |
0.60 |
0.71 |
0.50 |
6 |
|
1.33 |
2.31 |
1.53 |
7 |
| DPS |
0.47 |
0.57 |
0.90 |
7 |
|
1.37 |
1.94 |
1.31 |
7 |
| |
| VLGC TCE rate ($/day) |
$49,400/day |
$58,200/day |
$47,900/day |
|
|
$44,700/day |
$52,800/day |
$42,400/day |
|
Definitions:
Revenue from shipping Includes revenue from spot and time charter voyages
Shipping NPAT Calculated as net profit to shareholders less BW LPG's share (80.0%) of BW Product Services NPAT
Disclaimer
The consensus estimates presented are based on projections prepared by analysts covering the BW LPG shares, compiled and aggregated by BW LPG’s Investor Relations function. The consensus estimates represent the average of the inputs. Any opinions, forecasts, estimates, projections or predictions regarding BW LPG’s performance made by the analysts, and thereby also the consensus estimates, are theirs alone and do not represent or reflect the opinions, forecasts, estimates, projections or predictions of BW LPG or its management. The analysts’ estimates includes various alternative performance measures (APMs) such as “EBITDA” and “EBIT” which may not be applied on a consistent or equivalent manner, and which may deviate from how BW LPG calculates similar APMs. BW LPG, its affiliates, and their respective officers, directors, and employees make no representation or warranty as to the accuracy or validity of the information provided in the analysts’ reports and do not guarantee that BW LPG’s performance will conform to such information. BW LPG may at any time be in possession of information that may affect the analysts’ estimates, and BW LPG has not commented upon, reviewed or updated, and is under no obligation to comment upon, review or update, their estimates. BW LPG’s actual financial results for any quarterly or annual period will be published by BW LPG in accordance with applicable requirements. Nothing contained herein should be taken as a recommendation to buy or sell securities of BW LPG or to take or refrain from taking any other action.
t should be noted that estimates are by definition forward looking and as such are speculative and are therefore subject to risks and uncertainties that may materially affect eventual results. BW LPG assumes no obligation to update, revise or supplement the figures presented.