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BW LPG Limited

BWLP
60
Marine Shipping · Industrials
Also trades as: 0QIX.L GBP 2.32 (+47.36%)
Price
$24.73
-0.49 (-1.94%)
Market Cap
$3.75B
Exchange
New York Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Mixed
7/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

60 of 100 counted points = Winston Score 60.

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Share count rising — dilution

+9.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 139.0M (2021) → 151.9M (2025)

§Winston Score History

The full picture

BW LPG Limited is one of the world's largest owners and operators of very large gas carriers (VLGCs), the massive ships used to transport liquefied petroleum gas (LPG) — which includes propane and butane — across oceans. Its main customers are energy companies, commodity traders, and petrochemical producers who need to move LPG from export hubs like the United States and Middle East to markets in Asia and Europe. The company is a major player in the VLGC segment, which is a specialized corner of the global shipping industry.

BW LPG earns money by charging customers to use its fleet, either through long-term contracts or shorter spot-market rates that change with supply and demand. The company operates globally, with a fleet of around 40 VLGCs, and has expanded into LPG trading through its product services division, adding another revenue stream. Its main risk is exposure to volatile freight rates, which can swing sharply depending on global LPG trade volumes, vessel supply, and energy market conditions.

Score breakdown

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Quality

Profit per sale
Gross Margin
20.8%
Thin — 20.8% gross margin
Profit after running costs
Operating Margin
13.6%
Healthy — 13.6% operating margin
Return on the money invested
ROCE
19.0%
Strong — 19.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-3.1%
Shrinking sales (-3.1% YoY)
Profit growth
EPS YoY
+89.0%
Earnings growing fast (+89.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
146%
Turns 146% of profit into real cash
Spare cash per sale
FCF Margin
17.1%
Converts sales into free cash efficiently (17.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.49
Conservative — low debt load (0.49)
Covers its interest
Interest Cover
12.08x
Comfortably covers interest (12.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.5x
Attractive valuation — P/E 8.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-4.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
15.38%
Healthy income — 15.38% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+93.5%
Dividend growing fast (93.5% YoY)
Payout Ratio
130%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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