Stock

Wallenius Wilhelmsen ASA

WAWI.OL
59
Marine Shipping · Industrials
Also trades as: 0N0B.L GBP 1.73 (+2.73%)
Price
kr 172.70
-0.30 (-0.17%)
Market Cap
kr 73.02B
Exchange
Oslo Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Weak
2/20
Cash Flow
Exceptional
9/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

59 of 100 counted points = Winston Score 59.

§Winston Score History

The full picture

Wallenius Wilhelmsen is one of the world's largest shipping companies that moves cars, trucks, and heavy machinery across oceans. Its main customers are automakers like Toyota, Volkswagen, and Ford, plus construction and agriculture equipment makers. The company operates a fleet of specialized ships called Roll-on/Roll-off (RoRo) vessels, which are designed so vehicles can simply be driven on and off the ship.

The company earns money by charging manufacturers a fee to transport their vehicles and equipment between continents, primarily across routes connecting Europe, Asia, and the Americas. It also runs a logistics business that handles storage, processing, and delivery of vehicles after they arrive at port. Its large, dedicated fleet and long-term contracts with major automakers create a meaningful barrier for new competitors to enter the market. The biggest risk the company faces is a slowdown in global vehicle production or trade, since lower car sales directly reduce demand for its shipping services.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 422.4M (2021) → 422.0M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
30.9%
Modest — 30.9% gross margin
Profit after running costs
Operating Margin
22.2%
Excellent — 22.2% operating margin
Return on the money invested
ROCE
23.8%
Exceptional — 23.8% 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
-4.3%
Shrinking sales (-4.3% YoY)
Profit growth
EPS YoY
-37.2%
Earnings shrinking (-37.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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
184%
Turns 184% of profit into real cash
Spare cash per sale
FCF Margin
18.4%
Converts sales into free cash efficiently (18.4%)

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
0.42
Conservative — low debt load (0.42)
Covers its interest
Interest Cover
7.98x
Adequate interest coverage (8.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.0x
Attractive valuation — P/E 11.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
12.18%
Healthy income — 12.18% yield

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

Dividend record
Dividend Growth
+42.3%
Dividend growing fast (42.3% YoY)
Payout Ratio
128%
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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