Rankings Transport & logistics Wallenius Wilhelmsen
Wallenius Wilhelmsen
61
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−10
- USTR port fees−6
- Overcapacity−5
Strengths
- Raised guidance+1
- Contract book+1
- Strong balance sheet+1
How the score is built
From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 171.00 NOK
- Median analyst target
- 194.59 NOK
- Upside to median
- +13.8%
- Analysts
- 5
- Target range
- 116.47 – 204.05 NOK
- 52-week change
- +115%
- P/E (trailing)
- 10.5
- Forward P/E
- 10.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−9 of −30
- −3MarginThe operating margin fell to 18.0% (TTM) from 24.3% in 2024 and 22.0% in 2025, and the net margin to 13.5% from 19.4%. EPS (TTM) has fallen 37% y/y to USD 1.65.
- −3Quality of growthRevenue has been flat at USD 5.0–5.3bn since 2022 (TTM 5.15bn, −3.6%). Analysts expect +2% in revenue and −24% in EPS for 2026.
- −2MoatA shipping company without structural pricing power: earnings follow freight rates and bunker costs, and the margin was squeezed in Q2 because bunker surcharges only kick in with a 2–4-month delay. The contract book (USD 6.5bn, 2.9 years) only dampens the swings.
- −1Capital allocationThe dividend (USD 892m TTM, incl. a USD 100m special dividend) exceeded FCF after leases (USD 713m), and cash has been drained from USD 1.4bn to 0.6bn while 14 Shaper newbuilds must be paid for.
Price
Today's multiples against the company's own history and its peers. · 2 findings−13 of −35
- −10Multiples vs own historyP/E 11.1 and forward P/E 10.7 vs 3.6–6.1 and 2.8–5.5 in 2022–2025; P/B 2.1 vs 1.05–1.28; EV/EBITDA 6.8 vs 3.0–4.1 in 2023–2025. The multiples have almost doubled while earnings fall, after +91% in a year.
- −3Price targetsAnalysts' average target of NOK 159 is 11% below the price (178.5), and the lowest is NOK 118. The market has priced in more than analysts can support.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−14 of −35
- −6USTR port feesThe US port fees on all foreign-built car carriers are only suspended until 9 November 2026. Wallenius Wilhelmsen itself estimated an exposure of about USD 100m per quarter before mitigation, about 25% of annual EBITDA, if it cannot be passed on to customers.
- −5OvercapacityThe global ro-ro fleet grows from 4.1m CEU (2023) to about 5.9m in 2030. The order book equals about 21% of the fleet, and about 60 ships are delivered in 2026 alone, which threatens today's high rates (time charter about USD 90,000/day).
- −2Bunker fuel and the Middle EastAdjusted EBITDA fell 7% q/q to USD 361m because of bunker prices up to about USD 2,000/t. The Middle East costs about 2% of shipping revenue plus USD 2m a month, and the Red Sea route is not being resumed.
- −1Ownership structureOnly about 261m of 423m shares are free float, because two family/shipowner groups control the rest. Small shareholders have limited influence, and liquidity in the stock is low.
Plus
Only documented strengths. · 3 findings+3 of +15
- +1Raised guidanceFull-year adjusted EBITDA guidance has been raised to USD 1.7bn from 1.6bn according to the earnings call; 2026 volume is sold out.
- +1Contract bookShipping contract book of USD 6.5bn (2.9 years weighted duration) and logistics contract book of USD 2.7bn (8.1 years); new contracts worth USD 601m in Q2.
- +1Strong balance sheetLeverage 1.2x (limit 3.0x), equity ratio 48.8% and liquidity of USD 1.2bn; USD 1.2bn of debt refinanced at lower margins.
Caveats
What the score does not capture, or where the data is weak.
Accounts in USD, price in NOK; stockanalysis converts EPS correctly (NOK 16.31 = USD 1.65, P/E 11), so the P/E is not mixed. A shipping company with a freight and bunker cycle, hence cyclical. stockanalysis' FCF does not include lease payments (USD 373m TTM); after leases FCF is USD 713m. Sources disagree on guidance: the slides say about USD 1.6bn maintained, the earnings call transcript USD 1.7bn. The effect of US car tariffs on volume and customer concentration have not been examined.
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