Wallenius Wilhelmsen ASA (WAWI.OL) | Investment Case

1. Company Snapshot

1.a. Company Description

Wallenius Wilhelmsen ASA, together with its subsidiaries, provides roll-on roll-off (RoRo) shipping and vehicle logistics services worldwide.It operates through three segments: Shipping Services, Logistics Services, and Government Services.The company provides liner services through a fleet of approximately 50 modern and versatile RoRo vessels, which carry a mix of products, such as auto, construction, mining, agriculture machinery, and breakbulk products.

It also offers inland transportation, supply chain management, and terminal services, as well as operates vehicle and equipment processing centres in key ports.The company provides its services principally under the Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, EUKOR, ARC, Armacup, and Keen brands.The company serves agriculture, automotive, aviation, boats and yachts, breakbulk, commercial vehicles, construction, machinery and machine tools, mining, oil and gas, power and energy, and rail industries.

It operates approximately 130 vessels servicing 15 trade routes.The company was founded in 1861 and is headquartered in Lysaker, Norway.

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1.b. Last Insights on WAWI

Wallenius Wilhelmsen ASA's recent performance was driven by strong financial results despite challenges. The company's Q3 2025 earnings call highlighted strategic initiatives for future growth. A favorable European market upswing, with the STOXX Europe 600 Index rising 2.35%, also contributed to its positive momentum. Additionally, the company's dividend stock status offers attractive opportunities for income-focused investors seeking stability and growth in a market with subdued inflation. Its strong financials and strategic initiatives position it well for future growth.

1.c. Company Highlights

Last Price	95.7
Change Percentage	-0.26%
Open	95.95
Previous Close	95.95
Market Cap ( Millions)	40461
Volume	235616
Year High	106.2
Year Low	55.25
M A 50	84.62
M A 200	85.6

FCF Yield	40.84%
Dividend Yield	25.34%
ROE	34.99%
Debt / Equity	93.22%
Net Debt / EBIDTA	84.07%
Price To Book	1.2
Price Earnings Ratio	3.62
Price To FCF	2.45
Price To sales	0.75
EV / EBITDA	2.77

2. Transcript Summary

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3. NewsRoom

European Dividend Stocks To Watch Now

Dec -02

Source:

Wallenius Wilhelmsen ASA (WILWY) Q3 2025 Earnings Call Highlights: Navigating Challenges with ...

Nov -05

Source:

European Dividend Stocks To Consider For Your Portfolio

Oct -30

Source:

Auto & Transport Roundup: Market Talk

Oct -13

Source:

Is Wallenius Wilhelmsen a Bargain After Shares Slip Ahead of 2025 Contract Renewals?

Sep -29

Source:

Bluepoint and Wallenius Wilhelmsen Win Gold for Best Leadership Development Program from the Brandon Hall Group

Aug -26

Source:

Car shipper says US tariff haze still affecting auto trade flows

Aug -12

Source:

Delta terminal upgrades complete, expanding capacity for auto trade at the Port of Vancouver

Jul -21

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.07%)

6. Segments

Shipping

Expected Growth: 2%

Wallenius Wilhelmsen ASA's 2% growth is driven by increasing global trade, rising demand for electric and hybrid vehicles, and growing investments in sustainable logistics. Additionally, the company's strategic expansion into emerging markets, improved operational efficiency, and cost-saving initiatives contribute to its growth momentum.

Logistics

Expected Growth: 3%

Wallenius Wilhelmsen ASA's logistics segment growth is driven by increasing demand for global trade, e-commerce expansion, and supply chain optimization. Additionally, the company's strategic investments in digitalization, sustainability, and capacity expansion have improved operational efficiency, further boosting growth.

Government Services

Expected Growth: 1%

Government Services segment of Wallenius Wilhelmsen ASA is driven by increasing demand for logistics and transportation services from government agencies, growth in international trade, and rising need for secure and efficient supply chain management. Additionally, the company's strategic partnerships and investments in digitalization and sustainability initiatives contribute to its growth.

Holding/Eliminations

Expected Growth: 0%

Holding/Eliminations from Wallenius Wilhelmsen ASA with 0% growth is attributed to stagnant market conditions, lack of innovation, and intense competition. The segment's inability to adapt to changing market trends, coupled with high operational costs and inefficient resource allocation, has hindered its growth potential.

7. Detailed Products

RoRo Shipping

Wallenius Wilhelmsen ASA provides a range of RoRo (Roll-on/Roll-off) shipping services for vehicles, heavy equipment, and project cargo.

Breakbulk Shipping

The company offers breakbulk shipping services for oversized and heavy cargo, including wind turbines, generators, and other project cargo.

Project Cargo

Wallenius Wilhelmsen ASA provides customized project cargo services for complex and oversized cargo, including engineering, procurement, and construction (EPC) projects.

Supply Chain Management

The company offers end-to-end supply chain management services, including logistics, warehousing, and distribution.

Landbased Services

Wallenius Wilhelmsen ASA provides landbased services, including terminal operations, stevedoring, and cargo handling.

Technical Services

The company offers technical services, including ship management, crew management, and technical support.

8. Wallenius Wilhelmsen ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Wallenius Wilhelmsen ASA is moderate due to the presence of alternative transportation methods, such as air freight and rail, which can substitute for sea transportation.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the shipping industry, which makes it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of a few large suppliers of shipping equipment and services, which can exert some pressure on prices.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the shipping industry, including the need for significant capital investment and regulatory compliance.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the shipping industry, with many players competing for market share and prices.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	50.47%
Debt Cost	7.03%
Equity Weight	49.53%
Equity Cost	11.36%
WACC	9.18%
Leverage	101.89%

11. Quality Control: Wallenius Wilhelmsen ASA passed 6 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Hafnia

A-Score: 7.6/10

Value: 7.9

Growth: 9.3

Quality: 6.9

Yield: 10.0

Momentum: 6.0

Volatility: 5.7

1-Year Total Return ->

BW LPG

A-Score: 7.3/10

Value: 7.0

Growth: 8.6

Quality: 5.4

Yield: 10.0

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

Odfjell

A-Score: 6.8/10

Value: 8.5

Growth: 7.7

Quality: 6.2

Yield: 9.4

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

Stolt-Nielsen

A-Score: 6.6/10

Value: 8.9

Growth: 6.8

Quality: 5.2

Yield: 10.0

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

Wallenius Wilhelmsen

A-Score: 5.8/10

Value: 9.2

Growth: 8.2

Quality: 7.9

Yield: 6.2

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

Star Bulk Carriers

A-Score: 5.5/10

Value: 6.2

Growth: 5.2

Quality: 4.9

Yield: 8.8

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

9.99%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.18%

Wallenius Wilhelmsen ASA - NO0010571680

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on WAWI

1.c. Company Highlights

Higher Growth

Strong Momentum

Cheaper

Earnings Miss

Revenues Miss

More Volatile

Earnings Beats

Better Quality

Weak Momentum

Revenues Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.07%)

6. Segments

Shipping

Expected Growth: 2%

Logistics

Expected Growth: 3%

Government Services

Expected Growth: 1%

Holding/Eliminations

Expected Growth: 0%

7. Detailed Products

RoRo Shipping

Breakbulk Shipping

Project Cargo

Supply Chain Management

Landbased Services

Technical Services

8. Wallenius Wilhelmsen ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Wallenius Wilhelmsen ASA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

95.7$

Current Price

95.7$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA