Wilmar International Ltd (F34) Fair Value & Analysis

Consumer Defensive · SG · Market cap 23.2B SGD (≈ $18.3B) · ISIN SG1T56930848

What is Wilmar International Ltd really worth?

WI Wilmar International Ltd F34 · SG

Price3.82 SGD

Fair Value3.89 SGD

Upside+1.8%

Quality51/100

A solid business, currently priced close to our fair value of 3.89 SGD.

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Strengths

✓Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +6.9 %/yr)

!Thin margins · 2.0% net margin

!Mixed vs. peers (6/15)

!Narrow moat 32/100

!Weak on future: 15 out of 100

!Weak on past: 26 out of 100

For context

·3.93% dividend yield

Evidence: High Range 3.68 SGD – 5.41 SGD

Fair value as of: Aug 20, 2026

From 24 valuation models · updated 16 days ago

Fair value updated Aug 20, 2026, revised from 3.84 SGD to 3.89 SGD (+1.3%) since Aug 13, 2026. Share price −3.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

The price sits close to our fair value, market and models broadly agree here, little valuation tension.
The price sits in the lower half of our model range, the side with the larger margin of safety.
The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 2.75 SGD – 3.97 SGD · fair‑value band 3.68 SGD – 5.41 SGD · the 3.82 SGD price screens below the 3.89 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

Full chart & analysis →

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Analysis

Wilmar International Ltd (F34) currently trades at 3.82 SGD, while our model-based Fair Value estimate is 3.89 SGD, implying the stock looks roughly 1.8% fairly valued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of 4.03 SGD per share, and 9 of the 24 models we run sit above the 3.82 SGD price. Bear case: the Economic Profit group reads lowest at 1.15 SGD, and 15 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Wilmar International Ltd generated revenue of 70.4B SGD at a net margin of 2.0%. Revenue grew 3.0% year over year. It earns a return on equity of 6.6%. Net debt stands at 27.9B SGD. Fundamentals as of Aug 20, 2026

Our scenario range runs from 3.68 SGD (bear case) to 5.41 SGD (bull case); at 3.82 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 2%, F34 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.0951 SGD per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence

Highest evidence

FCF DCF 1.54 SGD 2.67 SGD 4.33 SGD 78

Growth DCF 1.59 SGD 2.61 SGD 4.04 SGD 77

Residual Income 2.80 SGD 2.91 SGD 3.03 SGD 76

All 24 models by family

DCF Models

FCF DCF 1.54 SGD 2.67 SGD 4.33 SGD 78

Owner Earnings 2.31 SGD 3.82 SGD 6.05 SGD 75

5Y Revenue Exit 1.51 SGD 2.76 SGD 4.33 SGD 71

5Y EBITDA Exit 2.74 SGD 5.01 SGD 7.61 SGD 74

5Y P/E Exit 2.11 SGD 3.86 SGD 5.65 SGD 70

10Y Revenue Exit 1.43 SGD 2.56 SGD 4.02 SGD 65

10Y EBITDA Exit 2.28 SGD 4.10 SGD 6.47 SGD 67

10Y P/E Exit 1.88 SGD 3.32 SGD 5.01 SGD 63

Earnings-Based

Graham-Dodd 1.54 SGD 4.19 SGD 5.50 SGD 65

Lynch FV 0.8300 SGD 1.18 SGD 1.54 SGD 61

PEG = 1.0 0.8300 SGD 1.18 SGD 1.54 SGD 57

EPV 0.8900 SGD 1.15 SGD 1.39 SGD 74

Multiples

P/E Multiple 3.56 SGD 4.75 SGD 5.93 SGD 63

P/S Multiple 2.88 SGD 3.84 SGD 4.80 SGD 58

P/B Multiple 2.88 SGD 3.84 SGD 4.80 SGD 55

EV/EBIT 2.55 SGD 3.63 SGD 4.72 SGD 65

EV/EBITDA 3.95 SGD 5.50 SGD 7.05 SGD 67

EV/Revenue 1.61 SGD 2.61 SGD 3.61 SGD 53

Asset-Based

NCAV (Graham) 1.75 SGD 2.35 SGD 3.50 SGD 54

Growth DCF

Growth DCF 1.59 SGD 2.61 SGD 4.04 SGD 77

Rev-Margin DCF 1.51 SGD 2.77 SGD 4.17 SGD 71

Economic Profit

Residual Income 2.80 SGD 2.91 SGD 3.03 SGD 76

ROIC Compounder 0.8900 SGD 1.15 SGD 1.39 SGD 72

Growth Earnings

Growth-Adj P/E 2.82 SGD 4.03 SGD 5.23 SGD 67

Widest divergence: Growth Earnings (4.03 SGD) versus Economic Profit (1.15 SGD). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 13.2

P/S ratio 0.26 P/E × margin

EPS (TTM) 0.2900 SGD price ÷ EPS = P/E 13.2

Dividend yield 3.9% payout 51.7%

Net margin 2.0% FY2025

Return on equity 6.6% TTM

More key figures

Profitability

Return on assets (EBIT) 4.0% avg 5y

Operating margin 3.6% TTM

Growth

Revenue (TTM) 70.4B SGD TTM

Revenue growth (YoY) +3.0% 3y avg −1.4%

EPS growth (YoY) +39.5%

Balance sheet & cash flow

Free cash flow 1.3B SGD FY2025

Net debt 27.9B SGD FY2025 · ≈ 21.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 76

Profitability 36

Margins and returns on capital today

Quality Growth 43

Are margins and returns improving?

Cashflow 39

Earnings quality: real cash, not paper profit

Fin. Strength 27

Balance sheet, leverage, solvency risk

Investment 90

Disciplined investing over empire-building

Low Volatility 92

Calm price path (market factor)

Momentum 62

Price trend over the last 3–12 months (market factor)

52W Momentum 81

Distance to the 52-week high (market factor)

Net Issuance 82

Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Full company description

Wilmar International Limited, together with its subsidiaries, operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally. It operates in four segments: Food Products, Feed and Industrial Products, Plantation and Sugar Milling, and Others. The Food Products segment engages in the processing, branding, and distribution of a range of edible food products, including vegetable oils, sugar, flour, rice, noodles, specialty fats, snacks, bakery, and dairy products; and ready-to-eat meals and central kitchen products. Its Feed and Industrial Products segment is involved in the processing, merchandising, and distribution of products, such as animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil, and biodiesel. The Plantation and Sugar Milling segment engages in oil palm plantation and sugar milling activities, as well as production of compound fertilizers. Its Others segment provides logistics and jetty port services; and involvement in investment activities. The company also offers specialty fats; vegetarian food; agricultural and technical advisory services; management consulting, investment, industrial estate, warehousing, seaport, and e-commerce services; plastic package and bleaching earth; ethanol; molasses and co-generated electricity; grains; and beverages. In addition, it engages in the trading of electricity/power design; undertaking and erection of turnkey projects; owning, chartering, brokering, and management of ships; and operation of finance and treasury centers. Wilmar International Limited was founded in 1991 and is headquartered in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wilmar International Ltd reported revenue of $70.4B in FY2025 versus $65.8B in FY2021, a compound +1.7%/yr. Reported net income was $1.4B in FY2025, compounding −7.1%/yr from FY2021.

Growth Quality 60/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Latest Revenue (FY 2025)

70.4B SGD

Latest YoY

+4.5%

Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

−1.4%

Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+6.9%

Avg. revenue growth/yr (23Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.

+46.6%

Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.

+2.5% (−1.4 + 3.9)

Revenue +1.7%/yr

FY21 $65.8B

FY22 $73.4B

FY23 $67.2B

FY24 $67.4B

FY25 $70.4B

Net income −7.1%/yr

FY21 $1.9B

FY22 $2.4B

FY23 $1.5B

FY24 $1.2B

FY25 $1.4B

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Wilmar International Ltd · Fair Value
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Cite: Fair Value Calculator (2026). "Wilmar International Ltd Fair Value". https://www.fairvalue-calculator.com/stock/F34

Peer Group

Packaged Foods · 648 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median

Fair Value upside +1% · Above median

Return on equity (TTM) 7% · Below median

Return on assets 2% · Below median

Net margin (TTM) 2% · Below median

Operating margin (TTM) 4% · Below median

Revenue growth 3% · Below median

Dividend yield (TTM) 3.9% · Above median

Debt / equity 0.34× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than median

P/B 0.84× · Cheaper than median

P/S (TTM) 0.26× · Cheaper than 75% of peers

P/FCF 14.3× · Pricier than 75% of peers

EV/EBITDA 6.1× · Cheaper than median

PEG 10.03× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

This stock

Sector peers

VALUE35 · sector 25

FUTURE15 · sector 21

PAST26 · sector 28

HEALTH83 · sector 96

DIVIDEND79 · sector 53

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

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Nestlé S.A NESN	CHF 78.62	CHF 57.26	−27%
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Nestlé India Limited NESTLEIND	₹1,478	₹251.94	−83%
The Kraft Heinz Company KHC	$25.13	$24.59	−2%
Foshan Haitian Flavouring and Food Company 603288	¥35.05	¥21.93	−37%
Inner Mongolia Yili Industrial Group 600887	¥25.51	¥32.50	+27%
Yihai Kerry Arawana Holdings 300999	¥25.28	¥9.89	−61%
General Mills, Inc GIS	$40.44	$28.32	−30%
Britannia Industries Limited BRITANNIA	₹5,511	₹1,765	−68%
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Frequently asked questions

Is Wilmar International Ltd (F34) overvalued or undervalued?

As of Aug 20, 2026, our model estimates a fair value of 3.89 SGD versus a price of 3.82 SGD, about +2% upside (fairly valued).

What is the fair value of F34?

Our model-based fair value for Wilmar International Ltd is 3.89 SGD (as of Aug 20, 2026), built from audited fundamentals. The current price: 3.82 SGD.

What is the quality score of F34?

Wilmar International Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the revenue of Wilmar International Ltd (F34)?

Wilmar International Ltd reported trailing-twelve-month revenue of about 70.4B SGD (latest available figure, as of Aug 20, 2026).

What is the net profit margin of F34?

The net profit margin of Wilmar International Ltd is about 2.0%, meaning it keeps roughly 2.0% of revenue as net income. Based on the latest reported figures.

Does Wilmar International Ltd pay a dividend?

Wilmar International Ltd currently shows a dividend yield of about 3.93% relative to its recent price (as of Aug 20, 2026).

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