Braskem S.A. (BAK) vs Westlake Chemical Partners LP (WLKP)

Braskem S.A. and Westlake Chemical Partners LP are both Chemicals companies. Westlake Chemical Partners LP is the larger, with a market value of $754.6M against $314.0M — 2.4× the size. Braskem S.A. has negative trailing earnings, so its P/E is not meaningful; Westlake Chemical Partners LP trades at 13.0×. Westlake Chemical Partners LP grew revenue faster over the last twelve months: 12.1% against −32.6%. Westlake Chemical Partners LP has the higher net margin (4.66% vs −17.2%) and the higher return on invested capital (19.9% vs −2,286.9%). Across the 19 metrics below, Westlake Chemical Partners LP leads on 13 and Braskem S.A. on 6.

Valuation

Metric BAK WLKP Chemicals median
P/E n/m 12.98 —
P/S 0.08 0.60 0.41
P/B n/m 0.97 1.08
Price to free cash flow n/m 1.82 7.14
EV/EBITDA 8.86 2.99 9.56
EV/Sales 0.08 1.19 0.82
Earnings yield (133.52%) 7.70% (11.64%)
Free cash flow yield (83.52%) 54.86% 0.00%

Profitability

Metric BAK WLKP Chemicals median
Gross margin 2.19% 31.16% 16.03%
Operating margin (3.57%) 28.80% (0.82%)
Net margin (17.15%) 4.66% (3.05%)
Free cash flow margin (6.74%) 33.14% (0.15%)
Return on equity 542.49% 7.20% (5.24%)
Return on assets (19.43%) 4.56% (2.51%)
Return on invested capital (2,286.92%) 19.85% (0.75%)

Growth

Metric BAK WLKP Chemicals median
Revenue growth (TTM) (32.61%) 12.06% 2.53%
EPS growth (last fiscal year) 15.75% (22.03%) (39.53%)
Revenue growth, 5-year CAGR 2.20% 3.83% 2.20%
Net income growth, 5-year CAGR 0.00% (5.95%) 0.00%

Health

Metric BAK WLKP Chemicals median
Debt to equity (4.91) 0.52 0.71
Current ratio 0.77 3.44 1.99
Net debt to EBITDA 19.18 0.79 3.49

Dividend

Metric BAK WLKP Chemicals median
Dividend yield — 8.91% 4.62%
Payout ratio — 1.16 —

Size

Metric BAK WLKP Chemicals median
Market cap 314.00m 754.62m 603.67m

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