Cheniere Energy Partners, L.P. (CQP) vs Plains All American Pipeline, L.P. (PAA)

Cheniere Energy Partners, L.P. and Plains All American Pipeline, L.P. are both Oil & Gas Midstream companies. Cheniere Energy Partners, L.P. is the larger, with a market value of $27.7B against $17.3B — 1.6× the size. Plains All American Pipeline, L.P. trades at the lower P/E: 6.8× against 9.3×. Cheniere Energy Partners, L.P. grew revenue faster over the last twelve months: 13.2% against 13.1%. Cheniere Energy Partners, L.P. has the higher net margin (23.9% vs 4.87%) and the higher return on invested capital (17.0% vs 4.74%). Both pay a dividend; Plains All American Pipeline, L.P. yields more (6.80% vs 4.04%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 12 and Plains All American Pipeline, L.P. on 11.

Valuation

Metric CQP PAA Oil & Gas Midstream median
P/E 9.25 6.81 11.68
P/S 2.39 0.33 2.39
P/B 31.71 1.42 1.68
Price to free cash flow 9.65 7.11 8.52
EV/EBITDA 8.86 9.46 9.03
EV/Sales 3.57 0.47 3.43
Earnings yield 10.81% 14.69% 7.78%
Free cash flow yield 10.36% 14.06% 7.11%

Profitability

Metric CQP PAA Oil & Gas Midstream median
Gross margin 41.11% 5.55% 54.87%
Operating margin 34.16% 3.14% 34.73%
Net margin 23.91% 4.87% 20.12%
Free cash flow margin 24.75% 4.66% 14.43%
Return on equity 1,050.85% 21.98% 11.73%
Return on assets 16.09% 9.03% 4.43%
Return on invested capital 16.98% 4.74% 6.10%

Growth

Metric CQP PAA Oil & Gas Midstream median
Revenue growth (TTM) 13.18% 13.08% 14.88%
EPS growth (last fiscal year) 21.65% 127.40% (7.78%)
Revenue growth, 5-year CAGR 11.77% 13.70% 10.05%
Net income growth, 5-year CAGR 22.04% 0.00% 0.00%

Health

Metric CQP PAA Oil & Gas Midstream median
Debt to equity 16.38 0.59 0.77
Current ratio 1.19 1.12 1.19
Net debt to EBITDA 3.23 4.58 3.46

Dividend

Metric CQP PAA Oil & Gas Midstream median
Dividend yield 4.04% 6.80% 4.94%
Payout ratio 0.37 0.46 0.73

Size

Metric CQP PAA Oil & Gas Midstream median
Market cap 27.70b 17.31b 3.56b

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