Cheniere Energy Partners, L.P. (CQP) vs Plains Group Holdings, L.P. (PAGP)

Cheniere Energy Partners, L.P. and Plains Group Holdings, L.P. are both Oil & Gas Midstream companies. Cheniere Energy Partners, L.P. is the larger, with a market value of $27.7B against $20.1B — 1.4× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 9.3× against 9.4×. 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 1.06%) and the higher return on invested capital (17.0% vs 4.51%). Both pay a dividend; Plains Group Holdings, L.P. yields more (6.32% vs 4.04%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 13 and Plains Group Holdings, L.P. on 10.

Valuation

Metric CQP PAGP Oil & Gas Midstream median
P/E 9.25 9.44 11.68
P/S 2.39 0.10 2.39
P/B 31.71 0.34 1.68
Price to free cash flow 9.65 2.15 8.52
EV/EBITDA 8.86 4.83 9.03
EV/Sales 3.57 0.24 3.43
Earnings yield 10.81% 10.60% 7.78%
Free cash flow yield 10.36% 46.53% 7.11%

Profitability

Metric CQP PAGP Oil & Gas Midstream median
Gross margin 41.11% 5.55% 54.87%
Operating margin 34.16% 3.13% 34.73%
Net margin 23.91% 1.06% 20.12%
Free cash flow margin 24.75% 4.65% 14.43%
Return on equity 1,050.85% 3.77% 11.73%
Return on assets 16.09% 1.90% 4.43%
Return on invested capital 16.98% 4.51% 6.10%

Growth

Metric CQP PAGP Oil & Gas Midstream median
Revenue growth (TTM) 13.18% 13.08% 14.88%
EPS growth (last fiscal year) 21.65% 154.90% (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 PAGP Oil & Gas Midstream median
Debt to equity 16.38 0.55 0.77
Current ratio 1.19 1.12 1.19
Net debt to EBITDA 3.23 4.59 3.46

Dividend

Metric CQP PAGP Oil & Gas Midstream median
Dividend yield 4.04% 6.32% 4.94%
Payout ratio 0.37 0.60 0.73

Size

Metric CQP PAGP Oil & Gas Midstream median
Market cap 27.70b 20.11b 3.56b

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