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 $30.1B against $20.7B — 1.5× the size. Plains Group Holdings, L.P. trades at the lower P/E: 9.8× against 11.1×. Cheniere Energy Partners, L.P. grew revenue faster over the last twelve months: 15.4% against 13.1%. Cheniere Energy Partners, L.P. has the higher net margin (23.1% vs 1.06%) and the higher return on invested capital (16.4% vs 4.51%). Both pay a dividend; Plains Group Holdings, L.P. yields more (7.47% vs 5.14%). Across the 23 metrics below, Plains Group Holdings, L.P. leads on 12 and Cheniere Energy Partners, L.P. on 11.

Valuation

Metric CQP PAGP Oil & Gas Midstream median
P/E 11.14 9.80 12.77
P/S 2.68 0.10 2.36
P/B 40.81 0.35 2.09
Price to free cash flow 11.04 2.23 9.71
EV/EBITDA 9.77 4.91 8.30
EV/Sales 3.89 0.25 3.88
Earnings yield 8.97% 10.20% 7.15%
Free cash flow yield 9.05% 44.78% 6.86%

Profitability

Metric CQP PAGP Oil & Gas Midstream median
Gross margin 40.64% 5.55% 56.58%
Operating margin 33.63% 3.13% 34.18%
Net margin 23.11% 1.06% 22.50%
Free cash flow margin 24.23% 4.65% 13.70%
Return on equity 1,283.57% 3.77% 14.65%
Return on assets 15.35% 1.90% 5.00%
Return on invested capital 16.40% 4.51% 6.13%

Growth

Metric CQP PAGP Oil & Gas Midstream median
Revenue growth (TTM) 15.44% 13.08% 15.60%
EPS growth (last fiscal year) 21.65% 150.00% (7.86%)
Revenue growth, 5-year CAGR 11.77% 13.70% 9.59%
Net income growth, 5-year CAGR 22.04% 0.00% 0.00%

Health

Metric CQP PAGP Oil & Gas Midstream median
Debt to equity 19.16 0.55 0.78
Current ratio 1.22 1.12 1.19
Net debt to EBITDA 3.23 4.59 3.42

Dividend

Metric CQP PAGP Oil & Gas Midstream median
Dividend yield 5.14% 7.47% 4.54%
Payout ratio 0.57 0.73 0.76

Size

Metric CQP PAGP Oil & Gas Midstream median
Market cap 30.13b 20.70b 3.73b

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