Cheniere Energy Partners, L.P. (CQP) vs Pembina Pipeline Corp. (PBA)

Cheniere Energy Partners, L.P. and Pembina Pipeline Corp. are both Oil & Gas Midstream companies. Cheniere Energy Partners, L.P. is the larger, with a market value of $30.8B against $26.4B — 1.2× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 11.1× against 21.8×. Cheniere Energy Partners, L.P. grew revenue faster over the last twelve months: 15.4% against 2.50%. Cheniere Energy Partners, L.P. has the higher net margin (23.1% vs 20.1%) and the higher return on invested capital (16.4% vs 6.10%). Both pay a dividend; Cheniere Energy Partners, L.P. yields more (8.27% vs 5.87%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 18 and Pembina Pipeline Corp. on 5.

Valuation

Metric CQP PBA Oil & Gas Midstream median
P/E 11.12 21.79 13.19
P/S 2.67 4.38 2.60
P/B 40.72 2.34 2.08
Price to free cash flow 11.02 16.37 10.14
EV/EBITDA 9.75 12.56 8.11
EV/Sales 3.89 5.97 3.89
Earnings yield 8.99% 4.59% 6.83%
Free cash flow yield 9.07% 6.11% 6.94%

Profitability

Metric CQP PBA Oil & Gas Midstream median
Gross margin 40.64% 40.97% 58.81%
Operating margin 33.63% 35.83% 32.14%
Net margin 23.11% 20.12% 21.16%
Free cash flow margin 24.23% 26.77% 10.15%
Return on equity 1,283.57% 10.84% 11.30%
Return on assets 15.35% 4.60% 5.00%
Return on invested capital 16.40% 6.10% 6.13%

Growth

Metric CQP PBA Oil & Gas Midstream median
Revenue growth (TTM) 15.44% 2.50% 15.44%
EPS growth (last fiscal year) 21.65% (13.06%) —
Revenue growth, 5-year CAGR 11.77% 4.31% 8.96%
Net income growth, 5-year CAGR 22.04% 0.00% 0.00%

Health

Metric CQP PBA Oil & Gas Midstream median
Debt to equity 19.16 0.77 0.78
Current ratio 1.22 0.62 1.19
Net debt to EBITDA 3.23 3.31 3.42

Dividend

Metric CQP PBA Oil & Gas Midstream median
Dividend yield 8.27% 5.87% 7.29%
Payout ratio — 0.54 0.64

Size

Metric CQP PBA Oil & Gas Midstream median
Market cap 30.81b 26.43b 3.61b

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