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. and Pembina Pipeline Corp. are of similar size ($27.7B and $27.7B). Cheniere Energy Partners, L.P. trades at the lower P/E: 9.2× against 23.5×. Cheniere Energy Partners, L.P. grew revenue faster over the last twelve months: 13.2% against 2.50%. Cheniere Energy Partners, L.P. has the higher net margin (23.9% vs 20.1%) and the higher return on invested capital (17.0% vs 6.10%). Both pay a dividend; Pembina Pipeline Corp. yields more (4.35% vs 4.05%). 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 9.22 23.48 11.80
P/S 2.38 4.72 2.38
P/B 31.61 2.52 1.65
Price to free cash flow 9.62 17.64 7.76
EV/EBITDA 8.84 13.27 7.88
EV/Sales 3.56 6.31 3.36
Earnings yield 10.84% 4.26% 7.98%
Free cash flow yield 10.40% 5.67% 7.23%

Profitability

Metric CQP PBA Oil & Gas Midstream median
Gross margin 41.11% 40.97% 55.22%
Operating margin 34.16% 35.83% 35.83%
Net margin 23.91% 20.12% 20.12%
Free cash flow margin 24.75% 26.77% 14.43%
Return on equity 1,050.85% 10.84% 14.03%
Return on assets 16.09% 4.60% 4.62%
Return on invested capital 16.98% 6.10% 6.10%

Growth

Metric CQP PBA Oil & Gas Midstream median
Revenue growth (TTM) 13.18% 2.50% 15.70%
EPS growth (last fiscal year) 21.65% (13.06%) (7.78%)
Revenue growth, 5-year CAGR 11.77% 4.31% 10.05%
Net income growth, 5-year CAGR 22.04% 0.00% 0.00%

Health

Metric CQP PBA Oil & Gas Midstream median
Debt to equity 16.38 0.77 0.77
Current ratio 1.19 0.62 1.16
Net debt to EBITDA 3.23 3.31 3.46

Dividend

Metric CQP PBA Oil & Gas Midstream median
Dividend yield 4.05% 4.35% 5.03%
Payout ratio 0.37 1.03 0.73

Size

Metric CQP PBA Oil & Gas Midstream median
Market cap 27.70b 27.70b 3.30b

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