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 ($30.1B and $28.0B). Cheniere Energy Partners, L.P. trades at the lower P/E: 11.1× against 24.4×. 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 (5.14% vs 4.18%). 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 11.14 24.44 12.77
P/S 2.68 4.92 2.36
P/B 40.81 2.63 2.09
Price to free cash flow 11.04 18.36 9.71
EV/EBITDA 9.77 13.68 8.30
EV/Sales 3.89 6.51 3.88
Earnings yield 8.97% 4.09% 7.15%
Free cash flow yield 9.05% 5.45% 6.86%

Profitability

Metric CQP PBA Oil & Gas Midstream median
Gross margin 40.64% 40.97% 56.58%
Operating margin 33.63% 35.83% 34.18%
Net margin 23.11% 20.12% 22.50%
Free cash flow margin 24.23% 26.77% 13.70%
Return on equity 1,283.57% 10.84% 14.65%
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% 15.60%
EPS growth (last fiscal year) 21.65% (13.06%) (7.86%)
Revenue growth, 5-year CAGR 11.77% 4.31% 9.59%
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 5.14% 4.18% 4.54%
Payout ratio 0.57 1.03 0.76

Size

Metric CQP PBA Oil & Gas Midstream median
Market cap 30.13b 28.02b 3.73b

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