DHT Holdings, Inc. (DHT) vs Dorian LPG Ltd. (LPG)

DHT Holdings, Inc. and Dorian LPG Ltd. are both Oil & Gas Midstream companies. DHT Holdings, Inc. is the larger, with a market value of $3.5B against $2.3B — 1.5× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 7.4×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 38.9%. DHT Holdings, Inc. has the higher net margin (65.5% vs 55.0%) and the higher return on invested capital (19.0% vs 15.0%). Both pay a dividend; DHT Holdings, Inc. yields more (15.0% vs 9.37%). Across the 23 metrics below, Dorian LPG Ltd. leads on 15 and DHT Holdings, Inc. on 8.

Valuation

Metric DHT LPG Oil & Gas Midstream median
P/E 7.41 7.06 13.19
P/S 4.85 3.89 2.60
P/B 2.64 1.84 2.08
Price to free cash flow 18.78 9.90 10.14
EV/EBITDA 6.35 5.95 8.11
EV/Sales 5.23 4.17 3.89
Earnings yield 13.50% 14.17% 6.83%
Free cash flow yield 5.33% 10.10% 6.94%

Profitability

Metric DHT LPG Oil & Gas Midstream median
Gross margin 74.23% 85.68% 58.81%
Operating margin 67.31% 57.63% 32.14%
Net margin 65.52% 55.00% 21.16%
Free cash flow margin 25.84% 39.23% 10.15%
Return on equity 39.17% 28.34% 11.30%
Return on assets 29.26% 17.63% 5.00%
Return on invested capital 18.99% 15.04% 6.13%

Growth

Metric DHT LPG Oil & Gas Midstream median
Revenue growth (TTM) 38.93% 81.06% 15.44%
EPS growth (last fiscal year) 16.96% 112.15% —
Revenue growth, 5-year CAGR (6.33%) 8.79% 8.96%
Net income growth, 5-year CAGR (4.54%) 15.91% 0.00%

Health

Metric DHT LPG Oil & Gas Midstream median
Debt to equity 0.33 0.41 0.78
Current ratio 3.64 3.26 1.19
Net debt to EBITDA 1.05 0.82 3.42

Dividend

Metric DHT LPG Oil & Gas Midstream median
Dividend yield 14.99% 9.37% 7.29%
Payout ratio 0.69 0.81 0.64

Size

Metric DHT LPG Oil & Gas Midstream median
Market cap 3.47b 2.31b 3.61b

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