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Frontline PLC (FRO) vs South Bow Corporation (SOBO)

Frontline PLC and South Bow Corporation are both Oil & Gas Midstream companies. Frontline PLC is the larger, with a market value of $10.0B against $6.6B — 1.5× the size. Frontline PLC trades at the lower P/E: 6.7× against 14.4×. Frontline PLC grew revenue faster over the last twelve months: 63.5% against −2.10%. Frontline PLC has the higher net margin (49.4% vs 23.0%) and the higher return on invested capital (19.4% vs 6.54%). Both pay a dividend; Frontline PLC yields more (12.0% vs 6.30%). Across the 21 metrics below, Frontline PLC leads on 18 and South Bow Corporation on 3.

Valuation

Metric FRO SOBO Oil & Gas Midstream median
P/E 6.72 14.37 11.68
P/S 3.32 3.31 2.39
P/B 3.17 2.49 1.68
Price to free cash flow 5.90 9.70 8.52
EV/EBITDA 7.42 10.51 9.03
EV/Sales 4.02 5.81 3.43
Earnings yield 14.87% 6.96% 7.78%
Free cash flow yield 16.94% 10.31% 7.11%

Profitability

Metric FRO SOBO Oil & Gas Midstream median
Gross margin 66.67% 49.48% 54.87%
Operating margin 54.14% 42.78% 34.73%
Net margin 49.37% 22.99% 20.12%
Free cash flow margin 56.19% 34.13% 14.43%
Return on equity 53.85% 17.35% 11.73%
Return on assets 24.94% 4.02% 4.43%
Return on invested capital 19.35% 6.54% 6.10%

Growth

Metric FRO SOBO Oil & Gas Midstream median
Revenue growth (TTM) 63.48% (2.10%) 14.88%
EPS growth (last fiscal year) (23.77%) 36.18% (7.78%)
Revenue growth, 5-year CAGR 10.05% — 10.05%
Net income growth, 5-year CAGR (1.69%) — 0.00%

Health

Metric FRO SOBO Oil & Gas Midstream median
Debt to equity 0.77 2.15 0.77
Current ratio 1.87 1.52 1.19
Net debt to EBITDA 3.03 4.90 3.46

Dividend

Metric FRO SOBO Oil & Gas Midstream median
Dividend yield 12.00% 6.30% 4.94%
Payout ratio 0.81 0.91 0.73

Size

Metric FRO SOBO Oil & Gas Midstream median
Market cap 9.95b 6.59b 3.56b

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