Global Partners LP (GLP) vs Dorian LPG Ltd. (LPG)

Global Partners LP and Dorian LPG Ltd. are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.3B against $1.6B — 1.4× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 9.6×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against 20.4%. Dorian LPG Ltd. has the higher net margin (55.0% vs 0.78%) and the higher return on invested capital (15.0% vs 8.44%). Both pay a dividend; Dorian LPG Ltd. yields more (9.37% vs 5.73%). Across the 23 metrics below, Dorian LPG Ltd. leads on 18 and Global Partners LP on 5.

Valuation

Metric GLP LPG Oil & Gas Midstream median
P/E 9.64 7.06 13.19
P/S 0.08 3.89 2.60
P/B 2.39 1.84 2.08
Price to free cash flow 7.76 9.90 10.14
EV/EBITDA 6.88 5.95 8.11
EV/Sales 0.15 4.17 3.89
Earnings yield 10.37% 14.17% 6.83%
Free cash flow yield 12.88% 10.10% 6.94%

Profitability

Metric GLP LPG Oil & Gas Midstream median
Gross margin 5.57% 85.68% 58.81%
Operating margin 1.55% 57.63% 32.14%
Net margin 0.78% 55.00% 21.16%
Free cash flow margin 0.97% 39.23% 10.15%
Return on equity 25.90% 28.34% 11.30%
Return on assets 4.28% 17.63% 5.00%
Return on invested capital 8.44% 15.04% 6.13%

Growth

Metric GLP LPG Oil & Gas Midstream median
Revenue growth (TTM) 20.35% 81.06% 15.44%
EPS growth (last fiscal year) (12.45%) 112.15% —
Revenue growth, 5-year CAGR 17.40% 8.79% 8.96%
Net income growth, 5-year CAGR (5.18%) 15.91% 0.00%

Health

Metric GLP LPG Oil & Gas Midstream median
Debt to equity 2.31 0.41 0.78
Current ratio 1.19 3.26 1.19
Net debt to EBITDA 4.61 0.82 3.42

Dividend

Metric GLP LPG Oil & Gas Midstream median
Dividend yield 5.73% 9.37% 7.29%
Payout ratio — 0.81 0.64

Size

Metric GLP LPG Oil & Gas Midstream median
Market cap 1.63b 2.31b 3.61b

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