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Dorian LPG Ltd. (LPG) vs NGL Energy Partners LP (NGL)

Dorian LPG Ltd. and NGL Energy Partners LP are both Oil & Gas Midstream companies. Dorian LPG Ltd. and NGL Energy Partners LP are of similar size ($2.0B and $1.8B). NGL Energy Partners LP has negative trailing earnings, so its P/E is not meaningful; Dorian LPG Ltd. trades at 4.1×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 87.1% against 5.76%. Dorian LPG Ltd. has the higher net margin (70.4% vs −9.96%) and the higher return on invested capital (23.6% vs 2.94%). Across the 20 metrics below, Dorian LPG Ltd. leads on 16 and NGL Energy Partners LP on 4.

Valuation

Metric LPG NGL Oil & Gas Midstream median
P/E 4.15 n/m 11.80
P/S 2.93 0.53 2.38
P/B 1.42 n/m 1.65
Price to free cash flow 5.15 18.44 7.76
EV/EBITDA 3.35 12.61 7.88
EV/Sales 2.78 1.46 3.36
Earnings yield 24.10% (18.87%) 7.98%
Free cash flow yield 19.42% 5.42% 7.23%

Profitability

Metric LPG NGL Oil & Gas Midstream median
Gross margin 88.08% 29.52% 55.22%
Operating margin 72.29% 4.05% 35.83%
Net margin 70.38% (9.96%) 20.12%
Free cash flow margin 58.36% 2.89% 14.43%
Return on equity 38.78% 88.77% 14.03%
Return on assets 25.19% (8.39%) 4.62%
Return on invested capital 23.55% 2.94% 6.10%

Growth

Metric LPG NGL Oil & Gas Midstream median
Revenue growth (TTM) 87.06% 5.76% 15.70%
EPS growth (last fiscal year) 112.15% (431.67%) (7.78%)
Revenue growth, 5-year CAGR 8.79% (9.60%) 10.05%
Net income growth, 5-year CAGR 15.91% 0.00% 0.00%

Health

Metric LPG NGL Oil & Gas Midstream median
Debt to equity 0.34 (13.85) 0.77
Current ratio 8.20 1.14 1.16
Net debt to EBITDA 0.82 8.88 3.46

Dividend

Metric LPG NGL Oil & Gas Midstream median
Dividend yield 2.88% — 5.03%
Payout ratio 0.12 — 0.73

Size

Metric LPG NGL Oil & Gas Midstream median
Market cap 1.97b 1.84b 3.30b

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