Dorian LPG Ltd. (LPG) vs Permian Basin Royalty Trust (PBT)

Dorian LPG Ltd. and Permian Basin Royalty Trust are both Oil & Gas Midstream companies. Dorian LPG Ltd. is the larger, with a market value of $2.3B against $1.6B — 1.5× the size. Dorian LPG Ltd. trades at the lower P/E: 7.1× against 94.7×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 81.1% against −3.71%. Permian Basin Royalty Trust has the higher net margin (92.0% vs 55.0%) and the lower return on invested capital (0.00% vs 15.0%). Both pay a dividend; Dorian LPG Ltd. yields more (2.52% vs 0.91%). Across the 21 metrics below, Dorian LPG Ltd. leads on 15 and Permian Basin Royalty Trust on 6.

Valuation

Metric LPG PBT Oil & Gas Midstream median
P/E 7.07 94.69 12.77
P/S 3.89 87.66 2.36
P/B 1.84 n/m 2.09
Price to free cash flow 9.92 n/m 9.71
EV/EBITDA 5.96 95.62 8.30
EV/Sales 4.17 87.53 3.88
Earnings yield 14.14% 1.06% 7.15%
Free cash flow yield 10.08% 0.00% 6.86%

Profitability

Metric LPG PBT Oil & Gas Midstream median
Gross margin 85.68% 100.00% 56.58%
Operating margin 57.63% 91.54% 34.18%
Net margin 55.00% 91.96% 22.50%
Free cash flow margin 39.23% 0.00% 13.70%
Return on equity 28.34% 0.00% 14.65%
Return on assets 17.63% 757.27% 5.00%
Return on invested capital 15.04% 0.00% 6.13%

Growth

Metric LPG PBT Oil & Gas Midstream median
Revenue growth (TTM) 81.06% (3.71%) 15.60%
EPS growth (last fiscal year) 112.15% (43.64%) (7.86%)
Revenue growth, 5-year CAGR 8.79% 5.92% 9.59%
Net income growth, 5-year CAGR 15.91% 5.47% 0.00%

Health

Metric LPG PBT Oil & Gas Midstream median
Debt to equity 0.41 0.00 0.78
Current ratio 3.26 1.00 1.19
Net debt to EBITDA 0.82 (0.12) 3.42

Dividend

Metric LPG PBT Oil & Gas Midstream median
Dividend yield 2.52% 0.91% 4.54%
Payout ratio 0.18 0.86 0.76

Size

Metric LPG PBT Oil & Gas Midstream median
Market cap 2.30b 1.57b 3.73b

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