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 $2.0B against $1.3B — 1.5× the size. Dorian LPG Ltd. trades at the lower P/E: 4.1× against 82.9×. Dorian LPG Ltd. grew revenue faster over the last twelve months: 87.1% against −3.71%. Permian Basin Royalty Trust has the higher net margin (92.0% vs 70.4%) and the lower return on invested capital (0.00% vs 23.6%). Both pay a dividend; Dorian LPG Ltd. yields more (2.88% vs 1.06%). 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 4.15 82.86 11.80
P/S 2.93 76.71 2.38
P/B 1.42 n/m 1.65
Price to free cash flow 5.15 n/m 7.76
EV/EBITDA 3.35 83.66 7.88
EV/Sales 2.78 76.58 3.36
Earnings yield 24.10% 1.21% 7.98%
Free cash flow yield 19.42% 0.00% 7.23%

Profitability

Metric LPG PBT Oil & Gas Midstream median
Gross margin 88.08% 100.00% 55.22%
Operating margin 72.29% 91.54% 35.83%
Net margin 70.38% 91.96% 20.12%
Free cash flow margin 58.36% 0.00% 14.43%
Return on equity 38.78% 0.00% 14.03%
Return on assets 25.19% 757.27% 4.62%
Return on invested capital 23.55% 0.00% 6.10%

Growth

Metric LPG PBT Oil & Gas Midstream median
Revenue growth (TTM) 87.06% (3.71%) 15.70%
EPS growth (last fiscal year) 112.15% (43.64%) (7.78%)
Revenue growth, 5-year CAGR 8.79% 5.92% 10.05%
Net income growth, 5-year CAGR 15.91% 5.47% 0.00%

Health

Metric LPG PBT Oil & Gas Midstream median
Debt to equity 0.34 0.00 0.77
Current ratio 8.20 1.00 1.16
Net debt to EBITDA 0.82 (0.12) 3.46

Dividend

Metric LPG PBT Oil & Gas Midstream median
Dividend yield 2.88% 1.06% 5.03%
Payout ratio 0.12 0.88 0.73

Size

Metric LPG PBT Oil & Gas Midstream median
Market cap 1.97b 1.33b 3.30b

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