Plains Group Holdings, L.P. (PAGP) vs Pembina Pipeline Corp. (PBA)

Plains Group Holdings, L.P. and Pembina Pipeline Corp. are both Oil & Gas Midstream companies. Pembina Pipeline Corp. is the larger, with a market value of $27.7B against $20.1B — 1.4× the size. Plains Group Holdings, L.P. trades at the lower P/E: 9.4× against 23.3×. Plains Group Holdings, L.P. grew revenue faster over the last twelve months: 13.1% against 2.50%. Pembina Pipeline Corp. has the higher net margin (20.1% vs 1.06%) and the higher return on invested capital (6.10% vs 4.51%). Both pay a dividend; Plains Group Holdings, L.P. yields more (6.32% vs 4.38%). Across the 22 metrics below, Plains Group Holdings, L.P. leads on 14 and Pembina Pipeline Corp. on 8.

Valuation

Metric PAGP PBA Oil & Gas Midstream median
P/E 9.44 23.32 11.68
P/S 0.10 4.69 2.39
P/B 0.34 2.51 1.68
Price to free cash flow 2.15 17.52 8.52
EV/EBITDA 4.83 13.21 9.03
EV/Sales 0.24 6.28 3.43
Earnings yield 10.60% 4.29% 7.78%
Free cash flow yield 46.53% 5.71% 7.11%

Profitability

Metric PAGP PBA Oil & Gas Midstream median
Gross margin 5.55% 40.97% 54.87%
Operating margin 3.13% 35.83% 34.73%
Net margin 1.06% 20.12% 20.12%
Free cash flow margin 4.65% 26.77% 14.43%
Return on equity 3.77% 10.84% 11.73%
Return on assets 1.90% 4.60% 4.43%
Return on invested capital 4.51% 6.10% 6.10%

Growth

Metric PAGP PBA Oil & Gas Midstream median
Revenue growth (TTM) 13.08% 2.50% 14.88%
EPS growth (last fiscal year) 154.90% (13.06%) (7.78%)
Revenue growth, 5-year CAGR 13.70% 4.31% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PAGP PBA Oil & Gas Midstream median
Debt to equity 0.55 0.77 0.77
Current ratio 1.12 0.62 1.19
Net debt to EBITDA 4.59 3.31 3.46

Dividend

Metric PAGP PBA Oil & Gas Midstream median
Dividend yield 6.32% 4.38% 4.94%
Payout ratio 0.60 1.03 0.73

Size

Metric PAGP PBA Oil & Gas Midstream median
Market cap 20.11b 27.70b 3.56b

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