PBF Energy Inc. (PBF) vs Ultrapar Participacoes S.A. (UGP)

PBF Energy Inc. and Ultrapar Participacoes S.A. are both Oil & Gas Refining & Marketing companies. PBF Energy Inc. and Ultrapar Participacoes S.A. are of similar size ($8.4B and $8.0B). PBF Energy Inc. trades at the lower P/E: 6.4× against 11.3×. Ultrapar Participacoes S.A. grew revenue faster over the last twelve months: 20.2% against 13.5%. PBF Energy Inc. has the higher net margin (3.94% vs 2.29%) and the higher return on invested capital (16.7% vs 15.3%). Both pay a dividend; Ultrapar Participacoes S.A. yields more (2.28% vs 1.61%). Across the 23 metrics below, PBF Energy Inc. leads on 15 and Ultrapar Participacoes S.A. on 8.

Valuation

Metric PBF UGP Oil & Gas Refining & Marketing median
P/E 6.41 11.25 15.04
P/S 0.25 0.26 0.41
P/B 1.33 1.91 1.87
Price to free cash flow 9.55 5.17 8.78
EV/EBITDA 3.69 5.08 7.94
EV/Sales 0.28 0.33 0.59
Earnings yield 15.59% 8.89% 6.15%
Free cash flow yield 10.47% 19.34% 10.47%

Profitability

Metric PBF UGP Oil & Gas Refining & Marketing median
Gross margin 11.56% 8.44% 12.22%
Operating margin 5.78% 4.95% 5.35%
Net margin 3.94% 2.29% 2.08%
Free cash flow margin 2.66% 5.52% 4.25%
Return on equity 23.01% 18.40% 11.39%
Return on assets 9.77% 7.25% 5.22%
Return on invested capital 16.73% 15.25% 11.54%

Growth

Metric PBF UGP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 13.54% 20.23% 13.37%
EPS growth (last fiscal year) 69.78% (25.64%) —
Revenue growth, 5-year CAGR 14.18% 10.10% 12.77%
Net income growth, 5-year CAGR 0.00% 20.45% 0.00%

Health

Metric PBF UGP Oil & Gas Refining & Marketing median
Debt to equity 0.27 0.96 0.44
Current ratio 1.33 1.64 1.32
Net debt to EBITDA 2.71 2.02 2.07

Dividend

Metric PBF UGP Oil & Gas Refining & Marketing median
Dividend yield 1.61% 2.28% 3.64%
Payout ratio 0.03 0.07 0.14

Size

Metric PBF UGP Oil & Gas Refining & Marketing median
Market cap 8.44b 7.99b 4.12b

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