Financials Dorian LPG Ltd.

Equities

LPG

MHY2106R1100

Oil & Gas Transportation Services

Real-time Estimate Cboe BZX Other stock markets 10:50:34 2024-05-21 am EDT			5-day change	1st Jan Change
44.71 ^USD	+1.27%		+1.34%	+1.69%

May. 09	Dorian LPG Appoints Alexander Hadjipateras as Chief Operating Officer	MT
May. 09	Dorian LPG Ltd. Announces Management Promotions	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	349.6	470.2	544.7	581.6	804.6	1,792	-	-
Enterprise Value (EV) ¹	1,015	1,057	1,057	1,008	1,337	2,230	2,189	2,117
P/E ratio	-6.9 x	4.21 x	7.06 x	8.14 x	4.65 x	5.71 x	8.74 x	13 x
Yield	-	-	-	31.1%	20.1%	9.06%	9.63%	6.8%
Capitalization / Revenue	2.24 x	1.42 x	1.74 x	2.15 x	2.08 x	3.13 x	4 x	4.77 x
EV / Revenue	6.49 x	3.2 x	3.38 x	3.73 x	3.46 x	3.9 x	4.88 x	5.63 x
EV / EBITDA	17.2 x	4.6 x	5.71 x	6.38 x	5.11 x	5.46 x	7.53 x	7.9 x
EV / FCF	233 x	7.78 x	6.56 x	5.38 x	8.61 x	7.56 x	8.45 x	11.8 x
FCF Yield	0.43%	12.9%	15.2%	18.6%	11.6%	13.2%	11.8%	8.5%
Price to Book	0.39 x	0.45 x	0.58 x	0.63 x	0.92 x	1.74 x	1.71 x	1.7 x
Nbr of stocks (in thousands)	54,452	53,987	41,482	40,139	40,351	40,593	-	-
Reference price ²	6.420	8.710	13.13	14.49	19.94	44.15	44.15	44.15
Announcement Date	5/23/19	5/27/20	5/19/21	5/26/22	5/24/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	156.3	330.2	312.5	269.9	386.1	572.6	448.4	375.8
EBITDA ¹	58.93	229.6	185.2	157.8	261.8	408.3	290.8	267.9
EBIT ¹	-7.962	161.1	116.1	92.4	198.4	340.3	236.3	165.7
Operating Margin	-5.09%	48.78%	37.15%	34.23%	51.37%	59.43%	52.69%	44.08%
Earnings before Tax (EBT) ¹	-50.95	111.8	92.56	71.94	172.4	312.2	186.5	137.5
Net income ¹	-50.95	111.8	92.56	71.94	172.4	312.2	204.4	137.5
Net margin	-32.59%	33.87%	29.62%	26.65%	44.66%	54.52%	45.58%	36.58%
EPS ²	-0.9300	2.070	1.860	1.780	4.290	7.728	5.052	3.395
Free Cash Flow ¹	4.363	135.9	161.1	187.5	155.3	295	259	180
FCF margin	2.79%	41.16%	51.54%	69.46%	40.21%	51.52%	57.76%	47.9%
FCF Conversion (EBITDA)	7.4%	59.18%	86.98%	118.78%	59.32%	72.25%	89.05%	67.2%
FCF Conversion (Net income)	-	121.5%	174.02%	260.6%	90.04%	94.5%	126.71%	130.94%
Dividend per Share ²	-	-	-	4.500	4.000	4.000	4.250	3.000
Announcement Date	5/23/19	5/27/20	5/19/21	5/26/22	5/24/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	63.09	67.82	78.46	76.05	75.97	102.9	132.6	111.3	143.5	163.1	155.6	116	107	156	64
EBITDA ¹	37.92	38.69	53.37	46.21	44.08	73.45	99.47	74.07	100.4	131.6	118.6	-	-	-	-
EBIT ¹	19.12	22.55	37.48	28.95	28.14	57.49	83.78	55.62	80.49	110.3	93.61	59.5	55.5	82	38
Operating Margin	30.3%	33.25%	47.77%	38.06%	37.04%	55.87%	63.19%	49.99%	56.1%	67.67%	60.16%	51.29%	51.87%	52.56%	59.38%
Earnings before Tax (EBT) ¹	14.1	16.58	35.38	24.85	20.31	51.26	76.02	51.72	76.51	99.97	84.11	50.22	46.38	72.57	15.43
Net income ¹	14.1	16.58	35.38	24.85	20.31	51.26	76.02	51.72	76.51	99.97	83.96	50.22	46.38	72.57	15.43
Net margin	22.35%	24.45%	45.1%	32.67%	26.74%	49.82%	57.33%	46.48%	53.33%	61.31%	53.95%	43.29%	43.35%	46.52%	24.11%
EPS ²	0.3500	0.4100	0.8800	0.6200	0.5100	1.270	1.890	1.280	1.890	2.470	2.074	1.238	1.151	1.800	0.7800
Dividend per Share ²	-	1.000	2.500	1.000	1.000	1.000	1.000	1.000	-	1.000	1.000	1.250	1.000	1.000	1.000
Announcement Date	11/3/21	2/3/22	5/26/22	8/3/22	11/2/22	2/1/23	5/24/23	8/2/23	11/2/23	2/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	665	587	512	426	532	438	397	325
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.29 x	2.555 x	2.765 x	2.699 x	2.032 x	1.074 x	1.364 x	1.212 x
Free Cash Flow ¹	4.36	136	161	187	155	295	259	180
ROE (net income / shareholders' equity)	-4.61%	11.8%	9.62%	7.71%	19.2%	32.8%	17.9%	13.6%
ROA (Net income/ Total Assets)	-2.57%	6.78%	5.69%	4.51%	10.4%	17.2%	10.2%	7.3%
Assets ¹	1,985	1,649	1,627	1,594	1,658	1,815	2,004	1,883
Book Value Per Share ²	16.50	19.20	22.80	22.90	21.60	25.40	25.80	25.90
Cash Flow per Share ²	-	3.120	3.430	2.940	5.570	7.290	8.610	-
Capex ¹	4.02	20	9.51	23.2	68.8	31.9	22.2	16
Capex / Sales	2.57%	6.06%	3.04%	8.59%	17.81%	5.57%	4.95%	4.26%
Announcement Date	5/23/19	5/27/20	5/19/21	5/26/22	5/24/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dorian LPG Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

44.15 USD

Average target price

41.58 USD

Spread / Average Target

-5.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sea-Borne Tankers

	1st Jan change	Capi.
DORIAN LPG LTD.	+0.64%	1.79B
COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.	+44.64%	10.3B
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SCORPIO TANKERS INC.	+35.49%	4.23B
INTERNATIONAL SEAWAYS, INC.	+40.79%	3.17B
NANJING TANKER CORPORATION	+41.43%	2.63B
BW LPG LIMITED	+22.87%	2.21B
DHT HOLDINGS, INC.	+28.54%	2.03B
FLEX LNG LTD.	+1.10%	1.58B
ODFJELL SE	+63.26%	1.35B

Sea-Borne Tankers