Financials Dorian LPG Ltd. London S.E.

Equities

0A8W

MHY2106R1100

Oil & Gas Transportation Services

Market Closed - London S.E. Other stock markets 11:15:29 2024-03-22 am EDT			5-day change	1st Jan Change
38.4 ^USD	-11.76%		-12.31%	-11.64%

Jul. 01	Dorian LPG Ltd.(NYSE:LPG) dropped from Russell 3000E Growth Index	CI
Jul. 01	Dorian LPG Ltd.(NYSE:LPG) dropped from Russell 3000E Index	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	470.2	544.7	581.6	804.6	1,561	1,753	-	-
Enterprise Value (EV) ¹	1,057	1,057	1,008	1,337	1,905	2,113	2,042	1,818
P/E ratio	4.21 x	7.06 x	8.14 x	4.65 x	5.06 x	8.54 x	9.54 x	11.3 x
Yield	-	-	31.1%	20.1%	10.4%	10.1%	7.3%	4.86%
Capitalization / Revenue	1.42 x	1.74 x	2.15 x	2.08 x	2.8 x	3.72 x	4.73 x	-
EV / Revenue	3.2 x	3.38 x	3.73 x	3.46 x	3.41 x	4.48 x	5.51 x	-
EV / EBITDA	4.6 x	5.71 x	6.38 x	5.11 x	4.66 x	7.16 x	7.6 x	7.45 x
EV / FCF	7.78 x	6.56 x	5.38 x	8.61 x	5.36 x	9.69 x	11.1 x	12 x
FCF Yield	12.9%	15.2%	18.6%	11.6%	18.7%	10.3%	9.01%	8.31%
Price to Book	0.45 x	0.58 x	0.63 x	0.92 x	1.53 x	1.6 x	1.62 x	-
Nbr of stocks (in thousands)	53,987	41,482	40,139	40,351	40,593	42,619	-	-
Reference price ²	8.710	13.13	14.49	19.94	38.46	41.12	41.12	41.12
Announcement Date	5/27/20	5/19/21	5/26/22	5/24/23	5/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	330.2	312.5	269.9	386.1	558	471.5	370.5	-
EBITDA ¹	229.6	185.2	157.8	261.8	409.1	295.1	268.7	244
EBIT ¹	161.1	116.1	92.4	198.4	328.8	222.3	149.2	168
Operating Margin	48.78%	37.15%	34.23%	51.37%	58.93%	47.16%	40.27%	-
Earnings before Tax (EBT) ¹	111.8	92.56	71.94	172.4	307.4	173.1	125.9	156
Net income ¹	111.8	92.56	71.94	172.4	307.4	197.3	125.9	156
Net margin	33.87%	29.62%	26.65%	44.66%	55.09%	41.85%	33.99%	-
EPS ²	2.070	1.860	1.780	4.290	7.600	4.818	4.312	3.650
Free Cash Flow ¹	135.9	161.1	187.5	155.3	355.6	218	184	151
FCF margin	41.16%	51.54%	69.46%	40.21%	63.72%	46.24%	49.67%	-
FCF Conversion (EBITDA)	59.18%	86.98%	118.78%	59.32%	86.92%	73.88%	68.47%	61.89%
FCF Conversion (Net income)	121.5%	174.02%	260.6%	90.04%	115.66%	110.48%	146.13%	96.79%
Dividend per Share ²	-	-	4.500	4.000	4.000	4.167	3.000	2.000
Announcement Date	5/27/20	5/19/21	5/26/22	5/24/23	5/22/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	2026 Q1
Net sales ¹	67.82	78.46	76.05	75.97	102.9	132.6	111.3	143.5	163.1	141	95.09	125.4	144.9	84.6	-
EBITDA ¹	38.69	53.37	46.21	44.08	73.45	99.47	74.07	100.4	131.6	103.1	60.14	77.63	89.35	47.56	48
EBIT ¹	22.55	37.48	28.95	28.14	57.49	83.78	55.62	80.49	110.3	82.38	41.85	59.33	70.56	29.77	29
Operating Margin	33.25%	47.77%	38.06%	37.04%	55.87%	63.19%	49.99%	56.1%	67.67%	58.42%	44.01%	47.32%	48.71%	35.19%	-
Earnings before Tax (EBT) ¹	16.58	35.38	24.85	20.31	51.26	76.02	51.72	76.51	99.97	79.24	34.11	52.2	64.03	23.33	25
Net income ¹	16.58	35.38	24.85	20.31	51.26	76.02	51.72	76.51	99.97	79.24	34.11	52.2	64.03	23.33	25
Net margin	24.45%	45.1%	32.67%	26.74%	49.82%	57.33%	46.48%	53.33%	61.31%	56.19%	35.87%	41.63%	44.2%	27.58%	-
EPS ²	0.4100	0.8800	0.6200	0.5100	1.270	1.890	1.280	1.890	2.470	1.960	0.8312	1.259	1.541	0.5534	0.5800
Dividend per Share ²	1.000	2.500	1.000	1.000	1.000	1.000	1.000	-	1.000	1.000	1.167	1.000	1.000	1.000	0.5000
Announcement Date	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	5/22/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	587	512	426	532	344	360	289	65
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.555 x	2.765 x	2.699 x	2.032 x	0.8398 x	1.221 x	1.077 x	0.2664 x
Free Cash Flow ¹	136	161	187	155	356	218	184	151
ROE (net income / shareholders' equity)	11.8%	9.62%	7.71%	19.2%	32.4%	16.6%	11.9%	13.5%
ROA (Net income/ Total Assets)	6.78%	5.69%	4.51%	10.4%	17.3%	9.4%	6.9%	8.2%
Assets ¹	1,649	1,627	1,594	1,658	1,773	2,099	1,825	1,902
Book Value Per Share ²	19.20	22.80	22.90	21.60	25.20	25.80	25.40	-
Cash Flow per Share ²	3.120	3.430	2.940	5.570	9.600	7.890	-	-
Capex ¹	20	9.51	23.2	68.8	32.9	33	16	78
Capex / Sales	6.06%	3.04%	8.59%	17.81%	5.89%	7.01%	4.32%	-
Announcement Date	5/27/20	5/19/21	5/26/22	5/24/23	5/22/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

41.12 USD

Average target price

44.5 USD

Spread / Average Target

+8.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sea-Borne Tankers

	1st Jan change	Capi.
COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.	+27.82%	8.51B
FRONTLINE PLC	+16.51%	5.2B
SCORPIO TANKERS INC.	+28.68%	4.02B
INTERNATIONAL SEAWAYS, INC.	+24.96%	2.81B
BW LPG LIMITED	+27.89%	2.38B
NANJING TANKER CORPORATION	+25.71%	2.32B
DHT HOLDINGS, INC.	+10.50%	1.75B
FLEX LNG LTD.	-9.15%	1.44B
ODFJELL SE	+42.66%	1.24B

Sea-Borne Tankers