Dorian LPG

LPG

Oil & Gas Midstream · Energy

Price

$41.03

-0.27 (-0.65%)

Market Cap

$1.76B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+5.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.4M (2022) → 42.6M (2026)

Dorian LPG Ltd. is a shipping company that transports liquefied petroleum gas — mainly propane and butane — across oceans in large specialized vessels called Very Large Gas Carriers (VLGCs). Its customers include energy companies, petrochemical producers, and commodity traders who need to move LPG from export hubs like the United States and Middle East to markets in Asia and Europe. Dorian operates one of the largest fleets of VLGCs in the world.

The company makes money by charging customers to use its ships, either through long-term contracts or shorter spot-market rates that change with supply and demand. It operates globally, with a fleet of roughly 25 vessels, and its scale and modern fuel-efficient ships give it a cost advantage over smaller competitors. The main risk is that revenue can swing sharply when spot shipping rates fall, since the company has meaningful exposure to the volatile spot market.

Winston Score History

Score breakdown

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Quality

Gross Margin

29.4%

Modest — 29.4% gross margin

Operating Margin

19.4%

Healthy — 19.4% operating margin

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.3%

Shrinking sales (-4.3% YoY)

EPS YoY

-27.7%

Earnings shrinking (-27.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

148%

Turns 148% of profit into real cash

FCF Margin

33.0%

Converts sales into free cash efficiently (33.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.53

Conservative — low debt load (0.53)

Interest Cover

4.62x

Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

14.4x

Attractive valuation — P/E 14.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.4 → 11.0)

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Dividends

Dividend Yield

7.19%

Healthy income — 7.19% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-7.8%

Dividend cut (-7.8% YoY) — warning sign

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