Dorchester Minerals LP – Value Analysis (NASDAQ:DMLP) : April 13, 2017

Capitalcube gives Dorchester Minerals LP a score of 50.

Our analysis is based on comparing Dorchester Minerals LP with the following peers – North European Oil Royalty Trust, Marine Petroleum Trust, Enduro Royalty Trust, Panhandle Oil and Gas Inc. Class A, Permian Basin Royalty Trust, San Juan Basin Royalty Trust, Mesa Royalty Trust and Sabine Royalty Trust (NRT-US, MARPS-US, NDRO-US, PHX-US, PBT-US, SJT-US, MTR-US and SBR-US).

Investment Outlook

Dorchester Minerals LP has a fundamental score of 50 and has a relative valuation of NEUTRAL.

Fundamental Score

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Company Overview

  • With respect to peers, relative outperformance over the last year is in contrast to the more recent underperformance.
  • It trades at a lower Price/Book multiple (7.77) than its peer median (9.73).
  • The market expects faster earnings growth from DMLP-US than from its peers and also a turnaround in its current ROE.
  • DMLP-US‘s relatively low net margins and poor asset turns suggest a problematic operating strategy.
  • The company’s year-on-year change in revenues and earnings are better than the median among its peer group.
  • DMLP-US‘s return on assets currently and over the past five years has trailed the peer median and suggests the company might be operationally challenged relative to its peers.
  • Compared with the peers chosen, DMLP-US has had faster revenue growth in prior years and a current P/E ratio that suggests faster growth in the future suggesting superior growth expectations.
  • The company’s relatively low level of capital investment and below peer median returns on capital suggest that the company is in maintenance mode.
  • DMLP-US currently does not have any debt.

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Leverage & Liquidity

DMLP-US currently does not have any debt.

  • We consider the company to have a Quick & Able profile as it currently does not have any debt. In comparison, the median level of debt as percent of enterprise value for its peer group is currently 0%.
  • Of the 8 chosen peers for the company, only 1 of the stocks have an outstanding debt balance (including PHX-US). Companies with no debt include NRT-US, MARPS-US, NDRO-US, PBT-US, SJT-US, MTR-US and SBR-US.

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Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
North European Oil Royalty Trust 0 N/A No interest exp 999
Marine Petroleum Trust 0 N/A No interest exp N/A
Enduro Royalty Trust 0 N/A No interest exp N/A
Panhandle Oil and Gas Inc. Class A 10.13 0.76 -4.88 15.86
Permian Basin Royalty Trust 0 N/A No interest exp N/A
San Juan Basin Royalty Trust 0 N/A No interest exp N/A
Mesa Royalty Trust 0 N/A No interest exp N/A
Sabine Royalty Trust 0 N/A No interest exp N/A
Dorchester Minerals, L.P. 0 53.71 No interest exp 999
Peer Median 0 27.23 No interest exp 999
Best In Class 10.13 53.71 No interest exp 999

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Company Profile

Dorchester Minerals LP engages in the acquisition, ownership, and administration of Royalty Properties, which is a producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests. The company was founded in December 2001 and is headquartered in Dallas, TX.


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