Enviva Partners (EVA) and Its Peers Critical Review

Enviva Partners (NYSE: EVA) is one of 56 public companies in the “ENERGY-ALT SRCS” industry, but how does it contrast to its peers? We will compare Enviva Partners to related companies based on the strength of its risk, earnings, institutional ownership, dividends, valuation, analyst recommendations and profitability.

Volatility and Risk

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Enviva Partners has a beta of 1.06, meaning that its share price is 6% more volatile than the S&P 500. Comparatively, Enviva Partners’ peers have a beta of 1.37, meaning that their average share price is 37% more volatile than the S&P 500.

Dividends

Enviva Partners pays an annual dividend of $2.48 per share and has a dividend yield of 9.2%. Enviva Partners pays out 400.0% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. As a group, “ENERGY-ALT SRCS” companies pay a dividend yield of 4.0% and pay out 122.2% of their earnings in the form of a dividend. Enviva Partners has raised its dividend for 2 consecutive years.

Valuation & Earnings

This table compares Enviva Partners and its peers gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Net Income Price/Earnings Ratio
Enviva Partners $543.22 million $17.51 million 43.55
Enviva Partners Competitors $903.41 million $7.36 million 1.83

Enviva Partners’ peers have higher revenue, but lower earnings than Enviva Partners. Enviva Partners is trading at a higher price-to-earnings ratio than its peers, indicating that it is currently more expensive than other companies in its industry.

Analyst Ratings

This is a breakdown of recent ratings and recommmendations for Enviva Partners and its peers, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score
Enviva Partners 0 0 2 0 3.00
Enviva Partners Competitors 419 1106 1372 81 2.37

Enviva Partners currently has a consensus target price of $33.50, suggesting a potential upside of 24.07%. As a group, “ENERGY-ALT SRCS” companies have a potential upside of 13.89%. Given Enviva Partners’ stronger consensus rating and higher possible upside, equities analysts clearly believe Enviva Partners is more favorable than its peers.

Institutional & Insider Ownership

42.7% of shares of all “ENERGY-ALT SRCS” companies are held by institutional investors. 11.3% of shares of all “ENERGY-ALT SRCS” companies are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.

Profitability

This table compares Enviva Partners and its peers’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets
Enviva Partners 3.80% 7.65% 2.89%
Enviva Partners Competitors -180.63% -61.30% -10.43%

Summary

Enviva Partners beats its peers on 9 of the 15 factors compared.

Enviva Partners Company Profile

Enviva Partners, LP is a supplier of utility-grade wood pellets to power generators. The Company procures wood fiber and processes it into utility-grade wood pellets and loads the finished wood pellets into railcars, trucks and barges that are transported to deep-water marine terminals, where they are received, stored and loaded onto oceangoing vessels for transport to the Company’s principally Northern European customers. The Company’s principal product, utility-grade wood pellets, is a traded energy commodity that is used as a substitute for coal in both dedicated and co-fired power generation and combined heat and power plants. It enables power generators to generate electricity. The Company’s customers use its wood pellets as a substitute fuel for coal in dedicated biomass or co-fired coal power plants. Wood pellets are exported from the Company’s deep-water marine terminal in Chesapeake, Virginia, from a deep-water marine terminal in Wilmington, North Carolina.

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