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Dorian Lpg Ltd

LPGBelow valueExpectations · modest

Held by 2 superinvestors.

Price$47.90
Margin of safety−21%
Holders2
Total value$1.6M

SEC 10-K · fundamentals

Business quality

as of 2026-03-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+36.3%
Net margin
40.2%
ROE
17.0%
FCF margin
—
Revenue $315.9M → $481.5M · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$61/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$48
cheaperpricier

Zero-growth floor

$42

Central IV

$61

Optimistic top

$72

Dorian Lpg Ltd (LPG): A conservative value band $42–$72 / sh (zero-growth floor to growth-capped optimistic top); central read about $61. Today’s price sits below that band (price $48 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 2% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $42

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $46.24 – $72.29 · Greenwald zero-growth $58.67 · zero-growth base $58.67 · reproduction $28.94

Moat Franchise (moat) · terminal value 43% of present value · owner-earnings yield 11% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$41.91 – $52.08 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$48.00 – $58.67 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $1.24B = $28.94 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (No effective-rate data available; fell back to the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 2% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about -2.4% a year in owner-earnings for the next few years. Revenue actually grew 9.7% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 1 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $1.6M combined · this quarter +1 opened / -0 exited

This quarter1 opened1 added
Holders 1 → 2 · last 5q

SEC 13F · notes

Written summary

Dorian Lpg Ltd (LPG) is held by 2 of the superinvestors tracked on Compounder, with a combined $1.6M in reported 13F value. The largest position belongs to Tweedy, Browne, where it makes up 0.1% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in LPG, 1 added to existing ones, 0 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Dorian Lpg Ltd (LPG) also commonly hold →

LPG's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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