Discounted Cash Flow (DCF) Analysis Levered

Dynagas LNG Partners LP (DLNG)

$2.59

+0.06 (+2.37%)

All numbers are in Millions, Currency in USD

Stock DCF: -43.26 | 2.59 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	127.14	130.90	137.17	137.75	131.66	132.89	134.14	135.40	136.66	137.95
Revenue (%)
Operating Cash Flow	42.99	43.18	68.60	79.59	57.32	57.98	58.52	59.07	59.62	60.18
Operating Cash Flow (%)
Capital Expenditure	-0.41	-0.42	-0.44	-0.44	-0.42	-0.43	-0.43	-0.44	-0.44	-0.44
Capital Expenditure (%)
Free Cash Flow	42.58	42.76	68.16	79.15	56.90	57.55	58.09	58.63	59.18	59.74

Weighted Average Cost Of Capital

Share price	$ 2.59
Beta	1.546
Diluted Shares Outstanding	36.80
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	-5.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.998
Total Debt	497.03
Total Equity	95.32
Total Capital	592.35
Debt Weighting	83.91
Equity Weighting	16.09
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	127.14	130.90	137.17	137.75	131.66	132.89	134.14	135.40	136.66	137.95
Operating Cash Flow	42.99	43.18	68.60	79.59	57.32	57.98	58.52	59.07	59.62	60.18
Capital Expenditure	-0.41	-0.42	-0.44	-0.44	-0.42	-0.43	-0.43	-0.44	-0.44	-0.44
Free Cash Flow	42.58	42.76	68.16	79.15	56.90	57.55	58.09	58.63	59.18	59.74
WACC
PV LFCF						59.21	61.48	63.85	66.30	68.85
SUM PV LFCF										319.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-2.80
Free cash flow (t + 1)	60.93
Terminal Value	-1,269.45
Present Value of Terminal Value	-1,463.14

Intrinsic Value

Enterprise Value	-1,143.44
Net Debt	448.46
Equity Value	-1,591.91
Shares Outstanding	36.80
Equity Value Per Share	-43.26