Discounted Cash Flow (DCF) Analysis Levered

Diana Shipping Inc. (DSX)

$2.95

+0.01 (+0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 11.65 | 2.95 | undervalue

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	226.19	220.73	169.73	214.20	289.97	316.11	344.60	375.66	409.53	446.44
Revenue (%)
Operating Cash Flow	79.93	49.88	17.23	89.70	158.86	104.16	113.55	123.78	134.94	147.10
Operating Cash Flow (%)
Capital Expenditure	-2.83	-2.93	-6.14	-18.99	-230.97	-59.88	-65.28	-71.16	-77.57	-84.57
Capital Expenditure (%)
Free Cash Flow	77.10	46.95	11.09	70.71	-72.11	44.28	48.27	52.62	57.37	62.54

Weighted Average Cost Of Capital

Share price	$ 2.95
Beta	1.141
Diluted Shares Outstanding	83.32
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.641
Total Debt	754.94
Total Equity	245.79
Total Capital	1,000.73
Debt Weighting	75.44
Equity Weighting	24.56
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	226.19	220.73	169.73	214.20	289.97	316.11	344.60	375.66	409.53	446.44
Operating Cash Flow	79.93	49.88	17.23	89.70	158.86	104.16	113.55	123.78	134.94	147.10
Capital Expenditure	-2.83	-2.93	-6.14	-18.99	-230.97	-59.88	-65.28	-71.16	-77.57	-84.57
Free Cash Flow	77.10	46.95	11.09	70.71	-72.11	44.28	48.27	52.62	57.37	62.54
WACC
PV LFCF						41.94	43.31	44.71	46.17	47.67
SUM PV LFCF										223.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.58
Free cash flow (t + 1)	63.79
Terminal Value	1,781.82
Present Value of Terminal Value	1,358.17

Intrinsic Value

Enterprise Value	1,581.97
Net Debt	611.01
Equity Value	970.96
Shares Outstanding	83.32
Equity Value Per Share	11.65