Discounted Cash Flow (DCF) Analysis Levered

GasLog Partners LP (GLOP)

$5.35

-3.29 (-38.08%)

All numbers are in Millions, Currency in USD

Stock DCF: 118.94 | 5.35 | 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	352.54	378.69	333.66	326.14	371.03	377.56	384.20	390.96	397.84	404.84
Revenue (%)
Operating Cash Flow	185.11	239.06	166.62	233.39	277.74	235.59	239.73	243.95	248.24	252.61
Operating Cash Flow (%)
Capital Expenditure	-24.18	-13.94	-23.62	-19.44	-2.55	-18.32	-18.65	-18.97	-19.31	-19.65
Capital Expenditure (%)
Free Cash Flow	160.93	225.12	143	213.94	275.20	217.27	221.09	224.98	228.94	232.96

Weighted Average Cost Of Capital

Share price	$ 5.35
Beta	2.384
Diluted Shares Outstanding	42.87
Cost of Debt
Tax Rate	29.94
After-tax Cost of Debt	3.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity	15.408
Total Debt	984.51
Total Equity	229.35
Total Capital	1,213.86
Debt Weighting	81.11
Equity Weighting	18.89
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	352.54	378.69	333.66	326.14	371.03	377.56	384.20	390.96	397.84	404.84
Operating Cash Flow	185.11	239.06	166.62	233.39	277.74	235.59	239.73	243.95	248.24	252.61
Capital Expenditure	-24.18	-13.94	-23.62	-19.44	-2.55	-18.32	-18.65	-18.97	-19.31	-19.65
Free Cash Flow	160.93	225.12	143	213.94	275.20	217.27	221.09	224.98	228.94	232.96
WACC
PV LFCF						205.63	198.04	190.73	183.68	176.90
SUM PV LFCF										954.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.66
Free cash flow (t + 1)	237.62
Terminal Value	6,492.44
Present Value of Terminal Value	4,930.09

Intrinsic Value

Enterprise Value	5,885.07
Net Debt	786.39
Equity Value	5,098.67
Shares Outstanding	42.87
Equity Value Per Share	118.94