Discounted Cash Flow (DCF) Analysis Levered

Navigator Holdings Ltd. (NVGS)

$13.245

+0.05 (+0.34%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.70 | 13.245 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	298.60	310.05	301.39	332.49	403.58	436.62	472.36	511.03	552.86	598.11
Revenue (%)
Operating Cash Flow	75.92	77.52	49.70	44.67	102.59	92.37	99.93	108.11	116.96	126.53
Operating Cash Flow (%)
Capital Expenditure	-184.29	-0.83	-3.27	-2.26	-3.54	-56.44	-61.06	-66.06	-71.46	-77.31
Capital Expenditure (%)
Free Cash Flow	-108.37	76.69	46.43	42.41	99.05	35.93	38.87	42.05	45.49	49.22

Weighted Average Cost Of Capital

Share price	$ 13.245
Beta	1.637
Diluted Shares Outstanding	55.79
Cost of Debt
Tax Rate	17.53
After-tax Cost of Debt	3.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.368
Total Debt	920.50
Total Equity	738.97
Total Capital	1,659.48
Debt Weighting	55.47
Equity Weighting	44.53
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	298.60	310.05	301.39	332.49	403.58	436.62	472.36	511.03	552.86	598.11
Operating Cash Flow	75.92	77.52	49.70	44.67	102.59	92.37	99.93	108.11	116.96	126.53
Capital Expenditure	-184.29	-0.83	-3.27	-2.26	-3.54	-56.44	-61.06	-66.06	-71.46	-77.31
Free Cash Flow	-108.37	76.69	46.43	42.41	99.05	35.93	38.87	42.05	45.49	49.22
WACC
PV LFCF						29.34	29.67	30.01	30.35	30.69
SUM PV LFCF										171.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.98
Free cash flow (t + 1)	50.20
Terminal Value	1,008.05
Present Value of Terminal Value	719.39

Intrinsic Value

Enterprise Value	891.14
Net Debt	796.49
Equity Value	94.65
Shares Outstanding	55.79
Equity Value Per Share	1.70