Discounted Cash Flow (DCF) Analysis Levered

Pangaea Logistics Solutions, Ltd. (PANL)

$8.59

+0.08 (+0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.74 | 8.59 | 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 372.97412.20382.90718.10699.71854.331,043.121,273.631,555.081,898.72
Revenue (%)
Operating Cash Flow 40.1344.4620.8461.75134.8093.72114.43139.72170.60208.30
Operating Cash Flow (%)
Capital Expenditure -17.54-56.99-2.93-196.65-36.39-88.64-108.23-132.15-161.35-197.01
Capital Expenditure (%)
Free Cash Flow 22.59-12.5317.91-134.9198.415.086.207.579.2411.29

Weighted Average Cost Of Capital

Share price $ 8.59
Beta 0.926
Diluted Shares Outstanding 45.06
Cost of Debt
Tax Rate 7.04
After-tax Cost of Debt 6.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.656
Total Debt 299.48
Total Equity 387.06
Total Capital 686.54
Debt Weighting 43.62
Equity Weighting 56.38
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 372.97412.20382.90718.10699.71854.331,043.121,273.631,555.081,898.72
Operating Cash Flow 40.1344.4620.8461.75134.8093.72114.43139.72170.60208.30
Capital Expenditure -17.54-56.99-2.93-196.65-36.39-88.64-108.23-132.15-161.35-197.01
Free Cash Flow 22.59-12.5317.91-134.9198.415.086.207.579.2411.29
WACC
PV LFCF 3.243.674.154.715.33
SUM PV LFCF 30.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.79
Free cash flow (t + 1) 11.34
Terminal Value 155.60
Present Value of Terminal Value 106.93

Intrinsic Value

Enterprise Value 137.63
Net Debt 171.10
Equity Value -33.47
Shares Outstanding 45.06
Equity Value Per Share -0.74