Discounted Cash Flow (DCF) Analysis Levered

Star Bulk Carriers Corp. (SBLK)

$17.72

-0.08 (-0.45%)

All numbers are in Millions, Currency in USD

Stock DCF: 89.53 | 17.72 | 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	651.56	821.37	693.24	1,427.42	1,437.16	1,857.70	2,401.31	3,104	4,012.30	5,186.40
Revenue (%)
Operating Cash Flow	169.01	88.53	170.55	767.07	769.90	626.52	809.86	1,046.84	1,353.17	1,749.14
Operating Cash Flow (%)
Capital Expenditure	-328.63	-347.14	-72.06	-130.15	-25.40	-423.49	-547.41	-707.60	-914.66	-1,182.31
Capital Expenditure (%)
Free Cash Flow	-159.62	-258.61	98.49	636.92	744.50	203.03	262.45	339.25	438.52	566.84

Weighted Average Cost Of Capital

Share price	$ 17.72
Beta	1.052
Diluted Shares Outstanding	102.54
Cost of Debt
Tax Rate	0.04
After-tax Cost of Debt	4.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.666
Total Debt	1,285.18
Total Equity	1,816.96
Total Capital	3,102.14
Debt Weighting	41.43
Equity Weighting	58.57
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	651.56	821.37	693.24	1,427.42	1,437.16	1,857.70	2,401.31	3,104	4,012.30	5,186.40
Operating Cash Flow	169.01	88.53	170.55	767.07	769.90	626.52	809.86	1,046.84	1,353.17	1,749.14
Capital Expenditure	-328.63	-347.14	-72.06	-130.15	-25.40	-423.49	-547.41	-707.60	-914.66	-1,182.31
Free Cash Flow	-159.62	-258.61	98.49	636.92	744.50	203.03	262.45	339.25	438.52	566.84
WACC
PV LFCF						190.16	230.22	278.72	337.43	408.52
SUM PV LFCF										1,445.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.77
Free cash flow (t + 1)	578.18
Terminal Value	12,121.08
Present Value of Terminal Value	8,735.64

Intrinsic Value

Enterprise Value	10,180.70
Net Debt	1,000.86
Equity Value	9,179.84
Shares Outstanding	102.54
Equity Value Per Share	89.53