Discounted Cash Flow (DCF) Analysis Levered

Tsakos Energy Navigation Limited (TNP)

$19.69

-0.01 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 54.99 | 19.69 | 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	529.88	597.45	644.13	546.12	860.40	995.69	1,152.26	1,333.44	1,543.12	1,785.77
Revenue (%)
Operating Cash Flow	73.95	184.35	205.42	53.11	288.53	238.89	276.45	319.92	370.23	428.44
Operating Cash Flow (%)
Capital Expenditure	-17.31	-102.21	-188.24	-61.23	-333.37	-198.25	-229.43	-265.50	-307.25	-355.57
Capital Expenditure (%)
Free Cash Flow	56.63	82.14	17.18	-8.12	-44.84	40.63	47.02	54.42	62.98	72.88

Weighted Average Cost Of Capital

Share price	$ 19.69
Beta	0.060
Diluted Shares Outstanding	28.19
Cost of Debt
Tax Rate	2.03
After-tax Cost of Debt	4.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.538
Total Debt	1,666.78
Total Equity	555.02
Total Capital	2,221.80
Debt Weighting	75.02
Equity Weighting	24.98
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	529.88	597.45	644.13	546.12	860.40	995.69	1,152.26	1,333.44	1,543.12	1,785.77
Operating Cash Flow	73.95	184.35	205.42	53.11	288.53	238.89	276.45	319.92	370.23	428.44
Capital Expenditure	-17.31	-102.21	-188.24	-61.23	-333.37	-198.25	-229.43	-265.50	-307.25	-355.57
Free Cash Flow	56.63	82.14	17.18	-8.12	-44.84	40.63	47.02	54.42	62.98	72.88
WACC
PV LFCF						38.97	43.26	48.02	53.30	59.16
SUM PV LFCF										242.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.26
Free cash flow (t + 1)	74.33
Terminal Value	3,289.16
Present Value of Terminal Value	2,669.91

Intrinsic Value

Enterprise Value	2,912.61
Net Debt	1,362.41
Equity Value	1,550.20
Shares Outstanding	28.19
Equity Value Per Share	54.99