Discounted Cash Flow (DCF) Analysis Unlevered

Costamare Inc. (CMRE)

$9.05

-0.14 (-1.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.84 | 9.05 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 412.43380.40478.11460.32793.64965.481,174.531,428.841,738.222,114.58
Revenue (%)
EBITDA 225.25224.13298.48181.02643.45572.27696.18846.921,030.301,253.38
EBITDA (%)
EBIT 128.80127.85184.8372.13506.92353.44429.97523.06636.32774.10
EBIT (%)
Depreciation 96.4596.29113.65108.89136.53218.83266.21323.86393.98479.28
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 178.99113.71148.93143.92276329.20400.47487.19592.67721
Total Cash (%)
Account Receivables 8.8716.7816.5810.7532.3131.7438.6146.9857.1569.52
Account Receivables (%)
Inventories 9.6611.0210.5510.4521.3623.9629.1535.4643.1452.48
Inventories (%)
Accounts Payable 6.318.596.227.5818.8617.6021.4026.0431.6838.54
Accounts Payable (%)
Capital Expenditure -64.23-142.99-61.97-101.92-992.09-411.82-500.99-609.47-741.43-901.96
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.05
Beta 1.421
Diluted Shares Outstanding 123.07
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.222
Total Debt 2,558.45
Total Equity 1,113.79
Total Capital 3,672.24
Debt Weighting 69.67
Equity Weighting 30.33
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 412.43380.40478.11460.32793.64965.481,174.531,428.841,738.222,114.58
EBITDA 225.25224.13298.48181.02643.45572.27696.18846.921,030.301,253.38
EBIT 128.80127.85184.8372.13506.92353.44429.97523.06636.32774.10
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 128.80127.85184.8372.13506.92353.44429.97523.06636.32774.10
Depreciation 96.4596.29113.65108.89136.53218.83266.21323.86393.98479.28
Accounts Receivable --7.910.205.82-21.550.57-6.87-8.36-10.17-12.37
Inventories --1.360.470.09-10.91-2.60-5.19-6.31-7.68-9.34
Accounts Payable -2.27-2.371.3711.28-1.273.814.635.646.86
Capital Expenditure -64.23-142.99-61.98-101.92-992.09-411.82-500.99-609.47-741.43-901.96
UFCF 161.0274.15234.8186.39-369.82157.15186.94227.42276.66336.56
WACC
PV UFCF 149.58169.37196.12227.09262.95
SUM PV UFCF 1,005.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.06
Free cash flow (t + 1) 343.29
Terminal Value 11,218.73
Present Value of Terminal Value 8,765.10

Intrinsic Value

Enterprise Value 9,770.21
Net Debt 2,282.45
Equity Value 7,487.76
Shares Outstanding 123.07
Equity Value Per Share 60.84