Discounted Cash Flow (DCF) Analysis Unlevered

Costamare Inc. (CMRE)

$9.35

-0.08 (-0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.47 | 9.35 | overvalue

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 113.31121.81138.35181.02657.70406.72494.78601.91732.24890.79
EBITDA (%)
EBIT 8.4317.3724.7072.13521.17179.80218.73266.09323.71393.80
EBIT (%)
Depreciation 104.88104.44113.65108.89136.53226.92276.05335.82408.53496.99
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 $ 9.35
Beta 1.392
Diluted Shares Outstanding 115.75
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.341
Total Debt 2,558.45
Total Equity 1,082.24
Total Capital 3,640.69
Debt Weighting 70.27
Equity Weighting 29.73
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 113.31121.81138.35181.02657.70406.72494.78601.91732.24890.79
EBIT 8.4317.3724.7072.13521.17179.80218.73266.09323.71393.80
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 8.4317.3724.7072.13521.17179.80218.73266.09323.71393.80
Depreciation 104.88104.44113.65108.89136.53226.92276.05335.82408.53496.99
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 49.08-28.1874.6886.39-355.57-8.40-14.46-17.59-21.40-26.03
WACC
PV UFCF -7.97-13.01-15.01-17.31-19.98
SUM PV UFCF -73.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.44
Free cash flow (t + 1) -26.55
Terminal Value -771.93
Present Value of Terminal Value -592.31

Intrinsic Value

Enterprise Value -665.59
Net Debt 2,282.45
Equity Value -2,948.03
Shares Outstanding 115.75
Equity Value Per Share -25.47