Discounted Cash Flow (DCF) Analysis Unlevered

Dynagas LNG Partners LP (DLNG)

$2.715

-0.04 (-1.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 33.50 | 2.715 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	127.14	130.90	137.17	137.75	131.66	132.89	134.14	135.40	136.66	137.95
Revenue (%)
EBITDA	83.38	90.55	95.83	86.22	41.42	79.38	80.13	80.88	81.64	82.40
EBITDA (%)
EBIT	53.05	59.87	64.04	54.51	9.61	48.11	48.56	49.02	49.48	49.94
EBIT (%)
Depreciation	30.33	30.68	31.80	31.71	31.81	31.27	31.56	31.86	32.16	32.46
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	109.92	66.21	74.98	47.02	48.57	69.83	70.48	71.14	71.81	72.48
Total Cash (%)
Account Receivables	2.44	1.35	1.35	2.49	1.35	1.80	1.82	1.83	1.85	1.87
Account Receivables (%)
Inventories	1.22	0.72	0.81	0.91	0.88	0.91	0.92	0.93	0.94	0.95
Inventories (%)
Accounts Payable	5.74	5.50	4.37	5.65	8.04	5.88	5.93	5.99	6.04	6.10
Accounts Payable (%)
Capital Expenditure	-0.41	-0.42	-0.44	-0.44	-0.42	-0.43	-0.43	-0.44	-0.44	-0.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 2.715
Beta	1.535
Diluted Shares Outstanding	36.80
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	-4.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.819
Total Debt	543.28
Total Equity	99.92
Total Capital	643.20
Debt Weighting	84.47
Equity Weighting	15.53
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	127.14	130.90	137.17	137.75	131.66	132.89	134.14	135.40	136.66	137.95
EBITDA	83.38	90.55	95.83	86.22	41.42	79.38	80.13	80.88	81.64	82.40
EBIT	53.05	59.87	64.04	54.51	9.61	48.11	48.56	49.02	49.48	49.94
Tax Rate	0.00%	1,555.96%	67.09%	21.25%	0.00%	328.86%	328.86%	328.86%	328.86%	328.86%
EBIAT	53.05	-871.73	21.08	42.93	9.61	-110.11	-111.14	-112.19	-113.24	-114.30
Depreciation	30.33	30.68	31.80	31.71	31.81	31.27	31.56	31.86	32.16	32.46
Accounts Receivable	-	1.09	0	-1.14	1.14	-0.45	-0.02	-0.02	-0.02	-0.02
Inventories	-	0.50	-0.09	-0.10	0.02	-0.03	-0.01	-0.01	-0.01	-0.01
Accounts Payable	-	-0.24	-1.12	1.28	2.38	-2.16	0.06	0.06	0.06	0.06
Capital Expenditure	-0.41	-0.42	-0.44	-0.44	-3.63	-0.43	-0.43	-0.44	-0.44	-0.44
UFCF	82.97	-840.12	51.22	74.23	44.54	-81.90	-79.98	-80.73	-81.49	-82.25
WACC
PV UFCF						-83.89	-83.91	-86.76	-89.69	-92.73
SUM PV UFCF										-436.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-2.37
Free cash flow (t + 1)	-83.90
Terminal Value	1,919.87
Present Value of Terminal Value	2,164.49

Intrinsic Value

Enterprise Value	1,727.50
Net Debt	494.72
Equity Value	1,232.78
Shares Outstanding	36.80
Equity Value Per Share	33.50