Discounted Cash Flow (DCF) Analysis Unlevered

Dynagas LNG Partners LP (DLNG)

$2.53

+0.01 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: -54.18 | 2.53 | overvalue

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 127.14130.90137.17137.75131.66132.89134.14135.40136.66137.95
Revenue (%)
EBITDA 80.8380.9389.9984.9758.7379.0279.7680.5181.2682.03
EBITDA (%)
EBIT 50.5050.2558.2053.2626.9347.7548.2048.6549.1149.57
EBIT (%)
Depreciation 30.3330.6831.8031.7131.8131.2731.5631.8632.1632.46
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 109.9216.2124.9897.0148.5759.6360.1960.7661.3361.90
Total Cash (%)
Account Receivables 1.130.140.382.491.351.091.101.111.131.14
Account Receivables (%)
Inventories 1.220.720.810.960.920.930.940.950.960.96
Inventories (%)
Accounts Payable 5.745.504.375.465.225.275.325.375.425.47
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 $ 2.53
Beta 1.546
Diluted Shares Outstanding 36.80
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -5.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.039
Total Debt 497.03
Total Equity 93.11
Total Capital 590.14
Debt Weighting 84.22
Equity Weighting 15.78
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 127.14130.90137.17137.75131.66132.89134.14135.40136.66137.95
EBITDA 80.8380.9389.9984.9758.7379.0279.7680.5181.2682.03
EBIT 50.5050.2558.2053.2626.9347.7548.2048.6549.1149.57
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 50.5050.2558.2053.2626.9347.7548.2048.6549.1149.57
Depreciation 30.3330.6831.8031.7131.8131.2731.5631.8632.1632.46
Accounts Receivable -0.99-0.24-2.111.140.26-0.01-0.01-0.01-0.01
Inventories -0.50-0.09-0.150.04-0.01-0.01-0.01-0.01-0.01
Accounts Payable --0.24-1.121.09-0.240.050.050.050.050.05
Capital Expenditure -0.41-0.42-0.44-0.44-3.63-0.43-0.43-0.44-0.44-0.44
UFCF 80.4281.7688.1083.3559.2678.8979.3680.1080.8681.61
WACC
PV UFCF 81.2084.0887.3690.7794.31
SUM PV UFCF 437.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -2.85
Free cash flow (t + 1) 83.25
Terminal Value -1,716.40
Present Value of Terminal Value -1,983.37

Intrinsic Value

Enterprise Value -1,545.65
Net Debt 448.46
Equity Value -1,994.11
Shares Outstanding 36.80
Equity Value Per Share -54.18