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 127.14130.90137.17137.75131.66132.89134.14135.40136.66137.95
Revenue (%)
EBITDA 83.3890.5595.8386.2241.4279.3880.1380.8881.6482.40
EBITDA (%)
EBIT 53.0559.8764.0454.519.6148.1148.5649.0249.4849.94
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 109.9266.2174.9847.0248.5769.8370.4871.1471.8172.48
Total Cash (%)
Account Receivables 2.441.351.352.491.351.801.821.831.851.87
Account Receivables (%)
Inventories 1.220.720.810.910.880.910.920.930.940.95
Inventories (%)
Accounts Payable 5.745.504.375.658.045.885.935.996.046.10
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 127.14130.90137.17137.75131.66132.89134.14135.40136.66137.95
EBITDA 83.3890.5595.8386.2241.4279.3880.1380.8881.6482.40
EBIT 53.0559.8764.0454.519.6148.1148.5649.0249.4849.94
Tax Rate 0.00%1,555.96%67.09%21.25%0.00%328.86%328.86%328.86%328.86%328.86%
EBIAT 53.05-871.7321.0842.939.61-110.11-111.14-112.19-113.24-114.30
Depreciation 30.3330.6831.8031.7131.8131.2731.5631.8632.1632.46
Accounts Receivable -1.090-1.141.14-0.45-0.02-0.02-0.02-0.02
Inventories -0.50-0.09-0.100.02-0.03-0.01-0.01-0.01-0.01
Accounts Payable --0.24-1.121.282.38-2.160.060.060.060.06
Capital Expenditure -0.41-0.42-0.44-0.44-3.63-0.43-0.43-0.44-0.44-0.44
UFCF 82.97-840.1251.2274.2344.54-81.90-79.98-80.73-81.49-82.25
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