Discounted Cash Flow (DCF) Analysis Unlevered

FLEX LNG Ltd. (FLNG)

$29.9

-0.54 (-1.77%)
All numbers are in Millions, Currency in USD
Stock DCF: -22,086.65 | 29.9 | 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 27.3377.21119.97164.46343.456731,318.772,584.185,063.819,922.74
Revenue (%)
EBITDA -10.1646.8279.7791.84288.36309.28606.051,187.582,327.124,560.08
EBITDA (%)
EBIT -10.1629.4151.0249.99218.52185.05362.61710.551,392.362,728.38
EBIT (%)
Depreciation 017.4128.7541.8569.83124.23243.44477.03934.761,831.70
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 9.9654.93129.01128.88200.65473.68928.191,818.823,564.066,983.92
Total Cash (%)
Account Receivables 0.494.419.3213.8814.7837.7073.87144.75283.64555.80
Account Receivables (%)
Inventories 1.040.912.693.666.4515.2629.9058.58114.80224.95
Inventories (%)
Accounts Payable 0.080.590.583.372.025.6110.9921.5442.2182.71
Accounts Payable (%)
Capital Expenditure -77.71-584.43-291.54-691.39-265.93-2,398.78-4,700.51-9,210.83-18,048.99-35,367.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.9
Beta 0.283
Diluted Shares Outstanding 53.34
Cost of Debt
Tax Rate 0.06
After-tax Cost of Debt 3.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.163
Total Debt 1,633.42
Total Equity 1,594.87
Total Capital 3,228.29
Debt Weighting 50.60
Equity Weighting 49.40
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 27.3377.21119.97164.46343.456731,318.772,584.185,063.819,922.74
EBITDA -10.1646.8279.7791.84288.36309.28606.051,187.582,327.124,560.08
EBIT -10.1629.4151.0249.99218.52185.05362.61710.551,392.362,728.38
Tax Rate -0.16%-0.08%1.06%1.03%0.06%0.38%0.38%0.38%0.38%0.38%
EBIAT -10.1729.4350.4849.48218.39184.35361.23707.851,387.072,718.01
Depreciation 017.4128.7541.8569.83124.23243.44477.03934.761,831.70
Accounts Receivable --3.93-4.90-4.56-0.90-22.92-36.17-70.88-138.89-272.16
Inventories -0.13-1.77-0.97-2.80-8.80-14.64-28.69-56.21-110.15
Accounts Payable -0.52-0.012.79-1.363.595.3810.5520.6740.50
Capital Expenditure -77.71-584.43-291.54-691.39-265.93-2,398.78-4,700.51-9,210.83-18,048.99-35,367.72
UFCF -87.89-540.87-219-602.8117.24-2,118.33-4,141.26-8,114.96-15,901.60-31,159.81
WACC
PV UFCF -2,031.19-3,807.56-7,154.16-13,442.19-25,256.99
SUM PV UFCF -51,692.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.29
Free cash flow (t + 1) -31,783.01
Terminal Value -1,387,904.34
Present Value of Terminal Value -1,124,983.62

Intrinsic Value

Enterprise Value -1,176,675.70
Net Debt 1,432.77
Equity Value -1,178,108.47
Shares Outstanding 53.34
Equity Value Per Share -22,086.65