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Global Ship Lease, Inc. (GSL)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$955.14 - $2,270.36$2,127.66
Multi-Stage$329.32 - $360.69$344.71
Blended Fair Value$1,236.19
Current Price$26.31
Upside4,598.55%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%1.641.501.420.780.000.000.000.000.000.27
YoY Growth--9.74%5.45%80.73%0.00%0.00%0.00%0.00%0.00%-100.00%0.00%
Dividend Yield--7.18%7.35%7.57%2.75%0.00%0.00%0.00%0.00%0.00%2.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)406.41
(-) Cash Dividends Paid (M)72.00
(=) Cash Retained (M)334.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)81.2850.8030.48
Cash Retained (M)334.41334.41334.41
(-) Cash Required (M)-81.28-50.80-30.48
(=) Excess Retained (M)253.13283.61303.93
(/) Shares Outstanding (M)35.6035.6035.60
(=) Excess Retained per Share7.117.978.54
LTM Dividend per Share2.022.022.02
(+) Excess Retained per Share7.117.978.54
(=) Adjusted Dividend9.139.9910.56
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Fair Value$955.14$2,127.66$2,270.36
Upside / Downside3,530.32%7,986.90%8,529.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)406.41432.83460.96490.93522.84556.82573.53
Payout Ratio17.72%32.17%46.63%61.09%75.54%90.00%92.50%
Projected Dividends (M)72.00139.26214.95299.89394.97501.14530.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.51%6.51%6.51%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)129.52130.75131.97
Year 2 PV (M)185.94189.48193.05
Year 3 PV (M)241.28248.20255.26
Year 4 PV (M)295.55306.92318.61
Year 5 PV (M)348.78365.62383.11
PV of Terminal Value (M)10,522.7311,030.9811,558.68
Equity Value (M)11,723.7912,271.9512,840.69
Shares Outstanding (M)35.6035.6035.60
Fair Value$329.32$344.71$360.69
Upside / Downside1,151.68%1,210.20%1,270.93%

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