DDM Analysis: CPLP

Valuation Snapshot

Stable Growth	$211.85 - $501.84	$470.30
Multi-Stage	$72.29 - $79.21	$75.68
Blended Fair Value	$272.99
Current Price	$17.18
Upside	1,489.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-25.29%	-17.92%	0.32	0.31	0.20	0.44	0.73	1.36	1.33	1.76	3.17	2.61
YoY Growth	-	-	0.72%	59.66%	-55.41%	-39.73%	-46.14%	1.88%	-24.29%	-44.46%	21.47%	14.54%
Dividend Yield	-	-	1.83%	2.34%	1.08%	3.96%	9.98%	12.91%	8.62%	9.85%	20.04%	5.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.85
(-) Cash Dividends Paid (M)	5.88
(=) Cash Retained (M)	91.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.57	12.23	7.34
Cash Retained (M)	91.97	91.97	91.97
(-) Cash Required (M)	-19.57	-12.23	-7.34
(=) Excess Retained (M)	72.40	79.74	84.63
(/) Shares Outstanding (M)	38.78	38.78	38.78
(=) Excess Retained per Share	1.87	2.06	2.18
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	1.87	2.06	2.18
(=) Adjusted Dividend	2.02	2.21	2.33
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$211.85	$470.30	$501.84
Upside / Downside	1,133.14%	2,637.48%	2,821.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.85	104.21	110.98	118.20	125.88	134.06	138.08
Payout Ratio	6.01%	22.81%	39.61%	56.40%	73.20%	90.00%	92.50%
Projected Dividends (M)	5.88	23.77	43.96	66.67	92.15	120.65	127.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22.11	22.32	22.53
Year 2 PV (M)	38.03	38.75	39.48
Year 3 PV (M)	53.64	55.18	56.75
Year 4 PV (M)	68.96	71.61	74.34
Year 5 PV (M)	83.98	88.04	92.25
PV of Terminal Value (M)	2,536.37	2,658.88	2,786.07
Equity Value (M)	2,803.09	2,934.78	3,071.43
Shares Outstanding (M)	38.78	38.78	38.78
Fair Value	$72.29	$75.68	$79.21
Upside / Downside	320.77%	340.54%	361.05%

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Capital Product Partners L.P. (CPLP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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