	Dec'19 Actual	Dec'20 Actual	Dec'21 Actual	Dec'22 Actual	Dec'23 Actual	Dec'24 Estimate	Dec'25 Estimate	Dec'26 Estimate	Dec'27 Estimate	Dec'28 Estimate	Dec'29 Estimate	Dec'30 Estimate	Dec'31 Estimate	Dec'32 Estimate	Dec'33 Estimate	Dec'34 Terminal
Revenue % growth	261.1 66.2%	282.8 8.3%	402.5 42.3%	604.5 50.2%	666.7 10.3%	685.6 2.8%	702.9 2.5%	712.7 1.4%	784.1 10.0%	816.5 4.1%	847.4 3.8%	876.4 3.4%	903.3 3.1%	927.8 2.7%	949.6 2.4%	968.6 2.0%
Operating income (EBIT) % margin	111.6 42.7%	104.8 37.0%	237.5 59.0%	354.2 58.6%	343.2 51.5%	349.6 51.0%	358.5 51.0%	363.5 51.0%	399.9 51.0%	416.4 51.0%	432.1 51.0%	446.9 51.0%	460.7 51.0%	473.1 51.0%	484.3 51.0%	494.0 51.0%
NOPAT % effective tax rate	111.6 42.7%	104.6 37.0%	237.4 59.0%	354.2 58.6%	342.7 51.4%	349.1 50.9%	357.9 50.9%	362.9 50.9%	399.3 50.9%	415.8 50.9%	431.5 50.9%	446.3 50.9%	460.0 50.9%	472.4 50.9%	483.6 50.9%	493.3 50.9%
D&A % of revenue	45.8 17.6%	46.4 16.4%	61.6 15.3%	81.3 13.4%	91.7 13.8%	97.1 14.2%	99.6 14.2%	101.0 14.2%	111.1 14.2%	115.7 14.2%	120.1 14.2%	124.2 14.2%	128.0 14.2%	131.4 14.2%	134.5 14.2%	137.2 14.2%
Capex % of revenue	(99.1) (38.0%)	(46.4) (16.4%)	(490.9) (121.9%)	(33.7) (5.6%)	(152.5) (22.9%)	(343.7) (50.1%)	(352.4) (50.1%)	(357.3) (50.1%)	(393.1) (50.1%)	(409.3) (50.1%)	(424.8) (50.1%)	(439.3) (50.1%)	(452.8) (50.1%)	(465.1) (50.1%)	(476.1) (50.1%)	(485.6) (50.1%)
Change in Working Capital % of revenue	1.7 0.7%	(1.7) (0.6%)	63.7 15.8%	(11.8) (2.0%)	(19.2) (2.9%)	25.1 3.7%	25.7 3.7%	26.1 3.7%	28.7 3.7%	29.9 3.7%	31.0 3.7%	32.1 3.7%	33.1 3.7%	34.0 3.7%	34.8 3.7%	35.5 3.7%
Free Cash Flow to Firm (FCFF) % of revenue	60.0 23.0%	103.0 36.4%	(128.2) (31.8%)	390.1 64.5%	262.8 39.4%	127.7 18.6%	130.9 18.6%	132.7 18.6%	146.0 18.6%	152.1 18.6%	157.8 18.6%	163.2 18.6%	168.2 18.6%	172.8 18.6%	176.9 18.6%	180.4 18.6%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

GSL DCF Value

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GSL Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

GSL Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Sep 30, 2024

LTM Free Cash Flow

398.6M

Long-Term growth rate

2.0%

Discount rate

N/A

FX rate

1.0

Reverse DCF Value

N/A

Last share price

25.6

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with GSL Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
Global Ship Lease, Inc.GSL GSL	$818.4M	$1,212.0M	$51.9 121.9% undervalued	N/A 0.0% overvalued	$51.9 121.9% undervalued	$179.7 668.6% undervalued	$130.7 459.1% undervalued	N/A	N/A	0.0%	0.0%
Kirby CorporationKEX KEX	$5,570.3M	$6,554.7M	$52.1 45.9% overvalued	N/A 0.0% overvalued	$52.1 45.9% overvalued	$173.6 80.2% undervalued	$135.7 40.9% undervalued	51.3%	48.7%	(100.0%)	(100.0%)
Matson, Inc.MATX MATX	$4,360.3M	$4,842.5M	$202.3 54.3% undervalued	$279.8 113.0% undervalued	$124.7 4.9% overvalued	Negative 180.4% overvalued	Negative 251.3% overvalued	121.7%	(21.7%)	(7.5%)	(7.0%)
ZIM Integrated Shipping Services Ltd.ZIM ZIM	$2,455.6M	N/A	$33.4 64.4% undervalued	N/A 0.0% overvalued	$33.4 64.4% undervalued	Negative 9,100.5% overvalued	N/A 0.0% overvalued	570.6%	(470.6%)	(100.0%)	(78.6%)
Star Bulk Carriers Corp.SBLK SBLK	$1,828.5M	$2,663.8M	$815.7 5,066.2% undervalued	$1,619.9 10,159.0% undervalued	$11.6 26.6% overvalued	Negative 1,215.3% overvalued	Negative 243.2% overvalued	173.9%	(73.9%)	(21.5%)	(22.4%)
Golden Ocean Group LimitedGOGL GOGL	$1,553.2M	$2,840.7M	$2.7 64.8% overvalued	Negative 137.0% overvalued	$2.7 64.8% overvalued	$103.4 1,228.8% undervalued	$25.0 221.8% undervalued	118.3%	(18.3%)	(10.0%)	1.1%
Danaos CorporationDAC DAC	$1,550.1M	$1,770.7M	$164.9 105.2% undervalued	$169.4 111.0% undervalued	$160.5 99.6% undervalued	$346.6 331.3% undervalued	$156.7 94.9% undervalued	294.0%	(194.0%)	(100.0%)	(100.0%)
Costamare Inc.CMRE CMRE	$1,205.2M	$2,585.5M	$550.3 5,316.2% undervalued	$1,084.7 10,576.0% undervalued	$15.8 55.9% undervalued	$23.2 128.8% undervalued	$15.8 55.1% undervalued	203.6%	(103.6%)	(21.7%)	(20.3%)
Navios Maritime Partners L.P.NMM NMM	$1,180.8M	$2,932.0M	$47.0 21.9% undervalued	N/A 0.0% overvalued	$47.0 21.9% undervalued	Negative 444.3% overvalued	Negative 618.5% overvalued	118.0%	(18.0%)	(100.0%)	(100.0%)
SFL Corporation Ltd.SFL SFL	$1,118.7M	$3,735.7M	$3.1 63.4% overvalued	N/A 0.0% overvalued	$3.1 63.4% overvalued	$60.9 612.7% undervalued	N/A 0.0% overvalued	254.4%	(154.4%)	(100.0%)	(100.0%)
Capital Product Partners L.P.CPLP CPLP	$964.9M	$3,455.0M	$11.4 35.1% overvalued	N/A 0.0% overvalued	$11.4 35.1% overvalued	Negative 228.5% overvalued	Negative 147.8% overvalued	96.1%	3.9%	(23.7%)	(100.0%)