	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	301.4 (2.8%)	332.5 10.3%	403.6 21.4%	473.8 17.4%	550.7 16.2%	517.4 (6.1%)	548.6 6.0%	566.3 3.2%	1,008.7 78.1%	1,686.4 67.2%	2,634.8 56.2%	3,827.9 45.3%	5,142.5 34.3%	6,345.5 23.4%	7,135.3 12.4%	7,242.3 1.5%
Operating income (EBIT) % margin	32.6 10.8%	41.8 12.6%	56.4 14.0%	(70.5) (14.9%)	137.2 24.9%	84.2 16.3%	89.3 16.3%	92.2 16.3%	164.3 16.3%	274.6 16.3%	429.0 16.3%	623.3 16.3%	837.4 16.3%	1,033.2 16.3%	1,161.8 16.3%	1,179.3 16.3%
NOPAT % effective tax rate	33.4 11.1%	21.6 6.5%	58.5 14.5%	(58.5) (12.4%)	128.8 23.4%	79.1 15.3%	83.9 15.3%	86.6 15.3%	154.2 15.3%	257.8 15.3%	402.7 15.3%	585.1 15.3%	786.1 15.3%	969.9 15.3%	1,090.7 15.3%	1,107.0 15.3%
D&A % of revenue	76.2 25.3%	76.7 23.1%	88.5 21.9%	126.2 26.6%	129.2 23.5%	124.2 24.0%	131.7 24.0%	136.0 24.0%	242.2 24.0%	404.9 24.0%	632.6 24.0%	919.0 24.0%	1,234.6 24.0%	1,523.4 24.0%	1,713.1 24.0%	1,738.8 24.0%
Capex % of revenue	(3.3) (1.1%)	(2.3) (0.7%)	(3.5) (0.9%)	(45.8) (9.7%)	(192.0) (34.9%)	(78.3) (15.1%)	(83.0) (15.1%)	(85.7) (15.1%)	(152.6) (15.1%)	(255.2) (15.1%)	(398.7) (15.1%)	(579.2) (15.1%)	(778.1) (15.1%)	(960.1) (15.1%)	(1,079.6) (15.1%)	(1,095.8) (15.1%)
Change in Working Capital % of revenue	(0.4) (0.1%)	(26.9) (8.1%)	17.2 4.3%	15.9 3.4%	(18.0) (3.3%)	7.5 1.4%	7.9 1.4%	8.2 1.4%	14.6 1.4%	24.4 1.4%	38.1 1.4%	55.4 1.4%	74.4 1.4%	91.9 1.4%	103.3 1.4%	104.8 1.4%
Free Cash Flow to Firm (FCFF) % of revenue	105.9 35.1%	69.1 20.8%	160.7 39.8%	37.8 8.0%	48.0 8.7%	132.5 25.6%	140.5 25.6%	145.0 25.6%	258.3 25.6%	431.9 25.6%	674.8 25.6%	980.4 25.6%	1,317.0 25.6%	1,625.1 25.6%	1,827.4 25.6%	1,854.8 25.6%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

NVGS DCF Value

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NVGS Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

NVGS Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Sep 30, 2024

LTM Free Cash Flow

216.9M

Long-Term growth rate

1.5%

Discount rate

N/A

FX rate

1.0

Reverse DCF Value

N/A

Last share price

16.0

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with NVGS 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)
Navigator Holdings Ltd.NVGS NVGS	$952.0M	$1,390.2M	$32.9 138.6% undervalued	N/A 0.0% overvalued	$32.9 138.6% undervalued	$21.6 56.5% undervalued	$30.6 121.6% undervalued	N/A	N/A	0.0%	0.0%
Enbridge Inc.ENB ENB	$92.7B	$99.2B	$71.2 68.4% undervalued	$78.0 84.0% undervalued	$64.5 52.4% undervalued	$0.6 98.7% overvalued	$79.0 86.7% undervalued	60.1%	39.9%	(5.2%)	(9.2%)
Enterprise Products Partners L.P.EPD EPD	$73.6B	$105.3B	$105.8 218.9% undervalued	$163.5 393.0% undervalued	$48.1 44.9% undervalued	$33.4 0.6% undervalued	$34.7 4.5% undervalued	104.9%	(4.9%)	0.6%	0.4%
The Williams Companies, Inc.WMB WMB	$66.7B	$93.6B	$43.2 21.4% overvalued	$48.5 12.0% overvalued	$37.9 31.1% overvalued	$35.6 35.1% overvalued	$31.4 42.9% overvalued	41.7%	58.3%	6.2%	3.8%
Energy Transfer LPET ET	$61.1B	$121.3B	$48.2 170.1% undervalued	$57.2 221.0% undervalued	$39.1 119.4% undervalued	$27.4 53.8% undervalued	$30.5 71.2% undervalued	101.0%	(1.0%)	(18.5%)	(15.3%)
Kinder Morgan, Inc.KMI KMI	$58.5B	$90.1B	$31.5 19.2% undervalued	$42.1 59.0% undervalued	$20.9 21.0% overvalued	$0.0 100.0% overvalued	$14.7 44.2% overvalued	64.6%	35.4%	(1.0%)	(3.5%)
ONEOK, Inc.OKE OKE	$54.0B	$85.3B	$260.5 181.2% undervalued	$435.0 370.0% undervalued	$86.0 7.2% overvalued	$67.5 27.1% overvalued	$77.5 16.4% overvalued	53.4%	46.6%	4.2%	4.0%
MPLX LPMPLX MPLX	$53.4B	$73.4B	$101.2 92.7% undervalued	$128.0 144.0% undervalued	$74.4 41.7% undervalued	$37.8 28.0% overvalued	$41.1 21.7% overvalued	93.4%	6.6%	(7.7%)	(6.7%)
TC Energy CorporationTRP TRP	$48.2B	$89.2B	$43.1 6.9% overvalued	Negative 123.0% overvalued	$43.1 6.9% overvalued	Negative 134.7% overvalued	$6.0 86.9% overvalued	88.0%	12.0%	6.0%	13.2%
Targa Resources Corp.TRGP TRGP	$39.9B	$54.0B	$91.9 49.3% overvalued	N/A 0.0% overvalued	$91.9 49.3% overvalued	$227.0 25.3% undervalued	$178.5 1.5% overvalued	48.5%	51.5%	20.0%	25.0%
Pembina Pipeline CorporationPBA PBA	$22.3B	$31.4B	$22.5 41.2% overvalued	$15.0 61.0% overvalued	$30.1 21.4% overvalued	$20.6 46.2% overvalued	$23.2 39.5% overvalued	82.4%	17.6%	(0.9%)	(0.1%)