Discounted Cash Flow (DCF) Analysis Unlevered
Can-Fite BioPharma Ltd. (CANF)
$2.5
-0.09 (-3.47%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3.82 | 2.03 | 0.76 | 0.85 | 0.81 | 0.60 | 0.45 | 0.33 | 0.25 | 0.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -5.36 | -11.94 | -14.11 | -12.84 | -10.10 | -6.42 | -4.78 | -3.55 | -2.64 | -1.96 |
| EBITDA (%) | ||||||||||
| EBIT | -5.38 | -11.96 | -14.12 | -12.86 | -10.11 | -6.43 | -4.78 | -3.56 | -2.64 | -1.97 |
| EBIT (%) | ||||||||||
| Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 3.89 | 2.76 | 8.34 | 19.14 | 7.98 | 5.49 | 4.09 | 3.04 | 2.26 | 1.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.01 | 0.65 | 0.02 | 0.05 | 0.05 | 0.18 | 0.14 | 0.10 | 0.07 | 0.06 |
| Account Receivables (%) | ||||||||||
| Inventories | -3.97 | -2.11 | -0.79 | -0.89 | -0.84 | -0.63 | -0.47 | -0.35 | -0.26 | -0.19 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.07 | 2.16 | 0.56 | 0.95 | 0.90 | 0.52 | 0.39 | 0.29 | 0.21 | 0.16 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.03 | -0 | -0.03 | -0.01 | -0.01 | -0.01 | -0.01 | -0 | -0 | -0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.5 |
|---|---|
| Beta | 0.786 |
| Diluted Shares Outstanding | 2.72 |
| Cost of Debt | |
| Tax Rate | -0.62 |
| After-tax Cost of Debt | 101.61% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.335 |
| Total Debt | 0.06 |
| Total Equity | 6.80 |
| Total Capital | 6.86 |
| Debt Weighting | 0.90 |
| Equity Weighting | 99.10 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3.82 | 2.03 | 0.76 | 0.85 | 0.81 | 0.60 | 0.45 | 0.33 | 0.25 | 0.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.36 | -11.94 | -14.11 | -12.84 | -10.10 | -6.42 | -4.78 | -3.55 | -2.64 | -1.96 |
| EBIT | -5.38 | -11.96 | -14.12 | -12.86 | -10.11 | -6.43 | -4.78 | -3.56 | -2.64 | -1.97 |
| Tax Rate | -0.06% | -3.38% | -2.51% | 0.16% | -0.62% | -1.28% | -1.28% | -1.28% | -1.28% | -1.28% |
| EBIAT | -5.38 | -12.36 | -14.47 | -12.84 | -10.17 | -6.51 | -4.84 | -3.60 | -2.68 | -1.99 |
| Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 |
| Accounts Receivable | - | 3.36 | 0.63 | -0.03 | 0 | -0.13 | 0.05 | 0.03 | 0.03 | 0.02 |
| Inventories | - | -1.86 | -1.32 | 0.09 | -0.04 | -0.22 | -0.16 | -0.12 | -0.09 | -0.07 |
| Accounts Payable | - | 1.09 | -1.60 | 0.39 | -0.06 | -0.38 | -0.13 | -0.10 | -0.07 | -0.05 |
| Capital Expenditure | -0.03 | -0 | -0.03 | -0.01 | -0.01 | -0.01 | -0.01 | -0 | -0 | -0 |
| UFCF | -5.40 | -9.76 | -16.77 | -12.38 | -10.27 | -7.24 | -5.09 | -3.79 | -2.82 | -2.09 |
| WACC | ||||||||||
| PV UFCF | -6.63 | -4.27 | -2.91 | -1.98 | -1.35 | |||||
| SUM PV UFCF | -17.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.18 |
| Free cash flow (t + 1) | -2.14 |
| Terminal Value | -29.75 |
| Present Value of Terminal Value | -19.17 |
Intrinsic Value
| Enterprise Value | -36.31 |
|---|---|
| Net Debt | -2.92 |
| Equity Value | -33.40 |
| Shares Outstanding | 2.72 |
| Equity Value Per Share | -12.28 |