Discounted Cash Flow (DCF) Analysis Unlevered

Clearside Biomedical, Inc. (CLSD)

$1.67

+0.09 (+5.70%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 1.67 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.340.032.177.8929.57590.7611,800.32235,710.074,708,283.3394,047,455.74
Revenue (%)
EBITDA -58.79-82.63-30.56-18.030.55-347,488.60-6,941,047.53-138,646,681.72-2,769,452,630.75-55,319,519,940.12
EBITDA (%)
EBIT -58.97-82.82-30.77-18.210.38-348,310.16-6,957,458.13-138,974,481.72-2,776,000,400.69-55,450,310,944
EBIT (%)
Depreciation 0.180.190.210.180.18821.5616,410.60327,8006,547,769.94130,791,003.88
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 37.6440.8822.6017.2930.44175,492.603,505,445.8870,020,906.391,398,660,112.2327,938,086,071.16
Total Cash (%)
Account Receivables ----10199.753,989.9679,699.091,591,980.8631,799,647.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.386.871.2820.9428,999.85579,268.8411,570,833.16231,126,154.204,616,720,197.29
Accounts Payable (%)
Capital Expenditure -0.31-0.09-0.02-0.06-28.38-566.94-11,324.65-226,208.72-4,518,494.88-90,256,451.71
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.67
Beta 1.980
Diluted Shares Outstanding 46.51
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.184
Total Debt 0.68
Total Equity 77.67
Total Capital 78.34
Debt Weighting 0.86
Equity Weighting 99.14
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.340.032.177.8929.57590.7611,800.32235,710.074,708,283.3394,047,455.74
EBITDA -58.79-82.63-30.56-18.030.55-347,488.60-6,941,047.53-138,646,681.72-2,769,452,630.75-55,319,519,940.12
EBIT -58.97-82.82-30.77-18.210.38-348,310.16-6,957,458.13-138,974,481.72-2,776,000,400.69-55,450,310,944
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -58.97-82.82-30.77-18.210.38-348,310.16-6,957,458.13-138,974,481.72-2,776,000,400.69-55,450,310,944
Depreciation 0.180.190.210.180.18821.5616,410.60327,8006,547,769.94130,791,003.88
Accounts Receivable ------189.75-3,790.21-75,709.13-1,512,281.77-30,207,666.52
Inventories ----------
Accounts Payable -1.49-5.590.72-1.0628,998.91550,26910,991,564.32219,555,321.044,385,594,043.09
Capital Expenditure -0.31-0.09-0.03-0.06-28.38-566.94-11,324.65-226,208.72-4,518,494.88-90,256,451.71
UFCF -59.10-81.23-36.17-17.37-28.88-319,246.38-6,405,893.40-127,957,035.25-2,555,928,086.36-51,054,390,015.25
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -52,075,477,815.55
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -29.76
Equity Value -
Shares Outstanding 46.51
Equity Value Per Share -