Discounted Cash Flow (DCF) Analysis Unlevered

CTI BioPharma Corp. (CTIC)

$ 1.95
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.32 | 1.95 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 57.4125.1526.293.35000000
Revenue (%)
EBITDA -48.35-37.92-26.99-37.95-50.89-4.11-1.65-0.67-0.27-0.11
EBITDA (%)
EBIT -49.18-38.63-27.59-38.50-51.42-4.15-1.67-0.67-0.27-0.11
EBIT (%)
Depreciation 0.830.720.590.550.530.040.020.0100
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 4427.2267.0433.6752.454.231.710.690.280.11
Total Cash (%)
Account Receivables 8.161.2813.680.80000000
Account Receivables (%)
Inventories 1.520.550.640.08000000
Inventories (%)
Accounts Payable 7.232.594.500.45000000
Accounts Payable (%)
Capital Expenditure -0.14-0.05-0.03-0.01-0-0-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.95
Beta 0.705
Diluted Shares Outstanding 71.14
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 11.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.122
Total Debt 8.91
Total Equity 138.72
Total Capital 147.63
Debt Weighting 6.04
Equity Weighting 93.96
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 57.4125.1526.293.35000000
EBITDA -48.35-37.92-26.99-37.95-50.89-4.11-1.65-0.67-0.27-0.11
EBIT -49.18-38.63-27.59-38.50-51.42-4.15-1.67-0.67-0.27-0.11
Tax Rate 1.78%0.39%0.11%0.01%0.00%0.46%0.46%0.46%0.46%0.46%
EBIAT -48.30-38.48-27.56-38.49-51.42-4.13-1.66-0.67-0.27-0.11
Depreciation 0.830.720.590.550.530.040.020.0100
Accounts Receivable -6.87-12.4012.880.7900000
Inventories -0.97-0.090.560.0800000
Accounts Payable --4.641.91-4.05-0.45-0-0-0-0-0
Capital Expenditure -0.14-0.05-0.03-0.01-0.02-0-0-0-0-0
UFCF -47.61-34.60-37.57-28.57-50.46-4.09-1.65-0.66-0.27-0.11
WACC
PV UFCF -3.87-1.48-0.57-0.22-0.08
SUM PV UFCF -6.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.51
Free cash flow (t + 1) -0.11
Terminal Value -3.13
Present Value of Terminal Value -2.40

Intrinsic Value

Enterprise Value -8.61
Net Debt -31.48
Equity Value 22.87
Shares Outstanding 71.14
Equity Value Per Share 0.32