Discounted Cash Flow (DCF) Analysis Unlevered

CTI BioPharma Corp. (CTIC)

$ 2.5281
-0.13 (-4.96%)
Stock DCF: 0.30 | 2.5281 | 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 -48.33-38.80-31.65-39.37-47.24-3.81-1.54-0.62-0.25-0.10
EBITDA (%)
EBIT -49.16-39.52-32.24-39.92-47.77-3.86-1.55-0.63-0.25-0.10
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 $ 2.5,281
Beta 0.676
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 4.618
Total Debt 8.91
Total Equity 179.85
Total Capital 188.76
Debt Weighting 4.72
Equity Weighting 95.28
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 -48.33-38.80-31.65-39.37-47.24-3.81-1.54-0.62-0.25-0.10
EBIT -49.16-39.52-32.24-39.92-47.77-3.86-1.55-0.63-0.25-0.10
Tax Rate 1.78%0.39%0.11%0.01%0.00%0.46%0.46%0.46%0.46%0.46%
EBIAT -48.29-39.36-32.20-39.91-47.77-3.84-1.55-0.62-0.25-0.10
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 -47.59-35.49-42.22-29.99-46.81-3.79-1.53-0.62-0.25-0.10
WACC
PV UFCF -3.62-1.39-0.53-0.20-0.08
SUM PV UFCF -5.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.95
Free cash flow (t + 1) -0.10
Terminal Value -5.15
Present Value of Terminal Value -4.05

Intrinsic Value

Enterprise Value -9.87
Net Debt -31.48
Equity Value 21.62
Shares Outstanding 71.14
Equity Value Per Share 0.30