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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Cleveland BioLabs Inc.

Cleveland BioLabs Inc. (CBLI)

$2.2501
0.0701 (+3.22%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 8.493.702.713.521.951.140.920.680.500.370.27
Revenue (%)
EBITDA -22.61-13.58-10.52-6.29-5.58-4.78-2.54-2.12-1.56-1.15-0.84
EBITDA (%)
EBIT -23.08-14.42-10.79-6.36-5.60-4.80-2.55-2.16-1.59-1.17-0.86
EBIT (%)
Depreciation 0.470.840.280.060.020.020.010.040.030.020.02
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 10.353.1019.6215.258.794.101.582.271.671.230.91
Total Cash (%)
Account Receivables 0.460.270.630.350.550.250.380.130.100.070.05
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 0.791.060.200.340.200.140.260.100.080.060.04
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.2,501
Diluted Shares Outstanding 11.30
Cost of Debt
Tax Rate -0.56
After-tax Cost of Debt 0.08
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.29
Total Debt 0.78
Total Equity 25.42
Total Capital 26.20
Debt Weighting 2.99
Equity Weighting 97.01
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 8.493.702.713.521.951.140.920.680.500.370.27
EBITDA -22.61-13.58-10.52-6.29-5.58-4.78-2.54-2.12-1.56-1.15-0.84
EBIT -23.08-14.42-10.79-6.36-5.60-4.80-2.55-2.16-1.59-1.17-0.86
Tax Rate 16.00%8.55%2.94%3.13%0.68%6.17%-0.56%5.27%5.27%5.27%5.27%
EBIAT -19.38-13.19-10.47-6.16-5.56-4.50-2.57-2.04-1.50-1.11-0.81
Depreciation 0.470.840.280.060.020.020.010.040.030.020.02
Accounts Receivable -0.19-0.360.28-0.200.30-0.130.250.040.030.02
Inventories -----------
Accounts Payable -0.26-0.860.14-0.13-0.060.12-0.16-0.03-0.02-0.01
Capital Expenditure -----------
UFCF -18.91-11.89-11.42-5.68-5.88-4.25-2.56-1.92-1.46-1.08-0.79
WACC
PV UFCF -1.76-1.23-0.83-0.56
SUM PV UFCF -50.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.17
Free cash flow (t + 1) -0.82
Terminal Value -15.95
Present Value of Terminal Value -10.29

Intrinsic Value

Enterprise Value -60.41
Net Debt -0.80
Equity Value -59.62
Shares Outstanding 11.30
Equity Value Per Share -5.28