Discounted Cash Flow (DCF) Analysis Unlevered

Celsion Corp (CLSN)

$2.155
0.095 (+4.61%)

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
2024
Projected
Revenue 0.500.500.500.500.500.500.50-----
Revenue (%)
EBITDA -14.33-21.89-20.24-19.59-17.89-20.38-19.40-----
EBITDA (%)
EBIT -14.67-22.26-20.66-20.62-18.44-20.73-20.12-----
EBIT (%)
Depreciation 0.340.370.421.020.550.360.72-----
Depreciation (%)

Balance Sheet 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
2024
Projected
Total Cash 42.8736.8620.074.3024.1727.6114.86-----
Total Cash (%)
Account Receivables 0.370.210.030.000.050.070.02-----
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable 1.453.482.832.883.423.022.86-----
Accounts Payable (%)
Capital Expenditure -0.06-0.67-0.11-0.06-0.04-0.14-0.35-----
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.155
Beta 2.071
Diluted Shares Outstanding 21.83
Cost of Debt
Tax Rate 9.73
After-tax Cost of Debt 4.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.946
Total Debt 15.95
Total Equity 47.05
Total Capital 63.00
Debt Weighting 25.32
Equity Weighting 74.68
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
2024
Projected
Revenue 0.500.500.500.500.500.500.50-----
EBITDA -14.33-21.89-20.24-19.59-17.89-20.38-19.40-----
EBIT -14.67-22.26-20.66-20.62-18.44-20.73-20.12-----
Tax Rate -0.00%0.00%0.00%0.00%0.00%46.72%9.73%8.06%8.06%8.06%8.06%8.06%
EBIAT -14.67-22.26-20.66-20.62-18.44-11.05-18.16-----
Depreciation 0.340.370.421.020.550.360.72-----
Accounts Receivable -0.160.180.02-0.05-0.010.05-----
Inventories ------------
Accounts Payable -2.03-0.650.050.54-0.40-0.16-----
Capital Expenditure -0.06-0.67-0.11-0.06-0.04-0.14-0.35-----
UFCF -14.38-20.37-20.81-19.58-17.44-11.24-17.90-----
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.29
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 9.07
Equity Value -
Shares Outstanding 21.83
Equity Value Per Share -