Discounted Cash Flow (DCF) Analysis Unlevered

CytRx Corporation (CYTR)

$ 3.15
0.31 (+10.92%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 0.300.100.100.200.100.250.330.440.590.791.051.401.87
Revenue (%)
EBITDA -27.47-49.42-62.96-51.72-32.24-8.22-7.84-6.60-138.35-184.46-245.95-327.93-437.25
EBITDA (%)
EBIT -27.59-49.61-63.28-52.26-32.87-8.25-7.86-6.83-139.46-185.95-247.94-330.58-440.78
EBIT (%)
Depreciation 0.120.180.320.540.630.030.020.231.121.491.992.653.53
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 38.5777.8457.3056.9637.6421.3716.1310170.19226.92302.56403.41537.88
Total Cash (%)
Account Receivables 0.132.124.620.187.530.150.010.3310.7714.3619.1525.5434.05
Account Receivables (%)
Inventories -------------
Inventories (%)
Accounts Payable 3.856.668.066.414.121.230.891.4018.0724.1032.1342.8457.12
Accounts Payable (%)
Capital Expenditure -0.04-0.96-0.33-1.02-0.13-0.01-0.02-0.03-1.45-1.94-2.59-3.45-4.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.15
Beta 2.087
Diluted Shares Outstanding 34.65
Cost of Debt
Tax Rate -0.01
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 19.069
Total Debt 0.60
Total Equity 109.15
Total Capital 109.75
Debt Weighting 0.54
Equity Weighting 99.46
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 0.300.100.100.200.100.250.330.440.590.791.051.401.87
EBITDA -27.47-49.42-62.96-51.72-32.24-8.22-7.84-6.60-138.35-184.46-245.95-327.93-437.25
EBIT -27.59-49.61-63.28-52.26-32.87-8.25-7.86-6.83-139.46-185.95-247.94-330.58-440.78
Tax Rate -0.00%-0.00%-0.00%-0.00%-0.00%-40.04%4.78%-0.01%-4.41%-4.41%-4.41%-4.41%-4.41%
EBIAT -27.60-49.61-63.28-52.26-32.87-11.55-7.49-6.83-145.62-194.15-258.87-345.16-460.22
Depreciation 0.120.180.320.540.630.030.020.231.121.491.992.653.53
Accounts Receivable --2-2.504.44-7.357.380.14-0.32-10.45-3.59-4.79-6.38-8.51
Inventories -------------
Accounts Payable -2.801.40-1.65-2.28-2.89-0.350.5116.676.028.0310.7114.28
Capital Expenditure -0.04-0.96-0.33-1.02-0.13-0.01-0.02-0.03-1.45-1.94-2.59-3.45-4.60
UFCF -27.52-49.58-64.39-49.96-42.01-7.04-7.70-6.43-139.73-192.17-256.23-341.64-455.52
WACC
PV UFCF -7.70-5.40-98.69-114.07-127.82-143.22-160.49
SUM PV UFCF -766.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.99
Free cash flow (t + 1) -473.74
Terminal Value -3,160.35
Present Value of Terminal Value -1,324.90

Intrinsic Value

Enterprise Value -2,091.53
Net Debt -9.41
Equity Value -2,082.12
Shares Outstanding 34.65
Equity Value Per Share -60.09