Complete CLNN Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
CLNN DCF Analysis
CLNN (Clene Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $473.0K | $654.0K | $342.0K | $378.2K | $414.2K | $449.7K | $484.4K | $518.0K |
| Revenue Growth % | - | 38.3% | -47.7% | 10.6% | 9.5% | 8.6% | 7.7% | 6.9% |
| EBIT | $-45.3M | $-40.5M | $-33.1M | $18.9K | $20.7K | $22.5K | $24.2K | $25.9K |
| EBIT Margin % | -9583.5% | -6198.8% | -9676.3% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-34.0M | $-30.4M | $-24.8M | $14.2K | $15.5K | $16.9K | $18.2K | $19.4K |
| NOPAT Margin % | -7187.6% | -4649.1% | -7257.2% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $5.2M | $330.0K | $15.0K | $16.6K | $17.3K | $17.8K | $18.2K | $18.5K |
| Capex / Revenue % | 1094.9% | 50.5% | 4.4% | 4.4% | 4.2% | 4.0% | 3.8% | 3.6% |
| Depreciation | $1.0M | $1.7M | $1.6M | $1.2M | $1.3M | $1.4M | $1.5M | $1.7M |
| D&A / Revenue % | 215.4% | 260.7% | 481.0% | 319.0% | 319.0% | 319.0% | 319.0% | 319.0% |
| Change in NWC | $-33.2M | $-1.8M | $-7.7M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | -7023.0% | -277.7% | -2238.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $-4.9M | $-27.2M | $-15.5M | $1.2M | $1.3M | $1.4M | $1.5M | $1.7M |
| UFCF % Chg. | - | -451.1% | 42.9% | 107.8% | 9.6% | 8.6% | 7.8% | 7.0% |
| FCF / Revenue % | -1044.1% | -4161.2% | -4542.0% | 318.4% | 318.6% | 318.8% | 319.0% | 319.2% |
| Discount Factor | - | - | - | 0.943 | 0.890 | 0.840 | 0.792 | 0.747 |
| Present Value of FCF | - | - | - | $1.1M | $1.2M | $1.2M | $1.2M | $1.2M |
| Sum of PV of UFCF | - | - | - | $1.1M | $2.3M | $3.5M | $4.7M | $6.0M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.2% |
| Risk Free Rate | 4.37% |
| Market Risk Premium | 4.3% |
| Beta | 0.48 |
| Cost of Equity | 6.5% |
| Total Debt | $20.8M |
| Market Cap | $38.3M |
| Total Capital | $59.2M |
| Debt Weighting | 35.2% |
| Equity Weighting | 64.8% |
| WACC | 6.0% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $1.7M |
| Terminal Value | $48.4M |
| PV of Terminal Value | $36.2M |
| Cumulative PV of UFCF | $6.0M |
| Net Debt | $8.7M |
| Equity Value | $33.5M |
| Shares Outstanding | 7.0M |
| Implied Share Price | $5 |
| Current Share Price | $4 |
| Implied Upside/(Downside) | +12.8% |
Valuation Summary
$4.81
Implied Price
$4.26
Current Price
+12.8%
Upside/Downside
6.0%
WACC
CLNN Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 8 peer companies in Healthcare
P/E Ratio
$0.00
-100.0%
Peer Median: 0.0x
EV/EBITDA
$0.00
-100.0%
Peer Median: 0.0x
P/S Ratio
$0.09
-97.8%
Peer Median: 2.4x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for CLNN's business model and current situation.
Multiple Comparison
| Multiple | CLNN Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -1.3x | 0.0x | 0.0x | -Infinity% | Undervalued |
| EV/EBITDA | Infinityx | 0.0x | 0.0x | Infinity% | Overvalued |
| P/S Ratio | 109.5x | 2.4x | 1.7x | 4420.0% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.02B | 0.0x | 0.0x | 0.0x | |
| $0.02B | 0.0x | 0.0x | 1.0x | |
| $0.03B | 0.0x | 0.0x | 0.0x | |
| $0.04B | 0.0x | 0.0x | 109.5x | |
| $0.02B | 0.0x | 0.0x | 47.6x | |
| $0.03B | 0.0x | 0.0x | 57.7x | |
| $0.03B | 0.0x | 0.0x | 2.4x | |
| $0.03B | 0.0x | 0.0x | 0.0x |