Discounted Cash Flow (DCF) Analysis Levered
FuelCell Energy, Inc. (FCEL)
$2.16
-0.07 (-3.14%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 89.44 | 60.75 | 70.87 | 69.59 | 130.48 | 153.41 | 180.37 | 212.06 | 249.33 | 293.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 16.32 | -30.57 | -36.78 | -70.44 | -112.17 | -83.20 | -97.82 | -115.01 | -135.21 | -158.97 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10.03 | -2.15 | -31.91 | -73.23 | -46.65 | -61.60 | -72.42 | -85.15 | -100.11 | -117.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6.29 | -32.72 | -68.69 | -143.67 | -158.82 | -144.80 | -170.24 | -200.16 | -235.33 | -276.68 |
Weighted Average Cost Of Capital
| Share price | $ 2.16 |
|---|---|
| Beta | 3.667 |
| Diluted Shares Outstanding | 383.14 |
| Cost of Debt | |
| Tax Rate | 2.52 |
| After-tax Cost of Debt | 5.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 21.000 |
| Total Debt | 104.29 |
| Total Equity | 827.58 |
| Total Capital | 931.87 |
| Debt Weighting | 11.19 |
| Equity Weighting | 88.81 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 89.44 | 60.75 | 70.87 | 69.59 | 130.48 | 153.41 | 180.37 | 212.06 | 249.33 | 293.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 16.32 | -30.57 | -36.78 | -70.44 | -112.17 | -83.20 | -97.82 | -115.01 | -135.21 | -158.97 |
| Capital Expenditure | -10.03 | -2.15 | -31.91 | -73.23 | -46.65 | -61.60 | -72.42 | -85.15 | -100.11 | -117.70 |
| Free Cash Flow | 6.29 | -32.72 | -68.69 | -143.67 | -158.82 | -144.80 | -170.24 | -200.16 | -235.33 | -276.68 |
| WACC | ||||||||||
| PV LFCF | -121.35 | -119.57 | -117.82 | -116.10 | -114.40 | |||||
| SUM PV LFCF | -589.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 19.32 |
| Free cash flow (t + 1) | -282.21 |
| Terminal Value | -1,629.39 |
| Present Value of Terminal Value | -673.69 |
Intrinsic Value
| Enterprise Value | -1,262.93 |
|---|---|
| Net Debt | -353.77 |
| Equity Value | -909.16 |
| Shares Outstanding | 383.14 |
| Equity Value Per Share | -2.37 |