Discounted Cash Flow (DCF) Analysis Levered
Fuel Tech, Inc. (FTEK)
$1.43
-0.03 (-2.05%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 45.17 | 56.53 | 30.47 | 22.55 | 24.26 | 21.88 | 19.72 | 17.78 | 16.04 | 14.46 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -3.57 | 4.93 | -3.39 | -2.71 | 0.76 | -0.84 | -0.76 | -0.68 | -0.61 | -0.55 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -0.49 | -0.57 | -0.55 | -0.25 | -0.08 | -0.23 | -0.21 | -0.19 | -0.17 | -0.15 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -4.06 | 4.36 | -3.94 | -2.95 | 0.68 | -1.07 | -0.97 | -0.87 | -0.79 | -0.71 |
Weighted Average Cost Of Capital
Share price | $ 1.43 |
---|---|
Beta | 4.284 |
Diluted Shares Outstanding | 29.69 |
Cost of Debt | |
Tax Rate | 20.59 |
After-tax Cost of Debt | 4.39% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 23.861 |
Total Debt | 0.23 |
Total Equity | 42.46 |
Total Capital | 42.70 |
Debt Weighting | 0.55 |
Equity Weighting | 99.45 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 45.17 | 56.53 | 30.47 | 22.55 | 24.26 | 21.88 | 19.72 | 17.78 | 16.04 | 14.46 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -3.57 | 4.93 | -3.39 | -2.71 | 0.76 | -0.84 | -0.76 | -0.68 | -0.61 | -0.55 |
Capital Expenditure | -0.49 | -0.57 | -0.55 | -0.25 | -0.08 | -0.23 | -0.21 | -0.19 | -0.17 | -0.15 |
Free Cash Flow | -4.06 | 4.36 | -3.94 | -2.95 | 0.68 | -1.07 | -0.97 | -0.87 | -0.79 | -0.71 |
WACC | ||||||||||
PV LFCF | -0.87 | -0.63 | -0.46 | -0.34 | -0.24 | |||||
SUM PV LFCF | -2.54 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 23.75 |
Free cash flow (t + 1) | -0.72 |
Terminal Value | -3.32 |
Present Value of Terminal Value | -1.15 |
Intrinsic Value
Enterprise Value | -3.68 |
---|---|
Net Debt | -35.66 |
Equity Value | 31.97 |
Shares Outstanding | 29.69 |
Equity Value Per Share | 1.08 |