Discounted Cash Flow (DCF) Analysis Levered
Fuel Tech, Inc. (FTEK)
$1.34
+0.09 (+7.20%)
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 | $ 1.34 |
|---|---|
| Beta | 4.369 |
| 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 | 24.148 |
| Total Debt | 0.23 |
| Total Equity | 39.79 |
| Total Capital | 40.02 |
| Debt Weighting | 0.59 |
| Equity Weighting | 99.41 |
| 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 | -0.86 | -0.63 | -0.46 | -0.33 | -0.24 | |||||
| SUM PV LFCF | -2.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 24.03 |
| Free cash flow (t + 1) | -0.72 |
| Terminal Value | -3.28 |
| Present Value of Terminal Value | -1.12 |
Intrinsic Value
| Enterprise Value | -3.64 |
|---|---|
| Net Debt | -35.66 |
| Equity Value | 32.02 |
| Shares Outstanding | 29.69 |
| Equity Value Per Share | 1.08 |