Discounted Cash Flow (DCF) Analysis Levered
Fuel Tech, Inc. (FTEK)
$1.13
-0.01 (-0.88%)
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 | 56.53 | 30.47 | 22.55 | 24.26 | 26.94 | 23.34 | 20.22 | 17.52 | 15.18 | 13.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4.93 | -3.39 | -2.71 | 0.76 | -4.14 | -1.24 | -1.08 | -0.93 | -0.81 | -0.70 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.57 | -0.55 | -0.25 | -0.08 | -0.21 | -0.23 | -0.20 | -0.18 | -0.15 | -0.13 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4.36 | -3.94 | -2.95 | 0.68 | -4.34 | -1.48 | -1.28 | -1.11 | -0.96 | -0.83 |
Weighted Average Cost Of Capital
| Share price | $ 1.13 |
|---|---|
| Beta | 4.249 |
| Diluted Shares Outstanding | 30.29 |
| Cost of Debt | |
| Tax Rate | -3.89 |
| After-tax Cost of Debt | 8.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 24.855 |
| Total Debt | 0.19 |
| Total Equity | 34.23 |
| Total Capital | 34.42 |
| Debt Weighting | 0.55 |
| Equity Weighting | 99.45 |
| 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 | 56.53 | 30.47 | 22.55 | 24.26 | 26.94 | 23.34 | 20.22 | 17.52 | 15.18 | 13.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4.93 | -3.39 | -2.71 | 0.76 | -4.14 | -1.24 | -1.08 | -0.93 | -0.81 | -0.70 |
| Capital Expenditure | -0.57 | -0.55 | -0.25 | -0.08 | -0.21 | -0.23 | -0.20 | -0.18 | -0.15 | -0.13 |
| Free Cash Flow | 4.36 | -3.94 | -2.95 | 0.68 | -4.34 | -1.48 | -1.28 | -1.11 | -0.96 | -0.83 |
| WACC | ||||||||||
| PV LFCF | -1.18 | -0.82 | -0.57 | -0.40 | -0.28 | |||||
| SUM PV LFCF | -3.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 24.77 |
| Free cash flow (t + 1) | -0.85 |
| Terminal Value | -3.73 |
| Present Value of Terminal Value | -1.23 |
Intrinsic Value
| Enterprise Value | -4.48 |
|---|---|
| Net Debt | -23.14 |
| Equity Value | 18.65 |
| Shares Outstanding | 30.29 |
| Equity Value Per Share | 0.62 |