Discounted Cash Flow (DCF) Analysis Unlevered

Fuel Tech, Inc. (FTEK)

$1.3

+0.00 (+0.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.96 | 1.3 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 45.1756.5330.4722.5524.2621.8819.7217.7816.0414.46
Revenue (%)
EBITDA -9.500.85-6.84-3.370.82-2.34-2.11-1.90-1.72-1.55
EBITDA (%)
EBIT -11.030-7.84-4.220.08-3-2.70-2.44-2.20-1.98
EBIT (%)
Depreciation 1.530.8510.850.740.650.590.530.480.43
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 8.3712.0410.9110.6435.8911.8510.689.638.687.83
Total Cash (%)
Account Receivables 19.8218.526.476.553.266.145.544.994.504.06
Account Receivables (%)
Inventories 0.950.960.260.100.350.290.260.230.210.19
Inventories (%)
Accounts Payable 9.079.502.122.351.562.662.392.161.951.75
Accounts Payable (%)
Capital Expenditure -0.49-0.57-0.55-0.25-0.08-0.23-0.21-0.19-0.17-0.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.3
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 24.310
Total Debt 0.23
Total Equity 38.60
Total Capital 38.84
Debt Weighting 0.61
Equity Weighting 99.39
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 45.1756.5330.4722.5524.2621.8819.7217.7816.0414.46
EBITDA -9.500.85-6.84-3.370.82-2.34-2.11-1.90-1.72-1.55
EBIT -11.030-7.84-4.220.08-3-2.70-2.44-2.20-1.98
Tax Rate -54.36%123.73%-0.19%-1.35%20.59%17.68%17.68%17.68%17.68%17.68%
EBIAT -17.02-0-7.85-4.270.06-2.47-2.22-2.01-1.81-1.63
Depreciation 1.530.8510.850.740.650.590.530.480.43
Accounts Receivable -1.3012.04-0.083.29-2.880.600.540.490.44
Inventories --0.010.690.17-0.250.060.030.030.020.02
Accounts Payable -0.43-7.380.24-0.791.09-0.26-0.24-0.21-0.19
Capital Expenditure -0.49-0.57-0.55-0.25-0.08-0.23-0.21-0.19-0.17-0.15
UFCF -15.992-2.05-3.342.97-3.77-1.47-1.33-1.20-1.08
WACC
PV UFCF -3.04-0.96-0.69-0.50-0.37
SUM PV UFCF -5.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 24.19
Free cash flow (t + 1) -1.10
Terminal Value -4.97
Present Value of Terminal Value -1.68

Intrinsic Value

Enterprise Value -7.24
Net Debt -35.66
Equity Value 28.42
Shares Outstanding 29.69
Equity Value Per Share 0.96