Intrinsic value of Fuel Tech - FTEK

Previous Close

$1.30

  Intrinsic Value

$0.32

stock screener

  Rating & Target

str. sell

-76%

Previous close

$1.30

 
Intrinsic value

$0.32

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of FTEK stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  50.60
  46.04
  41.94
  38.24
  34.92
  31.93
  29.23
  26.81
  24.63
  22.67
  20.90
  19.31
  17.88
  16.59
  15.43
  14.39
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.95
  7.65
  7.39
  7.15
Revenue, $m
  68
  99
  141
  195
  263
  347
  448
  569
  709
  869
  1,051
  1,254
  1,478
  1,723
  1,989
  2,275
  2,581
  2,907
  3,251
  3,614
  3,995
  4,394
  4,811
  5,246
  5,699
  6,170
  6,661
  7,170
  7,700
  8,250
Variable operating expenses, $m
  84
  123
  175
  241
  325
  429
  554
  703
  876
  1,074
  1,298
  1,549
  1,826
  2,129
  2,458
  2,811
  3,189
  3,591
  4,017
  4,465
  4,936
  5,429
  5,944
  6,482
  7,042
  7,624
  8,230
  8,860
  9,514
  10,194
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  84
  123
  175
  241
  325
  429
  554
  703
  876
  1,074
  1,298
  1,549
  1,826
  2,129
  2,458
  2,811
  3,189
  3,591
  4,017
  4,465
  4,936
  5,429
  5,944
  6,482
  7,042
  7,624
  8,230
  8,860
  9,514
  10,194
Operating income, $m
  -16
  -24
  -34
  -46
  -62
  -82
  -106
  -134
  -167
  -205
  -248
  -295
  -348
  -406
  -469
  -536
  -608
  -685
  -766
  -851
  -941
  -1,035
  -1,133
  -1,236
  -1,343
  -1,454
  -1,569
  -1,689
  -1,814
  -1,944
EBITDA, $m
  -14
  -21
  -29
  -40
  -54
  -72
  -93
  -118
  -147
  -180
  -218
  -260
  -306
  -357
  -412
  -471
  -534
  -602
  -673
  -748
  -827
  -909
  -996
  -1,086
  -1,180
  -1,277
  -1,379
  -1,484
  -1,594
  -1,708
Interest expense (income), $m
  0
  0
  0
  1
  2
  3
  4
  6
  8
  10
  13
  16
  20
  23
  28
  33
  38
  43
  49
  55
  62
  69
  77
  84
  92
  101
  110
  119
  128
  138
  148
Earnings before tax, $m
  -16
  -24
  -35
  -48
  -65
  -86
  -112
  -142
  -177
  -218
  -264
  -315
  -372
  -434
  -501
  -574
  -651
  -734
  -821
  -914
  -1,010
  -1,112
  -1,218
  -1,328
  -1,444
  -1,563
  -1,688
  -1,818
  -1,952
  -2,092
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -16
  -24
  -35
  -48
  -65
  -86
  -112
  -142
  -177
  -218
  -264
  -315
  -372
  -434
  -501
  -574
  -651
  -734
  -821
  -914
  -1,010
  -1,112
  -1,218
  -1,328
  -1,444
  -1,563
  -1,688
  -1,818
  -1,952
  -2,092

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  76
  111
  158
  219
  295
  389
  503
  638
  795
  976
  1,179
  1,407
  1,659
  1,934
  2,232
  2,554
  2,897
  3,262
  3,649
  4,056
  4,483
  4,931
  5,399
  5,887
  6,396
  6,925
  7,475
  8,047
  8,642
  9,260
Adjusted assets (=assets-cash), $m
  76
  111
  158
  219
  295
  389
  503
  638
  795
  976
  1,179
  1,407
  1,659
  1,934
  2,232
  2,554
  2,897
  3,262
  3,649
  4,056
  4,483
  4,931
  5,399
  5,887
  6,396
  6,925
  7,475
  8,047
  8,642
  9,260
Revenue / Adjusted assets
  0.895
  0.892
  0.892
  0.890
  0.892
  0.892
  0.891
  0.892
  0.892
  0.890
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
  0.891
Average production assets, $m
  16
  23
  32
  45
  60
  79
  103
  130
  162
  199
  241
  287
  338
  395
  455
  521
  591
  666
  744
  828
  915
  1,006
  1,102
  1,201
  1,305
  1,413
  1,525
  1,642
  1,763
  1,889
Working capital, $m
  6
  8
  11
  16
  21
  28
  36
  46
  57
  70
  85
  102
  120
  140
  161
  184
  209
  235
  263
  293
  324
  356
  390
  425
  462
  500
  540
  581
  624
  668
Total debt, $m
  8
  20
  34
  54
  78
  108
  145
  188
  238
  296
  361
  434
  515
  603
  698
  801
  911
  1,028
  1,151
  1,282
  1,419
  1,562
  1,712
  1,868
  2,031
  2,200
  2,376
  2,559
  2,749
  2,947
Total liabilities, $m
  24
  36
  51
  70
  94
  125
  161
  204
  254
  312
  377
  450
  531
  619
  714
  817
  927
  1,044
  1,168
  1,298
  1,435
  1,578
  1,728
  1,884
  2,047
  2,216
  2,392
  2,575
  2,765
  2,963
Total equity, $m
  52
  76
  108
  149
  201
  265
  342
  434
  541
  663
  802
  957
  1,128
  1,315
  1,518
  1,736
  1,970
  2,218
  2,481
  2,758
  3,049
  3,353
  3,672
  4,003
  4,349
  4,709
  5,083
  5,472
  5,876
  6,297
Total liabilities and equity, $m
  76
  112
  159
  219
  295
  390
  503
  638
  795
  975
  1,179
  1,407
  1,659
  1,934
  2,232
  2,553
  2,897
  3,262
  3,649
  4,056
  4,484
  4,931
  5,400
  5,887
  6,396
  6,925
  7,475
  8,047
  8,641
  9,260
Debt-to-equity ratio
  0.160
  0.260
  0.320
  0.360
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
Adjusted equity ratio
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -24
  -35
  -48
  -65
  -86
  -112
  -142
  -177
  -218
  -264
  -315
  -372
  -434
  -501
  -574
  -651
  -734
  -821
  -914
  -1,010
  -1,112
  -1,218
  -1,328
  -1,444
  -1,563
  -1,688
  -1,818
  -1,952
  -2,092
Depreciation, amort., depletion, $m
  2
  3
  4
  6
  8
  10
  13
  17
  21
  25
  30
  36
  42
  49
  57
  65
  74
  83
  93
  103
  114
  126
  138
  150
  163
  177
  191
  205
  220
  236
Funds from operations, $m
  -14
  -21
  -30
  -42
  -57
  -76
  -99
  -126
  -157
  -193
  -234
  -279
  -329
  -384
  -444
  -509
  -578
  -651
  -728
  -810
  -896
  -986
  -1,080
  -1,178
  -1,280
  -1,387
  -1,497
  -1,612
  -1,732
  -1,856
Change in working capital, $m
  2
  3
  3
  4
  6
  7
  8
  10
  11
  13
  15
  16
  18
  20
  22
  23
  25
  26
  28
  29
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
Cash from operations, $m
  -16
  -24
  -34
  -47
  -63
  -83
  -107
  -135
  -168
  -206
  -248
  -295
  -348
  -404
  -466
  -532
  -602
  -677
  -756
  -840
  -927
  -1,018
  -1,114
  -1,213
  -1,317
  -1,425
  -1,537
  -1,654
  -1,775
  -1,901
Maintenance CAPEX, $m
  -1
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -20
  -25
  -30
  -36
  -42
  -49
  -57
  -65
  -74
  -83
  -93
  -103
  -114
  -126
  -138
  -150
  -163
  -177
  -191
  -205
  -220
New CAPEX, $m
  -5
  -7
  -10
  -12
  -16
  -19
  -23
  -28
  -32
  -37
  -42
  -46
  -51
  -56
  -61
  -66
  -70
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -108
  -112
  -117
  -121
  -126
Cash from investing activities, $m
  -6
  -9
  -13
  -16
  -22
  -27
  -33
  -41
  -48
  -57
  -67
  -76
  -87
  -98
  -110
  -123
  -135
  -149
  -162
  -176
  -190
  -205
  -221
  -238
  -254
  -271
  -289
  -308
  -326
  -346
Free cash flow, $m
  -22
  -33
  -46
  -63
  -84
  -110
  -140
  -176
  -217
  -263
  -315
  -372
  -435
  -503
  -576
  -654
  -738
  -826
  -918
  -1,016
  -1,118
  -1,224
  -1,335
  -1,451
  -1,571
  -1,696
  -1,826
  -1,961
  -2,101
  -2,247
Issuance/(repayment) of debt, $m
  8
  11
  15
  19
  24
  30
  36
  43
  50
  58
  65
  73
  81
  88
  96
  103
  110
  117
  124
  130
  137
  143
  150
  156
  163
  169
  176
  183
  190
  198
Issuance/(repurchase) of shares, $m
  34
  48
  66
  89
  117
  150
  189
  234
  284
  341
  402
  470
  543
  621
  704
  792
  885
  982
  1,084
  1,191
  1,301
  1,416
  1,536
  1,660
  1,789
  1,923
  2,062
  2,207
  2,357
  2,512
Cash from financing (excl. dividends), $m  
  42
  59
  81
  108
  141
  180
  225
  277
  334
  399
  467
  543
  624
  709
  800
  895
  995
  1,099
  1,208
  1,321
  1,438
  1,559
  1,686
  1,816
  1,952
  2,092
  2,238
  2,390
  2,547
  2,710
Total cash flow (excl. dividends), $m
  20
  27
  35
  46
  58
  71
  86
  101
  118
  135
  153
  171
  189
  206
  224
  241
  257
  274
  290
  305
  320
  336
  351
  366
  381
  397
  412
  429
  445
  463
Retained Cash Flow (-), $m
  -34
  -48
  -66
  -89
  -117
  -150
  -189
  -234
  -284
  -341
  -402
  -470
  -543
  -621
  -704
  -792
  -885
  -982
  -1,084
  -1,191
  -1,301
  -1,416
  -1,536
  -1,660
  -1,789
  -1,923
  -2,062
  -2,207
  -2,357
  -2,512
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -14
  -21
  -31
  -44
  -60
  -79
  -104
  -132
  -166
  -205
  -249
  -299
  -354
  -415
  -481
  -552
  -628
  -709
  -795
  -885
  -981
  -1,081
  -1,185
  -1,295
  -1,408
  -1,527
  -1,650
  -1,778
  -1,911
  -2,050
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -14
  -20
  -27
  -36
  -46
  -58
  -70
  -83
  -95
  -108
  -118
  -128
  -135
  -139
  -141
  -140
  -137
  -131
  -122
  -113
  -101
  -90
  -78
  -66
  -55
  -45
  -35
  -28
  -21
  -15
Current shareholders' claim on cash, %
  48.0
  23.9
  12.2
  6.4
  3.4
  1.9
  1.1
  0.6
  0.4
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Fuel Tech, Inc. is a technology company. The Company is engaged in the development, commercialization and application of technologies for air pollution control, process optimization, combustion efficiency and engineering services. It operates through three segments: Air Pollution Control technology, FUEL CHEM technology and Fuel Conversion. The Air Pollution Control technology segment includes technologies to manage nitrogen oxides (NOx) emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. The FUEL CHEM technology segment uses chemical processes in combination with computational fluid dynamics (CFD) and chemical kinetics modeling (CKM) boiler modeling, for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace. The Fuel Conversion segment represents the CARBONITE fuel conversion process and technology.

FINANCIAL RATIOS  of  Fuel Tech (FTEK)

Valuation Ratios
P/E Ratio -1.8
Price to Sales 0.6
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -10.2
Price to Free Cash Flow -7.6
Growth Rates
Sales Growth Rate -25.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -25.4%
Ret/ On Assets - 3 Yr. Avg. -19.2%
Return On Total Capital -33.3%
Ret/ On T. Cap. - 3 Yr. Avg. -24.4%
Return On Equity -33.3%
Return On Equity - 3 Yr. Avg. -24.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 34.5%
Gross Margin - 3 Yr. Avg. 39.3%
EBITDA Margin -21.8%
EBITDA Margin - 3 Yr. Avg. -18.8%
Operating Margin -27.3%
Oper. Margin - 3 Yr. Avg. -23.2%
Pre-Tax Margin -29.1%
Pre-Tax Margin - 3 Yr. Avg. -24.7%
Net Profit Margin -30.9%
Net Profit Margin - 3 Yr. Avg. -23.3%
Effective Tax Rate -6.3%
Eff/ Tax Rate - 3 Yr. Avg. -2.9%
Payout Ratio 0%

FTEK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FTEK stock intrinsic value calculation we used $45.166 million for the last fiscal year's total revenue generated by Fuel Tech. The default revenue input number comes from 0001 income statement of Fuel Tech. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FTEK stock valuation model: a) initial revenue growth rate of 50.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FTEK is calculated based on our internal credit rating of Fuel Tech, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fuel Tech.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FTEK stock the variable cost ratio is equal to 124.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FTEK stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Fuel Tech.

Corporate tax rate of 27% is the nominal tax rate for Fuel Tech. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FTEK stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FTEK are equal to 22.9%.

Life of production assets of 8 years is the average useful life of capital assets used in Fuel Tech operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FTEK is equal to 8.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $34.341 million for Fuel Tech - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 24.171 million for Fuel Tech is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fuel Tech at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Fuel Tech Reports 2018 Third Quarter Financial Results   [Nov-12-18 04:10PM  Business Wire]
▶ How Financially Strong Is Fuel Tech Inc (NASDAQ:FTEK)?   [Sep-18-18 08:39AM  Simply Wall St.]
▶ Fuel Tech, Inc. to Host Earnings Call   [Aug-14-18 08:00AM  ACCESSWIRE]
▶ Fuel Tech Reports 2018 Second Quarter Financial Results   [Aug-13-18 04:20PM  Business Wire]
▶ Does Fuel Tech Inc (NASDAQ:FTEK) Go Up With The Market?   [May-25-18 07:37PM  Simply Wall St.]
▶ How Much is Fuel Tech Incs (NASDAQ:FTEK) CEO Getting Paid?   [May-17-18 07:31PM  Simply Wall St.]
▶ Fuel Tech Reports 2018 First Quarter Financial Results   [May-09-18 04:10PM  Business Wire]
▶ Fuel Tech, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Fuel Tech Names Sharon L. Jones to Board of Directors   [Mar-09-18 08:50AM  Business Wire]
▶ ETFs with exposure to Fuel Tech, Inc. : December 29, 2017   [Dec-29-17 12:02PM  Capital Cube]
▶ FUEL TECH, INC. to Host Earnings Call   [Nov-14-17 07:00AM  ACCESSWIRE]
▶ Fuel Tech Reports 2017 Third Quarter Financial Results   [Nov-13-17 04:15PM  Business Wire]
▶ ETFs with exposure to Fuel Tech, Inc. : October 13, 2017   [Oct-13-17 10:50AM  Capital Cube]
▶ All You Need To Know About Fuel Tech Incs (FTEK) Risks   [Sep-20-17 06:15PM  Simply Wall St.]
▶ ETFs with exposure to Fuel Tech, Inc. : September 1, 2017   [Sep-01-17 07:53PM  Capital Cube]
▶ Fuel Tech Reports 2017 Second Quarter Financial Results   [Aug-14-17 04:20PM  Business Wire]
▶ Fuel Tech Reports 2017 First Quarter Financial Results   [May-11-17 04:20PM  Business Wire]
▶ ETFs with exposure to Fuel Tech, Inc. : April 17, 2017   [Apr-17-17 12:54PM  Capital Cube]
▶ ETFs with exposure to Fuel Tech, Inc. : April 5, 2017   [Apr-05-17 04:47PM  Capital Cube]
▶ ETFs with exposure to Fuel Tech, Inc. : January 19, 2017   [Jan-19-17 12:59PM  Capital Cube]
▶ ETFs with exposure to Fuel Tech, Inc. : December 6, 2016   [Dec-06-16 12:25PM  Capital Cube]

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