Discounted Cash Flow (DCF) Analysis Levered

Intel Corporation (INL.DE)

25.96 €

+0.15 (+0.60%)
All numbers are in Millions, Currency in USD
Stock DCF: 110.47 | 25.96 | undervalue

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 62,76170,84871,96577,86779,02483,794.8988,853.8294,218.1699,906.37105,937.98
Revenue (%)
Operating Cash Flow 22,11029,43233,14535,38429,99134,560.6736,647.1938,859.6841,205.7443,693.44
Operating Cash Flow (%)
Capital Expenditure -11,778-15,181-16,213-14,453-20,329-17,933.65-19,016.36-20,164.43-21,381.81-22,672.69
Capital Expenditure (%)
Free Cash Flow 10,33214,25116,93220,9319,66216,627.0117,630.8318,695.2519,823.9321,020.76

Weighted Average Cost Of Capital

Share price $ 25.96
Beta 0.765
Diluted Shares Outstanding 4,417
Cost of Debt
Tax Rate 8.46
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.095
Total Debt 38,101
Total Equity 114,665.32
Total Capital 152,766.32
Debt Weighting 24.94
Equity Weighting 75.06
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 62,76170,84871,96577,86779,02483,794.8988,853.8294,218.1699,906.37105,937.98
Operating Cash Flow 22,11029,43233,14535,38429,99134,560.6736,647.1938,859.6841,205.7443,693.44
Capital Expenditure -11,778-15,181-16,213-14,453-20,329-17,933.65-19,016.36-20,164.43-21,381.81-22,672.69
Free Cash Flow 10,33214,25116,93220,9319,66216,627.0117,630.8318,695.2519,823.9321,020.76
WACC
PV LFCF 15,733.3615,786.5515,839.9215,893.4715,947.20
SUM PV LFCF 79,200.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.68
Free cash flow (t + 1) 21,441.17
Terminal Value 582,640.58
Present Value of Terminal Value 442,014.69

Intrinsic Value

Enterprise Value 521,215.18
Net Debt 33,274
Equity Value 487,941.18
Shares Outstanding 4,417
Equity Value Per Share 110.47