Discounted Cash Flow (DCF) Analysis Levered
Intel Corporation (INTC)
$32.67
+0.58 (+1.81%)
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 | 70,848 | 71,965 | 77,867 | 79,024 | 63,054 | 61,643.90 | 60,265.33 | 58,917.59 | 57,600 | 56,311.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 29,432 | 33,145 | 35,384 | 29,991 | 15,433 | 24,098.91 | 23,559.98 | 23,033.10 | 22,518 | 22,014.42 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -15,181 | -16,213 | -14,453 | -20,329 | -25,050 | -15,777.22 | -15,424.39 | -15,079.45 | -14,742.22 | -14,412.53 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 14,251 | 16,932 | 20,931 | 9,662 | -9,617 | 8,321.69 | 8,135.59 | 7,953.65 | 7,775.78 | 7,601.89 |
Weighted Average Cost Of Capital
| Share price | $ 32.67 |
|---|---|
| Beta | 0.811 |
| Diluted Shares Outstanding | 4,123 |
| Cost of Debt | |
| Tax Rate | -3.17 |
| After-tax Cost of Debt | 1.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.320 |
| Total Debt | 42,007 |
| Total Equity | 134,698.41 |
| Total Capital | 176,705.41 |
| Debt Weighting | 23.77 |
| Equity Weighting | 76.23 |
| 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 | 70,848 | 71,965 | 77,867 | 79,024 | 63,054 | 61,643.90 | 60,265.33 | 58,917.59 | 57,600 | 56,311.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 29,432 | 33,145 | 35,384 | 29,991 | 15,433 | 24,098.91 | 23,559.98 | 23,033.10 | 22,518 | 22,014.42 |
| Capital Expenditure | -15,181 | -16,213 | -14,453 | -20,329 | -25,050 | -15,777.22 | -15,424.39 | -15,079.45 | -14,742.22 | -14,412.53 |
| Free Cash Flow | 14,251 | 16,932 | 20,931 | 9,662 | -9,617 | 8,321.69 | 8,135.59 | 7,953.65 | 7,775.78 | 7,601.89 |
| WACC | ||||||||||
| PV LFCF | 7,861.04 | 7,259.81 | 6,704.57 | 6,191.79 | 5,718.24 | |||||
| SUM PV LFCF | 33,735.45 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.86 |
| Free cash flow (t + 1) | 7,753.93 |
| Terminal Value | 200,878.91 |
| Present Value of Terminal Value | 151,103.63 |
Intrinsic Value
| Enterprise Value | 184,839.08 |
|---|---|
| Net Debt | 30,863 |
| Equity Value | 153,976.08 |
| Shares Outstanding | 4,123 |
| Equity Value Per Share | 37.35 |