Discounted Cash Flow (DCF) Analysis Levered

Intel Corporation (INTC)

$28.16

-1.93 (-6.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 118.26 | 28.16 | 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 $ 28.16
Beta 0.765
Diluted Shares Outstanding 4,090
Cost of Debt
Tax Rate 8.46
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.127
Total Debt 38,101
Total Equity 115,174.40
Total Capital 153,275.40
Debt Weighting 24.86
Equity Weighting 75.14
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 15,728.8915,777.5915,826.4315,875.4315,924.58
SUM PV LFCF 79,132.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.71
Free cash flow (t + 1) 21,441.17
Terminal Value 577,929.20
Present Value of Terminal Value 437,818.67

Intrinsic Value

Enterprise Value 516,951.59
Net Debt 33,274
Equity Value 483,677.59
Shares Outstanding 4,090
Equity Value Per Share 118.26