Discounted Cash Flow (DCF) Analysis Levered

Intel Corporation (INTC)

$ 48.78
-0.98 (-1.97%)
Stock DCF: 252.37 | 48.78 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 59,38762,76170,84871,96577,86783,384.7789,293.5495,621.01102,396.86109,652.85
Revenue (%)
Operating Cash Flow 21,80822,11029,43233,14535,38434,186.4036,608.9039,203.0641,981.0544,955.89
Operating Cash Flow (%)
Capital Expenditure -9,625-11,778-15,181-16,213-14,453-16,258.59-17,410.70-18,644.45-19,965.62-21,380.42
Capital Expenditure (%)
Free Cash Flow 12,18310,33214,25116,93220,93117,927.8119,198.2020,558.6122,015.4223,575.47

Weighted Average Cost Of Capital

Share price $ 48.78
Beta 0.514
Diluted Shares Outstanding 4,232
Cost of Debt
Tax Rate 16.66
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.907
Total Debt 36,401
Total Equity 206,436.96
Total Capital 242,837.96
Debt Weighting 14.99
Equity Weighting 85.01
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 59,38762,76170,84871,96577,86783,384.7789,293.5495,621.01102,396.86109,652.85
Operating Cash Flow 21,80822,11029,43233,14535,38434,186.4036,608.9039,203.0641,981.0544,955.89
Capital Expenditure -9,625-11,778-15,181-16,213-14,453-16,258.59-17,410.70-18,644.45-19,965.62-21,380.42
Free Cash Flow 12,18310,33214,25116,93220,93117,927.8119,198.2020,558.6122,015.4223,575.47
WACC
PV LFCF 17,314.8617,907.8818,521.2119,155.5419,811.60
SUM PV LFCF 92,711.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.54
Free cash flow (t + 1) 23,938.53
Terminal Value 1,196,926.64
Present Value of Terminal Value 1,005,834.97

Intrinsic Value

Enterprise Value 1,098,546.06
Net Debt 30,536
Equity Value 1,068,010.06
Shares Outstanding 4,232
Equity Value Per Share 252.37