Discounted Cash Flow (DCF) Analysis Levered
Intel Corporation (INTC)
$27.95
-0.21 (-0.75%)
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 | -24,844 | -15,736.94 | -15,385.01 | -15,040.95 | -14,704.58 | -14,375.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 14,251 | 16,932 | 20,931 | 9,662 | -9,411 | 8,361.97 | 8,174.97 | 7,992.15 | 7,813.42 | 7,638.68 |
Weighted Average Cost Of Capital
| Share price | $ 27.95 |
|---|---|
| Beta | 0.765 |
| Diluted Shares Outstanding | 4,123 |
| Cost of Debt | |
| Tax Rate | -3.17 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.160 |
| Total Debt | 42,051 |
| Total Equity | 115,237.85 |
| Total Capital | 157,288.85 |
| Debt Weighting | 26.73 |
| Equity Weighting | 73.27 |
| 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 | -24,844 | -15,736.94 | -15,385.01 | -15,040.95 | -14,704.58 | -14,375.74 |
| Free Cash Flow | 14,251 | 16,932 | 20,931 | 9,662 | -9,411 | 8,361.97 | 8,174.97 | 7,992.15 | 7,813.42 | 7,638.68 |
| WACC | ||||||||||
| PV LFCF | 7,845.72 | 7,196.72 | 6,601.41 | 6,055.33 | 5,554.44 | |||||
| SUM PV LFCF | 33,253.62 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.58 |
| Free cash flow (t + 1) | 7,791.46 |
| Terminal Value | 170,119.14 |
| Present Value of Terminal Value | 123,701.40 |
Intrinsic Value
| Enterprise Value | 156,955.02 |
|---|---|
| Net Debt | 30,907 |
| Equity Value | 126,048.02 |
| Shares Outstanding | 4,123 |
| Equity Value Per Share | 30.57 |