Discounted Cash Flow (DCF) Analysis Levered

Intel Corporation (INTC)

$27.95

-0.21 (-0.75%)
All numbers are in Millions, Currency in USD
Stock DCF: 30.57 | 27.95 | undervalue

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 70,84871,96577,86779,02463,05461,643.9060,265.3358,917.5957,60056,311.86
Revenue (%)
Operating Cash Flow 29,43233,14535,38429,99115,43324,098.9123,559.9823,033.1022,51822,014.42
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 14,25116,93220,9319,662-9,4118,361.978,174.977,992.157,813.427,638.68

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 70,84871,96577,86779,02463,05461,643.9060,265.3358,917.5957,60056,311.86
Operating Cash Flow 29,43233,14535,38429,99115,43324,098.9123,559.9823,033.1022,51822,014.42
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 14,25116,93220,9319,662-9,4118,361.978,174.977,992.157,813.427,638.68
WACC
PV LFCF 7,845.727,196.726,601.416,055.335,554.44
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