Discounted Cash Flow (DCF) Analysis Unlevered

Intel Corporation (INL.DE)

25.64 €

-1.55 (-5.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 99.56 | 25.64 | undervalue

Operating Data

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 (%)
EBITDA 29,12732,87035,37337,94634,09239,187.6441,553.5044,062.2046,722.3549,543.10
EBITDA (%)
EBIT 20,99823,78524,54725,70722,30027,211.8628,854.7230,596.7632,443.9634,402.69
EBIT (%)
Depreciation 8,1299,08510,82612,23911,79211,975.7712,698.7813,465.4414,278.3915,140.41
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 14,00211,65013,12323,89528,41320,719.2621,970.1323,296.5324,70326,194.39
Total Cash (%)
Account Receivables 5,6076,7227,6596,7829,4578,336.168,839.449,373.109,938.9810,539.02
Account Receivables (%)
Inventories 6,9837,2538,7448,42710,7769,715.6410,302.2010,924.1711,583.7012,283.03
Inventories (%)
Accounts Payable 2,9283,8244,1285,5815,7475,067.705,373.655,698.086,042.086,406.86
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 25.64
Beta 0.765
Diluted Shares Outstanding 4,417
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 113,251.88
Total Capital 151,352.88
Debt Weighting 25.17
Equity Weighting 74.83
Wacc

Build Up Free Cash

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
EBITDA 29,12732,87035,37337,94634,09239,187.6441,553.5044,062.2046,722.3549,543.10
EBIT 20,99823,78524,54725,70722,30027,211.8628,854.7230,596.7632,443.9634,402.69
Tax Rate 52.83%9.71%12.51%16.66%8.46%20.03%20.03%20.03%20.03%20.03%
EBIAT 9,905.7521,475.5621,475.8221,423.1820,414.5221,760.4923,074.2324,467.2825,944.4427,510.77
Depreciation 8,1299,08510,82612,23911,79211,975.7712,698.7813,465.4414,278.3915,140.41
Accounts Receivable --1,115-937877-2,6751,120.84-503.28-533.66-565.88-600.04
Inventories --270-1,491317-2,3491,060.36-586.56-621.97-659.52-699.34
Accounts Payable -8963041,453166-679.30305.95324.42344.01364.78
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
UFCF 6,256.7514,890.5613,964.8221,856.187,019.5217,304.5115,972.7716,937.0817,959.6219,043.89
WACC
PV UFCF 16,372.8914,299.2214,346.2014,393.3414,440.63
SUM PV UFCF 73,852.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.69
Free cash flow (t + 1) 19,424.77
Terminal Value 526,416.55
Present Value of Terminal Value 399,171.98

Intrinsic Value

Enterprise Value 473,024.26
Net Debt 33,274
Equity Value 439,750.26
Shares Outstanding 4,417
Equity Value Per Share 99.56