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	62,761	70,848	71,965	77,867	79,024	83,794.89	88,853.82	94,218.16	99,906.37	105,937.98
Revenue (%)
EBITDA	29,127	32,870	35,373	37,946	34,092	39,187.64	41,553.50	44,062.20	46,722.35	49,543.10
EBITDA (%)
EBIT	20,998	23,785	24,547	25,707	22,300	27,211.86	28,854.72	30,596.76	32,443.96	34,402.69
EBIT (%)
Depreciation	8,129	9,085	10,826	12,239	11,792	11,975.77	12,698.78	13,465.44	14,278.39	15,140.41
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	14,002	11,650	13,123	23,895	28,413	20,719.26	21,970.13	23,296.53	24,703	26,194.39
Total Cash (%)
Account Receivables	5,607	6,722	7,659	6,782	9,457	8,336.16	8,839.44	9,373.10	9,938.98	10,539.02
Account Receivables (%)
Inventories	6,983	7,253	8,744	8,427	10,776	9,715.64	10,302.20	10,924.17	11,583.70	12,283.03
Inventories (%)
Accounts Payable	2,928	3,824	4,128	5,581	5,747	5,067.70	5,373.65	5,698.08	6,042.08	6,406.86
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	62,761	70,848	71,965	77,867	79,024	83,794.89	88,853.82	94,218.16	99,906.37	105,937.98
EBITDA	29,127	32,870	35,373	37,946	34,092	39,187.64	41,553.50	44,062.20	46,722.35	49,543.10
EBIT	20,998	23,785	24,547	25,707	22,300	27,211.86	28,854.72	30,596.76	32,443.96	34,402.69
Tax Rate	52.83%	9.71%	12.51%	16.66%	8.46%	20.03%	20.03%	20.03%	20.03%	20.03%
EBIAT	9,905.75	21,475.56	21,475.82	21,423.18	20,414.52	21,760.49	23,074.23	24,467.28	25,944.44	27,510.77
Depreciation	8,129	9,085	10,826	12,239	11,792	11,975.77	12,698.78	13,465.44	14,278.39	15,140.41
Accounts Receivable	-	-1,115	-937	877	-2,675	1,120.84	-503.28	-533.66	-565.88	-600.04
Inventories	-	-270	-1,491	317	-2,349	1,060.36	-586.56	-621.97	-659.52	-699.34
Accounts Payable	-	896	304	1,453	166	-679.30	305.95	324.42	344.01	364.78
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	6,256.75	14,890.56	13,964.82	21,856.18	7,019.52	17,304.51	15,972.77	16,937.08	17,959.62	19,043.89
WACC
PV UFCF						16,372.89	14,299.22	14,346.20	14,393.34	14,440.63
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