Discounted Cash Flow (DCF) Analysis Unlevered

Intel Corporation (INTC)

$ 51.75

-0.82 (-1.56%)

Stock DCF: 184.39 | 51.75 | undervalue

Operating Data

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	59,387	62,761	70,848	71,965	77,867	83,384.77	89,293.54	95,621.01	102,396.86	109,652.85
Revenue (%)
EBITDA	13,963	29,127	32,870	35,373	37,946	35,722.24	38,253.57	40,964.28	43,867.07	46,975.55
EBITDA (%)
EBIT	6,173	20,998	23,785	24,547	25,707	24,106.06	25,814.25	27,643.48	29,602.34	31,700.01
EBIT (%)
Depreciation	7,790	8,129	9,085	10,826	12,239	11,616.19	12,439.33	13,320.80	14,264.73	15,275.55
Depreciation (%)

Balance Sheet Data

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Total Cash	17,099	14,002	11,650	13,123	23,895	19,423.38	20,799.75	22,273.65	23,851.99	25,542.18
Total Cash (%)
Account Receivables	4,690	5,607	6,722	7,659	6,782	7,616.63	8,156.35	8,734.32	9,353.25	10,016.03
Account Receivables (%)
Inventories	5,553	6,983	7,253	8,744	8,427	8,953.34	9,587.79	10,267.20	10,994.75	11,773.85
Inventories (%)
Accounts Payable	2,475	2,928	3,824	4,128	5,581	4,525.10	4,845.75	5,189.13	5,556.84	5,950.61
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price	$ 51.75
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	3.910
Total Debt	36,401
Total Equity	219,006
Total Capital	255,407
Debt Weighting	14.25
Equity Weighting	85.75
Wacc

Build Up Free Cash

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	59,387	62,761	70,848	71,965	77,867	83,384.77	89,293.54	95,621.01	102,396.86	109,652.85
EBITDA	13,963	29,127	32,870	35,373	37,946	35,722.24	38,253.57	40,964.28	43,867.07	46,975.55
EBIT	6,173	20,998	23,785	24,547	25,707	24,106.06	25,814.25	27,643.48	29,602.34	31,700.01
Tax Rate	20.25%	52.83%	9.71%	12.51%	16.66%	22.39%	22.39%	22.39%	22.39%	22.39%
EBIAT	4,922.75	9,905.75	21,475.56	21,475.82	21,423.18	18,708.04	20,033.72	21,453.34	22,973.55	24,601.49
Depreciation	7,790	8,129	9,085	10,826	12,239	11,616.19	12,439.33	13,320.80	14,264.73	15,275.55
Accounts Receivable	-	-917	-1,115	-937	877	-834.63	-539.73	-577.97	-618.93	-662.79
Inventories	-	-1,430	-270	-1,491	317	-526.35	-634.45	-679.41	-727.55	-779.10
Accounts Payable	-	453	896	304	1,453	-1,055.90	320.66	343.38	367.71	393.77
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
UFCF	3,087.75	4,362.75	14,890.56	13,964.82	21,856.18	11,648.76	14,208.83	15,215.68	16,293.89	17,448.50
WACC
PV UFCF						11,248.32	13,248.73	13,699.84	14,166.31	14,648.66
SUM PV UFCF										67,011.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.56
Free cash flow (t + 1)	17,720.70
Terminal Value	886,034.81
Present Value of Terminal Value	743,858.92

Intrinsic Value

Enterprise Value	810,870.77
Net Debt	30,536
Equity Value	780,334.77
Shares Outstanding	4,232
Equity Value Per Share	184.39