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 59,38762,76170,84871,96577,86783,384.7789,293.5495,621.01102,396.86109,652.85
Revenue (%)
EBITDA 13,96329,12732,87035,37337,94635,722.2438,253.5740,964.2843,867.0746,975.55
EBITDA (%)
EBIT 6,17320,99823,78524,54725,70724,106.0625,814.2527,643.4829,602.3431,700.01
EBIT (%)
Depreciation 7,7908,1299,08510,82612,23911,616.1912,439.3313,320.8014,264.7315,275.55
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 17,09914,00211,65013,12323,89519,423.3820,799.7522,273.6523,851.9925,542.18
Total Cash (%)
Account Receivables 4,6905,6076,7227,6596,7827,616.638,156.358,734.329,353.2510,016.03
Account Receivables (%)
Inventories 5,5536,9837,2538,7448,4278,953.349,587.7910,267.2010,994.7511,773.85
Inventories (%)
Accounts Payable 2,4752,9283,8244,1285,5814,525.104,845.755,189.135,556.845,950.61
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 59,38762,76170,84871,96577,86783,384.7789,293.5495,621.01102,396.86109,652.85
EBITDA 13,96329,12732,87035,37337,94635,722.2438,253.5740,964.2843,867.0746,975.55
EBIT 6,17320,99823,78524,54725,70724,106.0625,814.2527,643.4829,602.3431,700.01
Tax Rate 20.25%52.83%9.71%12.51%16.66%22.39%22.39%22.39%22.39%22.39%
EBIAT 4,922.759,905.7521,475.5621,475.8221,423.1818,708.0420,033.7221,453.3422,973.5524,601.49
Depreciation 7,7908,1299,08510,82612,23911,616.1912,439.3313,320.8014,264.7315,275.55
Accounts Receivable --917-1,115-937877-834.63-539.73-577.97-618.93-662.79
Inventories --1,430-270-1,491317-526.35-634.45-679.41-727.55-779.10
Accounts Payable -4538963041,453-1,055.90320.66343.38367.71393.77
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 3,087.754,362.7514,890.5613,964.8221,856.1811,648.7614,208.8315,215.6816,293.8917,448.50
WACC
PV UFCF 11,248.3213,248.7313,699.8414,166.3114,648.66
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