Discounted Cash Flow (DCF) Analysis Unlevered
Intel Corporation (INTC)
$27.95
-0.21 (-0.75%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 70,848 | 71,965 | 77,867 | 79,024 | 63,054 | 61,643.90 | 60,265.33 | 58,917.59 | 57,600 | 56,311.86 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 32,870 | 35,373 | 37,946 | 34,092 | 20,803 | 27,174.31 | 26,566.60 | 25,972.48 | 25,391.65 | 24,823.81 |
EBITDA (%) | ||||||||||
EBIT | 23,785 | 24,547 | 25,707 | 22,300 | 7,768 | 17,412.47 | 17,023.07 | 16,642.38 | 16,270.20 | 15,906.34 |
EBIT (%) | ||||||||||
Depreciation | 9,085 | 10,826 | 12,239 | 11,792 | 13,035 | 9,761.84 | 9,543.53 | 9,330.11 | 9,121.45 | 8,917.47 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 11,650 | 13,123 | 23,895 | 28,413 | 28,338 | 18,032.46 | 17,629.20 | 17,234.95 | 16,849.52 | 16,472.70 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 6,722 | 7,659 | 6,782 | 9,457 | 4,133 | 5,839.19 | 5,708.61 | 5,580.94 | 5,456.13 | 5,334.11 |
Account Receivables (%) | ||||||||||
Inventories | 7,253 | 8,744 | 8,427 | 10,776 | 13,224 | 8,361.25 | 8,174.26 | 7,991.46 | 7,812.74 | 7,638.02 |
Inventories (%) | ||||||||||
Accounts Payable | 3,824 | 4,128 | 5,581 | 5,747 | 9,595 | 5,028.97 | 4,916.51 | 4,806.56 | 4,699.07 | 4,593.98 |
Accounts Payable (%) | ||||||||||
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 (%) |
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 | 7.116 |
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
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 70,848 | 71,965 | 77,867 | 79,024 | 63,054 | 61,643.90 | 60,265.33 | 58,917.59 | 57,600 | 56,311.86 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 32,870 | 35,373 | 37,946 | 34,092 | 20,803 | 27,174.31 | 26,566.60 | 25,972.48 | 25,391.65 | 24,823.81 |
EBIT | 23,785 | 24,547 | 25,707 | 22,300 | 7,768 | 17,412.47 | 17,023.07 | 16,642.38 | 16,270.20 | 15,906.34 |
Tax Rate | 9.71% | 12.51% | 16.66% | 8.46% | -3.17% | 8.83% | 8.83% | 8.83% | 8.83% | 8.83% |
EBIAT | 21,475.56 | 21,475.82 | 21,423.18 | 20,414.52 | 8,014 | 15,874.14 | 15,519.14 | 15,172.08 | 14,832.78 | 14,501.07 |
Depreciation | 9,085 | 10,826 | 12,239 | 11,792 | 13,035 | 9,761.84 | 9,543.53 | 9,330.11 | 9,121.45 | 8,917.47 |
Accounts Receivable | - | -937 | 877 | -2,675 | 5,324 | -1,706.19 | 130.58 | 127.66 | 124.81 | 122.02 |
Inventories | - | -1,491 | 317 | -2,349 | -2,448 | 4,862.75 | 186.99 | 182.80 | 178.72 | 174.72 |
Accounts Payable | - | 304 | 1,453 | 166 | 3,848 | -4,566.03 | -112.46 | -109.95 | -107.49 | -105.09 |
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 |
UFCF | 15,379.56 | 13,964.82 | 21,856.18 | 7,019.52 | 2,929 | 8,489.58 | 9,882.77 | 9,661.76 | 9,445.69 | 9,234.45 |
WACC | ||||||||||
PV UFCF | 7,967.69 | 8,705.06 | 7,987.22 | 7,328.58 | 6,724.25 | |||||
SUM PV UFCF | 38,712.80 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.55 |
Free cash flow (t + 1) | 9,419.14 |
Terminal Value | 207,014 |
Present Value of Terminal Value | 150,741.37 |
Intrinsic Value
Enterprise Value | 189,454.17 |
---|---|
Net Debt | 30,907 |
Equity Value | 158,547.17 |
Shares Outstanding | 4,123 |
Equity Value Per Share | 38.45 |