Discounted Cash Flow (DCF) Analysis Unlevered

Intel Corporation (INTC)

$29.16

-0.65 (-2.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 48.89 | 29.16 | undervalue

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 70,84871,96577,86779,02463,05461,643.9060,265.3358,917.5957,60056,311.86
Revenue (%)
EBITDA 32,87035,37337,94634,09221,29627,270.7126,660.8426,064.6225,481.7224,911.86
EBITDA (%)
EBIT 23,78524,54725,70722,3008,26117,508.8717,117.3116,734.5116,360.2715,994.40
EBIT (%)
Depreciation 9,08510,82612,23911,79213,0359,761.849,543.539,330.119,121.458,917.47
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 11,65013,12323,89528,41328,33818,032.4617,629.2017,234.9516,849.5216,472.70
Total Cash (%)
Account Receivables 6,7227,6596,7829,4574,1335,839.195,708.615,580.945,456.135,334.11
Account Receivables (%)
Inventories 7,2538,7448,42710,77613,2248,361.258,174.267,991.467,812.747,638.02
Inventories (%)
Accounts Payable 3,8244,1285,5815,7479,5955,028.974,916.514,806.564,699.074,593.98
Accounts Payable (%)
Capital Expenditure -15,181-16,213-14,453-20,329-25,050-15,777.22-15,424.39-15,079.45-14,742.22-14,412.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.16
Beta 0.811
Diluted Shares Outstanding 4,123
Cost of Debt
Tax Rate -3.17
After-tax Cost of Debt 1.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.307
Total Debt 42,007
Total Equity 120,226.68
Total Capital 162,233.68
Debt Weighting 25.89
Equity Weighting 74.11
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 70,84871,96577,86779,02463,05461,643.9060,265.3358,917.5957,60056,311.86
EBITDA 32,87035,37337,94634,09221,29627,270.7126,660.8426,064.6225,481.7224,911.86
EBIT 23,78524,54725,70722,3008,26117,508.8717,117.3116,734.5116,360.2715,994.40
Tax Rate 9.71%12.51%16.66%8.46%-3.17%8.83%8.83%8.83%8.83%8.83%
EBIAT 21,475.5621,475.8221,423.1820,414.528,522.6115,962.0215,605.0515,256.0714,914.8914,581.35
Depreciation 9,08510,82612,23911,79213,0359,761.849,543.539,330.119,121.458,917.47
Accounts Receivable --937877-2,6755,324-1,706.19130.58127.66124.81122.02
Inventories --1,491317-2,349-2,4484,862.75186.99182.80178.72174.72
Accounts Payable -3041,4531663,848-4,566.03-112.46-109.95-107.49-105.09
Capital Expenditure -15,181-16,213-14,453-20,329-25,050-15,777.22-15,424.39-15,079.45-14,742.22-14,412.53
UFCF 15,379.5613,964.8221,856.187,019.523,231.618,537.189,929.309,707.259,490.169,277.93
WACC
PV UFCF 8,075.278,883.928,215.337,597.057,025.31
SUM PV UFCF 39,796.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.72
Free cash flow (t + 1) 9,463.49
Terminal Value 254,394.88
Present Value of Terminal Value 192,629.41

Intrinsic Value

Enterprise Value 232,426.29
Net Debt 30,863
Equity Value 201,563.29
Shares Outstanding 4,123
Equity Value Per Share 48.89