Discounted Cash Flow (DCF) Analysis Unlevered

Intel Corporation (INTC)

$27.95

-0.21 (-0.75%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.45 | 27.95 | 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 32,87035,37337,94634,09220,80327,174.3126,566.6025,972.4825,391.6524,823.81
EBITDA (%)
EBIT 23,78524,54725,70722,3007,76817,412.4717,023.0716,642.3816,270.2015,906.34
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 -15,181-16,213-14,453-20,329-24,844-15,736.94-15,385.01-15,040.95-14,704.58-14,375.74
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 70,84871,96577,86779,02463,05461,643.9060,265.3358,917.5957,60056,311.86
EBITDA 32,87035,37337,94634,09220,80327,174.3126,566.6025,972.4825,391.6524,823.81
EBIT 23,78524,54725,70722,3007,76817,412.4717,023.0716,642.3816,270.2015,906.34
Tax Rate 9.71%12.51%16.66%8.46%-3.17%8.83%8.83%8.83%8.83%8.83%
EBIAT 21,475.5621,475.8221,423.1820,414.528,01415,874.1415,519.1415,172.0814,832.7814,501.07
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 -15,181-16,213-14,453-20,329-24,844-15,736.94-15,385.01-15,040.95-14,704.58-14,375.74
UFCF 15,379.5613,964.8221,856.187,019.522,9298,489.589,882.779,661.769,445.699,234.45
WACC
PV UFCF 7,967.698,705.067,987.227,328.586,724.25
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