Discounted Cash Flow (DCF) Analysis Unlevered

Intel Corporation (INTC)

Technology

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	52,708.00	55,870.48	55,356.47	59,386.42	62,759.57	70,849.28	75,234.85	79,891.89	84,837.20	90,088.62	95,665.10
Revenue (%)
EBITDA	20,793.31	24,309.25	23,028.29	21,426.62	28,831.75	32,278.93	31,613.68	33,570.57	35,648.59	37,855.24	40,198.48
EBITDA (%)
EBIT	12,760.61	15,761.06	14,315.18	13,635.12	20,704.38	23,196.05	20,937.86	22,233.91	23,610.19	25,071.66	26,623.60
EBIT (%)
Depreciation	8,032.70	8,548.18	8,713.11	7,791.50	8,127.36	9,082.88	10,675.83	11,336.66	12,038.40	12,783.57	13,574.88
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	20,087.02	14,051.43	25,314.51	17,097.35	14,001.66	11,647.62	22,134.09	23,504.19	24,959.10	26,504.07	28,144.67
Total Cash (%)
Account Receivables	3,584.14	4,424.94	4,788.33	4,691.53	5,604.43	6,723.60	6,229.45	6,615.05	7,024.52	7,459.34	7,921.07
Account Receivables (%)
Inventories	4,174.47	4,274.09	5,164.76	5,552.63	6,985.14	7,254.97	6,974.27	7,405.98	7,864.41	8,351.21	8,868.16
Inventories (%)
Accounts Payable	2,967.46	2,748.83	2,064.80	2,476.41	2,930.87	3,825.86	3,573.66	3,794.86	4,029.77	4,279.21	4,544.09
Accounts Payable (%)
Capital Expenditure	-10,710.27	-10,106.97	-7,323.66	-9,626.54	-11,779.97	-15,183.00	-13,549.80	-14,388.53	-15,279.18	-16,224.96	-17,229.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 44.86
Diluted Shares Outstanding	4,701.00
Cost of Debt
Tax Rate	9.71
After-tax Cost of Debt	-0.44
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.79
Total Debt	25,098.00
Total Equity	210,886.86
Total Capital	235,984.86
Debt Weighting	10.64
Equity Weighting	89.36
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	52,708.00	55,870.48	55,356.47	59,386.42	62,759.57	70,849.28	75,234.85	79,891.89	84,837.20	90,088.62	95,665.10
EBITDA	20,793.31	24,309.25	23,028.29	21,426.62	28,831.75	32,278.93	31,613.68	33,570.57	35,648.59	37,855.24	40,198.48
EBIT	12,760.61	15,761.06	14,315.18	13,635.12	20,704.38	23,196.05	20,937.86	22,233.91	23,610.19	25,071.66	26,623.60
Tax Rate	23.72%	25.93%	19.65%	20.25%	52.83%	9.71%	25.35%	25.35%	25.35%	25.35%	25.35%
EBIAT	9,734.12	11,674.42	11,502.91	10,873.53	9,767.24	20,943.80	15,630.81	16,598.36	17,625.80	18,716.83	19,875.40
Depreciation	8,032.70	8,548.18	8,713.11	7,791.50	8,127.36	9,082.88	10,675.83	11,336.66	12,038.40	12,783.57	13,574.88
Accounts Receivable	-	-840.80	-363.39	96.81	-912.90	-1,119.17	494.15	-385.60	-409.47	-434.82	-461.73
Inventories	-	-99.62	-890.67	-387.87	-1,432.51	-269.83	280.70	-431.71	-458.43	-486.81	-516.94
Accounts Payable	-	-218.63	-684.03	411.62	454.46	894.99	-252.21	221.21	234.90	249.44	264.88
Capital Expenditure	-	-603.30	-2,783.31	2,302.88	2,153.43	3,403.03	-1,633.20	838.73	890.65	945.78	1,004.33
UFCF	17,766.82	18,460.26	15,494.62	21,088.46	18,157.08	32,935.70	25,196.07	28,177.65	29,921.84	31,774.01	33,740.82
WACC
PV UFCF							23,258.63	24,010.83	23,536.51	23,071.56	22,615.80
SUM PV UFCF											164,259.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.33
Free cash flow (t + 1)	35,090.45
Terminal Value	810,403.01
Present Value of Terminal Value	543,196.96

Intrinsic Value

Enterprise Value	707,456.63
Net Debt	13,450.38
Equity Value	694,006.25
Shares Outstanding	4,701.00
Equity Value Per Share	147.63

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