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Discounted Cash Flow (DCF) Analysis Unlevered


Intel Corporation

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 52,708.0055,870.4855,356.4759,386.4262,759.5770,849.2875,234.8579,891.8984,837.2090,088.6295,665.10
Revenue (%)
EBITDA 20,793.3124,309.2523,028.2921,426.6228,831.7532,278.9331,613.6833,570.5735,648.5937,855.2440,198.48
EBITDA (%)
EBIT 12,760.6115,761.0614,315.1813,635.1220,704.3823,196.0520,937.8622,233.9123,610.1925,071.6626,623.60
EBIT (%)
Depreciation 8,032.708,548.188,713.117,791.508,127.369,082.8810,675.8311,336.6612,038.4012,783.5713,574.88
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 20,087.0214,051.4325,314.5117,097.3514,001.6611,647.6222,134.0923,504.1924,959.1026,504.0728,144.67
Total Cash (%)
Account Receivables 3,584.144,424.944,788.334,691.535,604.436,723.606,229.456,615.057,024.527,459.347,921.07
Account Receivables (%)
Inventories 4,174.474,274.095,164.765,552.636,985.147,254.976,974.277,405.987,864.418,351.218,868.16
Inventories (%)
Accounts Payable 2,967.462,748.832,064.802,476.412,930.873,825.863,573.663,794.864,029.774,279.214,544.09
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 $ 56.09
Diluted Shares Outstanding 4,611.00
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 258,630.99
Total Capital 283,728.99
Debt Weighting 8.85
Equity Weighting 91.15
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 52,708.0055,870.4855,356.4759,386.4262,759.5770,849.2875,234.8579,891.8984,837.2090,088.6295,665.10
EBITDA 20,793.3124,309.2523,028.2921,426.6228,831.7532,278.9331,613.6833,570.5735,648.5937,855.2440,198.48
EBIT 12,760.6115,761.0614,315.1813,635.1220,704.3823,196.0520,937.8622,233.9123,610.1925,071.6626,623.60
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 9,734.1211,674.4211,502.9110,873.539,767.2420,943.8015,630.8116,598.3617,625.8018,716.8319,875.40
Depreciation 8,032.708,548.188,713.117,791.508,127.369,082.8810,675.8311,336.6612,038.4012,783.5713,574.88
Accounts Receivable --840.80-363.3996.81-912.90-1,119.17494.15-385.60-409.47-434.82-461.73
Inventories --99.62-890.67-387.87-1,432.51-269.83280.70-431.71-458.43-486.81-516.94
Accounts Payable --218.63-684.03411.62454.46894.99-252.21221.21234.90249.44264.88
Capital Expenditure --603.30-2,783.312,302.882,153.433,403.03-1,633.20838.73890.65945.781,004.33
UFCF 17,766.8218,460.2615,494.6221,088.4618,157.0832,935.7025,196.0728,177.6529,921.8431,774.0133,740.82
WACC
PV UFCF 23,241.4723,975.4123,484.4523,003.5422,532.47
SUM PV UFCF 163,541.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.41
Free cash flow (t + 1) 35,090.45
Terminal Value 795,701.82
Present Value of Terminal Value 531,378.07

Intrinsic Value

Enterprise Value 694,919.17
Net Debt 13,450.38
Equity Value 681,468.79
Shares Outstanding 4,611.00
Equity Value Per Share 147.79