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	$ 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	52,708.00	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							23,241.47	23,975.41	23,484.45	23,003.54	22,532.47
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

Financial Modeling Prep is a new concept that informs you about stock markets information (news, currencies and stock prices). We always strive to give you the best and most updated information. We also gives you free financial modeling methodology through our academy. Most investment banking firms follow our guidelines to get discounted cash flow statement of companies to see if they are undervalued, overvalued or simply at par value. You can find all financial models and valuation techniques that is used in corporate finance to get companies intrinsic valuation. Most private equity firm use financial modeling for decision making when it comes to hold, buy or sell a particular stock.

You can support our API by donating via Paypal !