Discounted Cash Flow (DCF) Analysis Unlevered

Intel Corporation (INTC)
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 |