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Intel Corp. – Semiconductor and Related Device Manufacturing
Intel , is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, it continuously work to advance the design and manufacturing of semiconductors to help address our customers' greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, it unleash the potential of data to transform business and society for the better.
Analysis Results
Intrinsic Value $361.14
Latest Price $26.89
Relative Value 93% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 21.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 21.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 33.5 31.6
2023 40.7 36.1
2024 49.4 41.4
2025 60.0 47.4
2026 72.9 54.2
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1810 billion. This corresponds to a present value of 1270 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 211 billion. Adding in the terminal value gives a total present value of 1480 billion.

There are presently 4.11 billion outstanding shares, so the intrinsic value per share is 361.14.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 115,436,000,000
Current Cash 56,826,000,000
Current Liabilities 54,924,000,000
Current Debt 9,182,000,000
Non-Cash Working Capital (NCWC) 12,868,000,000
Change in NCWC 11,764,000,000
EBIT 44,164,000,000
Tax Provision 3,670,000,000
Depreciation and Amortization 23,584,000,000
Capital Expenditure -37,466,000,000
Unlevered Free Cash Flow 38,311,910,703
Current Assets 47,249,000,000
Current Cash 23,895,000,000
Current Liabilities 24,754,000,000
Current Debt 2,504,000,000
Non-Cash Working Capital (NCWC) 1,104,000,000
Change in NCWC 1,605,000,000
EBIT 23,876,000,000
Tax Provision 4,179,000,000
Depreciation and Amortization 12,239,000,000
Capital Expenditure -14,259,000,000
Unlevered Free Cash Flow 19,482,301,379
Current Assets 31,239,000,000
Current Cash 13,123,000,000
Current Liabilities 22,310,000,000
Current Debt 3,693,000,000
Non-Cash Working Capital (NCWC) -501,000,000
Change in NCWC -2,273,000,000
EBIT 22,428,000,000
Tax Provision 3,010,000,000
Depreciation and Amortization 10,826,000,000
Capital Expenditure -16,213,000,000
Unlevered Free Cash Flow 11,961,936,320
Current Assets 28,787,000,000
Current Cash 11,650,000,000
Current Liabilities 16,626,000,000
Current Debt 1,261,000,000
Non-Cash Working Capital (NCWC) 1,772,000,000
Change in NCWC 1,919,000,000
EBIT 23,244,000,000
Tax Provision 2,264,000,000
Depreciation and Amortization 9,085,000,000
Capital Expenditure -15,181,000,000
Unlevered Free Cash Flow 16,810,088,047
Current Assets 29,500,000,000
Current Cash 14,002,000,000
Current Liabilities 17,421,000,000
Current Debt 1,776,000,000
Non-Cash Working Capital (NCWC) -147,000,000
Change in NCWC -2,888,000,000
EBIT 18,237,000,000
Tax Provision 10,751,000,000
Depreciation and Amortization 8,129,000,000
Capital Expenditure -11,778,000,000
Unlevered Free Cash Flow 2,066,254,569
Current Assets 35,508,000,000
Current Cash 17,099,000,000
Current Liabilities 20,302,000,000
Current Debt 4,634,000,000
Non-Cash Working Capital (NCWC) 2,741,000,000
Change in NCWC 731,000,000
EBIT 14,817,000,000
Tax Provision 2,620,000,000
Depreciation and Amortization 7,790,000,000
Capital Expenditure -9,625,000,000
Unlevered Free Cash Flow 10,712,030,612
Current Assets 40,356,000,000
Current Cash 25,313,000,000
Current Liabilities 15,667,000,000
Current Debt 2,634,000,000
Non-Cash Working Capital (NCWC) 2,010,000,000
Change in NCWC 2,749,000,000
EBIT 14,659,000,000
Tax Provision 2,792,000,000
Depreciation and Amortization 8,711,000,000
Capital Expenditure -7,326,000,000
Unlevered Free Cash Flow 15,913,185,195
Current Assets 27,730,000,000
Current Cash 14,054,000,000
Current Liabilities 16,019,000,000
Current Debt 1,604,000,000
Non-Cash Working Capital (NCWC) -739,000,000
Change in NCWC 551,000,000
EBIT 15,720,000,000
Tax Provision 4,097,000,000
Depreciation and Amortization 8,549,000,000
Capital Expenditure -10,105,000,000
Unlevered Free Cash Flow 10,639,002,278
Current Assets 32,084,000,000
Current Cash 20,087,000,000
Current Liabilities 13,568,000,000
Current Debt 281,000,000
Non-Cash Working Capital (NCWC) -1,290,000,000
Change in NCWC -1,900,000,000
EBIT 12,564,000,000
Tax Provision 2,991,000,000
Depreciation and Amortization 8,032,000,000
Capital Expenditure -10,711,000,000
Unlevered Free Cash Flow 5,005,147,173
Current Assets 31,358,000,000
Current Cash 18,162,000,000
Current Liabilities 12,898,000,000
Current Debt 312,000,000
Non-Cash Working Capital (NCWC) 610,000,000
Change in NCWC 1,356,000,000
EBIT 14,750,000,000
Tax Provision 3,868,000,000
Depreciation and Amortization 7,522,000,000
Capital Expenditure -11,027,000,000
Unlevered Free Cash Flow 8,764,988,435

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