INTC: Financial Analysis through March 2008 (Updated)

Intel Corporation's (INTC) preliminary financial results for the quarter that ended on 29 March 2008 did not include a complete Cash Flow statement. In our initial analysis of these results, we estimated Net Cash Flow from Operations and Cash Used for Investments from other data. Intel subsequently submitted a 10-Q quarterly report, which included the Cash Flow data, with the SEC.

We updated our analysis, and recalculated the gauge scores, to incorporate the actual data.

• Cash Management: 14 of 25 (unchanged)
  
• Growth: 15 of 25 (unchanged)
• Profitability: 15 of 25 (unchanged)
• Value: 8 of 25 (unchanged)

• Overall: 49 of 100 (down from 48)

The latest data changed the following metrics from the values reported earlier:

Gauge	Metric	Actual value	Estimated value
Cash Management
	None
Growth
	CFO growth	31.7%	37.8%
Profitability
	FCF/Equity	21.5%	23.0%
	Accrual Ratio	2.1%	3.9%
Value
	Enterprise Value/Cash Flow (EV/CFO)	8.5	8.1

The data in the 10-Q didn't change our assessment of Intel's first-quarter Income Statement and the comparison to our expectations. Readers interested in this analysis are referred to our earlier post.