INTC: Financial Analysis through June 2008 (Update)

Intel Corporation's (INTC) preliminary financial statements for the second quarter, which ended on 28 June 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.

Since Intel subsequently submitted a complete 10-Q quarterly report, we now have the Cash Flow data and much other useful information about the second quarter. We then used the data in the 10-Q to update our evaluation of the quarter.

The GCFR gauge scores only changed slightly from the initial second-quarter analysis, as can be seen below:

• Cash Management: 14 of 25 (unchanged)
  
• Growth: 21 of 25 (unchanged)
• Profitability: 19 of 25 (down from 20)
• Value: 9 of 25 (unchanged)
  

• Overall: 56 of 100 (down from 57)
  

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

Gauge	Metric	Actual value	Estimated value
Cash Management
	None
Growth
	CFO growth	25.0%	26.1%
Profitability
	FCF/Equity	23.0%	23.3%
	Accrual Ratio	0.5%	-0.6%
Value
	Enterprise Value/Cash Flow (EV/CFO)	8.4	8.3

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