Computing Free Cash Flows to the Firm (FCFF)

Use the following data to compute free cash flows to the firm for Intel Corporation for 2016 through the terminal period.

$ millions Reported 2015 Horizon period Terminal 2016 2017 2018 2019 Period Sales. . . . . . . . . . . . . . . . . . . . . . . . $55,355 $61,444 $67,588 $73,660 $78,851 $80,400 NOPAT . . . . . . . . . . . . . . . . . . . . . . 11,288 13,518 14,193 15,469 15,770 15,276 NOA . . . . . . . . . . . . . . . . . . . . . . . . 51,488 57,157 62,873 68,521 72,674 74,101