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Intel Corp INTC

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We Like Intel's Appointment of Micron CFO Dave Zinsner as its New CFO; No Change to FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

On Jan. 10, Intel announced it appointed David Zinsner as CFO, thus filling the vacancy created by current CFO George Davis's planned retirement in May 2022. Zinsner has been Micron's CFO since 2018 and has helped the memory supplier greatly improve its balance sheet while maintaining adequate investments in new memory technologies and capacity. We like the move as both Intel and Micron boast capital intensive businesses that require prudent spending and capital allocation, for which we believe Zinsner has demonstrated a penchant. As part of Intel's IDM 2.0 strategy to get its manufacturing back on track, the firm's 2022 capital expenditure is expected to be in the range of $25 billion to $28 billion, and we anticipate further growth thereafter. We think Zinsner is the right CFO to manage this lofty spending budget, as Micron has successfully executed its new technology ramps on an average capex of $9.2 billion over the past four years. We are maintaining our $65 fair value estimate for wide-moat Intel; shares appear undervalued to us and present an attractive buying opportunity for long-term, patient investors.

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Company Profile

Business Description

Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.

2200 Mission College Boulevard
Santa Clara, CA, 95054-1549
T +1 408 765-8080
Sector Technology
Industry Semiconductors
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 26, 2021
Stock Type Cyclical
Employees 110,600