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2021-08-20
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Intel Stock Split: Will Another One Ever Happen?<blockquote>英特尔股票分割：还会发生另一次吗？</blockquote>
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We'll look at the reasons and what they mean for the future.</li> <li>Intel has some issues, but on the other hand, shares are pretty inexpensive and offer an above-average yield. All in all, Intel does neither look especially strong nor especially bad.</li> <li>I do much more than just articles at Cash Flow Kingdom: Members get access to model portfolios, regular updates, a chat room, and more.</li> </ul> <h3><b>Article Thesis</b></h3> Due to reader demand, we'll take a look at whether Intel Corporation (INTC) might conduct another stock split in the foreseeable future. Peers such as NVIDIA (NVDA) have done so in the recent past, thus the idea is not completely outlandish. At the same time, however, it should be noted that Intel's share price has been languishing in the recent past, and since shares are far from expensive, I believe that a stock split in the near term is unlikely.</p><p><blockquote><h3><b>总结</b></h3><ul><li>许多科技公司在2020年和2021年进行了股票分割，引起了广泛关注。</li><li>INTC过去经常分割股票，但在过去20年里没有。我们将看看原因以及它们对未来意味着什么。</li><li>英特尔存在一些问题，但另一方面，股票相当便宜，收益率高于平均水平。总而言之，英特尔看起来既不是特别强大，也不是特别糟糕。</li><li>我在现金流王国做的不仅仅是文章：会员可以访问模型投资组合、定期更新、聊天室等等。</li></ul><h3><b>文章论文</b></h3>由于读者的需求，我们将看看英特尔公司（INTC）是否会在可预见的未来进行另一次股票分割。英伟达（NVDA）等同行最近也这样做过，因此这个想法并不完全古怪。但与此同时，应该指出的是，英特尔的股价在最近的过去一直低迷，由于股票远未昂贵，我认为短期内不太可能进行股票分割。</blockquote></p><p> <h3><b>INTC Stock Price</b></h3> Intel Corporation is a leading semiconductor company in terms of revenue generation and output, but due to problems with new processes, and due to declining market share versus peers such as <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> and <a href=\"https://laohu8.com/S/AMD\">AMD</a> (AMD), its shares have vastly underperformed the broad semiconductor industry in recent years:</p><p><blockquote><h3><b>INTC 股价</b></h3>英特尔公司在创收和产量方面是一家领先的半导体公司，但由于新工艺的问题，以及与同行相比市场份额下降，例如<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>和<a href=\"https://laohu8.com/S/AMD\">AMD</a>（AMD），其股价近年来远逊于整个半导体行业：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/43a79e5a532c48440cc2ab0a982ad3d4\" tg-width=\"635\" tg-height=\"467\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据由YCharts提供</blockquote></p><p> With a 70% return over five years, Intel has been far from a bad investment, as this still pencils out to about 11% a year. But compared to its peers and the semiconductor industry as a whole (SOXX), Intel Corporation's returns look pretty bad, as others have seen their shares rise by 300%+ in the same time frame. With a market capitalization of $210 billion, Intel is cheaper than NVIDIA, despite the fact that Intel generates much higher revenue, earnings, and cash flow -- the market is valuing NVIDIA at a premium due to its better growth and more attractive product lineup. At current prices of around $53, Intel is trading ~20% below the consensus price target of $63, which indicates solid upside potential over the next year. Based on current earnings per share estimates for this year, Intel Corporation trades for 11x net profits, which is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the lowest valuations in the semiconductor industry, and which represents a clear discount compared to how the broad market is valued. At the same time, Intel also offers a dividend yield of 2.6% today -- which is roughly twice as much as the S&P 500's (SPY) yield.</p><p><blockquote>英特尔五年内的回报率为 70%，这远非一项糟糕的投资，因为每年的回报率仍高达 11% 左右。但与同行和整个半导体行业（SOXX）相比，英特尔公司的回报看起来相当糟糕，因为其他公司的股价在同一时期上涨了300%以上。英特尔的市值为 2100 亿美元，比英伟达便宜，尽管英特尔产生的收入、盈利和现金流要高得多——由于英伟达更好的增长和更具吸引力的产品阵容，市场对英伟达的估值溢价。目前英特尔的股价约为 53 美元，比 63 美元的共识目标价低约 20%，这表明明年有强劲的上涨潜力。根据目前对今年每股收益的估计，英特尔公司的净利润为 11 倍，即<a href=\"https://laohu8.com/S/AONE.U\">一</a>半导体行业最低估值，与大盘估值相比明显折扣。与此同时，英特尔今天还提供 2.6% 的股息收益率，大约是标准普尔 500 指数（SPDR标普500指数ETF）收益率的两倍。</blockquote></p><p> <h3><b>Is Intel Stock Likely To Split Again</b></h3> In 2020 and 2021, stock splits have gotten a lot of attention, as huge companies such as <a href=\"https://laohu8.com/S/AAPL\">Apple</a> (AAPL) and <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> (TSLA) did them, while there was also speculation that <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> (AMZN) could be interested in doing a stock split. Not too long ago, NVIDIA, one of Intel's main competitors, did a stock split as well.</p><p><blockquote><h3><b>英特尔股票可能再次分割吗</b></h3>2020年和2021年，股票分割受到了很多关注，因为大型公司如<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（AAPL）和<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>（特斯拉）做到了，同时也有人猜测<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>(AMZN) 可能有兴趣进行股票分割。不久前，英特尔的主要竞争对手之一英伟达也进行了股票分割。</blockquote></p><p> Some readers are interested in knowing whether Intel might do a stock split as well, which is why we can try to gauge the pros and cons of that. Let's first look at Intel's stock split history:</p><p><blockquote>一些读者有兴趣知道英特尔是否也会进行股票分割，这就是为什么我们可以尝试衡量这样做的利弊。我们先来看看英特尔的股票分割历史：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4744a6590d2621204996b265d995a823\" tg-width=\"624\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source:</i> <i>Intel Corporation</i></p><p><blockquote><i>来源：</i> <i>英特尔公司</i></blockquote></p><p> We see that the company has done stock splits repeatedly in the past, with a total of 13 stock splits recorded on the company's website. Clearly, the company has not been reluctant to split its shares in the past. At the same time, however, we can also note that the series of stock splits stopped in 2000, i.e. a little more than two decades ago. Not a single stock split was recorded since then, which means that the company has seemingly seen no good reason to split its stock since then. When Intel did its last stock split in 2000, its shares were trading at well above $100 and as high as $150 at some point. In other words, when Intel did its last stock split, its shares were trading with a relatively high nominal price, which was, of course, the result of the dot.com bubble during which Intel saw its shares explode upwards. Since then, shares have not regained their former strength, as they continue to trade below their highs from back then -- even following the 2-1 split that occurred in July 2000.</p><p><blockquote>我们看到，公司过去曾多次进行股票拆分，公司网站上共记录了13次股票拆分。显然，该公司过去并不舍得分拆股份。但与此同时，我们也可以注意到，这一系列股票分割在 2000 年就停止了，也就是二十多年前。此后没有记录过一次股票分割，这意味着该公司此后似乎没有看到分割股票的好理由。当英特尔在2000年进行最后一次股票分割时，其股价远高于100美元，一度高达150美元。换句话说，当英特尔进行最后一次股票分割时，其股票的名义价格相对较高，这当然是互联网泡沫的结果，在此期间，英特尔的股票爆炸式上升。自那以后，股价没有恢复以前的强势，因为它们的交易价格继续低于当时的高点——即使是在 2000 年 7 月发生 2-1 分裂之后。</blockquote></p><p> When we look at other stock splits, we see a similar pattern:</p><p><blockquote>当我们观察其他股票分割时，我们会看到类似的模式：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/ccb1e1f3475ca38ef9dc7cbb0216124a\" tg-width=\"461\" tg-height=\"380\" referrerpolicy=\"no-referrer\"><i>Source:</i> <i>getsplithistory.com</i></p><p><blockquote><i>来源：</i> <i>getsplithistory.com</i></blockquote></p><p> Shares did trade for well above $100 before other stock splits as well, e.g. in 1999, 1997, 1995, and 1993. Adjusted for inflation, that likely pencils out for roughly $200 in today's dollars. When we compare these prices to Intel's current share price, it looks like there is one good reason for Intel's decision to not split its shares in the last twenty years --<i>they are too cheap for a split</i>. In the past, Intel split its shares regularly when they rose to levels well above $100, but since shares are far from that level today, there just is no good reason to conduct a stock split right now.</p><p><blockquote>在其他股票分割之前，例如 1999 年、1997 年、1995 年和 1993 年，股票交易价格确实远高于 100 美元。经通货膨胀调整后，按今天的美元计算，这可能约为 200 美元。当我们将这些价格与英特尔当前的股价进行比较时，英特尔在过去二十年中决定不拆分股票似乎有一个很好的理由——<i>它们太便宜了，不能拆分</i>过去，当股价涨到远高于 100 美元的水平时，英特尔会定期进行股票分割，但由于今天的股价远未达到这一水平，现在没有充分的理由进行股票分割。</blockquote></p><p> In an age where fractional shares can be bought easily through most brokers, stock splits have become less important overall. However, there are still some advantages to stock splits, e.g. when it comes to index inclusion, or when it comes to the ease of using options. With Intel's shares trading in the $50s, however, these arguments are not really valid, and one can summarize that there would not be any clear benefit from a stock split. Therefore, I doubt that Intel will do a stock split in the near term, at least unless its shares rally massively. Intel has a share count of roughly 4 billion today, which is a pretty large number already, and there is no real benefit from doubling that number by cutting the share price in half. Over the last decade, this number has dropped from around 5.3 billion to where it stands right now, but Intel would need to repurchase shares for many more years before the share count drops to a number that could be called \"too low\". For now, I thus believe that a stock split is unlikely, and that also holds true for the foreseeable future. It is, of course, possible that Intel does a stock split a decade from now if it manages to regain its footing in major markets and if its profitability and valuation improve. In that case, shares could eventually rise well above where they trade today, which may result in a stock split. Future stock splits are thus not ruled out completely, but it looks like there is no reason to do one in the near or medium term.</p><p><blockquote>在一个可以通过大多数经纪商轻松购买零股的时代，股票分割总体上变得不那么重要了。然而，股票分割仍然有一些优势，例如在指数纳入方面，或者在使用期权的便利性方面。然而，由于英特尔的股价在 50 美元左右，这些论点并不真正成立，人们可以总结说，股票分割不会带来任何明显的好处。因此，我怀疑英特尔是否会在短期内进行股票分割，至少除非其股价大幅上涨。英特尔目前的股票数量约为 40 亿股，这已经是一个相当大的数字了，通过将股价减半将这一数字翻一番并没有真正的好处。在过去十年中，这一数字已从约 53 亿股下降到目前的水平，但英特尔需要在未来很多年内回购股票，才能将股票数量降至可以被称为“太低”的数字。因此，目前我认为股票分割不太可能，在可预见的未来也是如此。当然，如果英特尔能够在主要市场重新站稳脚跟，并且盈利能力和估值有所提高，那么十年后英特尔有可能进行股票分割。在这种情况下，股价最终可能会远高于今天的交易价格，这可能会导致股票分割。因此，未来的股票分割并未完全排除，但看起来没有理由在近期或中期内进行股票分割。</blockquote></p><p> <h3><b>INTC Stock Forecast</b></h3> Wall Street analysts have a stock price target of $63 over the next year, which, combined with the dividend, would result in total returns of more than 20%, which would undoubtedly be attractive. At the same time, however, the consensus rating on the stock is<i>Neutral</i>, which may mean that analysts are not too convinced that their models are very precise.</p><p><blockquote><h3><b>INTC 股票预测</b></h3>华尔街分析师将明年的股价目标定为63美元，加上股息，总回报率将超过20%，这无疑是有吸引力的。但与此同时，该股的一致评级是<i>中立的</i>这可能意味着分析师不太相信他们的模型非常精确。</blockquote></p><p> Looking at Seeking Alpha's Quant Rating on the stock, we see a reading of 3.46, which is Neutral as well, although bordering on the edge of Bullish. The main issue for Intel's Quant score is its weak growth, which offsets the very strong value rating. Intel's strong value rating isn't a large surprise, as shares are valued at just 11x forward profits, which compares very favorably to the likes of AMD (43x forward earnings) and NVIDIA (49x forward earnings).</p><p><blockquote>查看 Seeking Alpha 对该股的量化评级，我们看到读数为 3.46，也是中性的，尽管接近看涨的边缘。英特尔量化评分的主要问题是其疲软的增长，这抵消了非常强劲的价值评级。英特尔的强劲估值评级并不令人意外，因为其股票的估值仅为预期利润的 11 倍，与 AMD（预期利润 43 倍）和 NVIDIA（预期利润 49 倍）等公司相比非常有利。</blockquote></p><p> Intel has, despite its strong profitability and large size, not been able to really capitalize on the growth of the global chip industry. Process delays and market share losses in high-value areas such as data centers have led to underperformance when it comes to profit growth versus its peers, and it looks like this will not change in the very near term. 2021 will be a flat-to-down year, and 2022 will likely not see any meaningful profit growth, either. Growth investments in Arizona and potential new multi-billion dollar plants in the US should positively impact Intel's growth eventually, but these investments will take years before starting to generate profits -- this will not help Intel improve its position in 2021. A while ago I estimated Intel's return potential in the high-single-digits range for the long run, with about one-third of that coming from the dividend. This is far from bad, and I assume that holding Intel will not be a bad decision at this time. I don't think that Intel must necessarily be an outrageously strong buy today, however -- investors may want to wait for even lower prices (looking at Intel's chart, this happens from time to time), or wait for a clearer picture about Intel's future, e.g. when it comes to the question of how well the company is doing with its new processes.</p><p><blockquote>尽管英特尔盈利能力强劲，规模庞大，但一直未能真正利用全球芯片行业的增长。与同行相比，数据中心等高价值领域的流程延迟和市场份额损失导致利润增长表现不佳，而且这种情况在短期内似乎不会改变。2021 年将是持平的一年，2022 年也可能不会出现任何有意义的利润增长。亚利桑那州的增长投资和美国潜在的数十亿美元新工厂最终应该会对英特尔的增长产生积极影响，但这些投资需要数年时间才能开始产生利润——这无助于英特尔在 2021 年改善其地位。不久前，我估计英特尔的长期回报潜力在高个位数范围内，其中约三分之一来自股息。这远非坏事，我假设此时持有英特尔不会是一个糟糕的决定。然而，我不认为英特尔今天一定是一个令人难以置信的强劲买入——投资者可能希望等待更低的价格（看看英特尔的图表，这种情况时有发生），或者等待更清晰的画面关于英特尔的未来，例如，当涉及到该公司的新流程表现如何的问题时。</blockquote></p><p></p><p> <h3><b>Is Intel Stock A Buy, Sell, Or Hold Right Now?</b></h3> Intel, overall, is still a leading semi company when it comes to output, revenue, cash generation, and R&D power. Its new CEO Pat Gelsinger seems to be making the right moves to position the company for the future, but at the same time, Intel is a pretty large ship to turn around, and for now, others such as NVIDIA seem to be leaner and more agile. Investing in Intel could pay off handsomely if the company gets back on growth track a couple of years from now, as this would leave a lot of multiple expansion potential. A successful turnaround towards stronger profit growth is not guaranteed, however. The near-term outlook is thus not very strong, although the low valuation could still leave upside potential if sentiment about Intel's future plans improves. In the longer run, Intel has opportunities to deliver shareholder gains, but the outlook is still clouded and uncertainties about execution remain. For now, we are neutral on Intel.</p><p><blockquote><h3><b>英特尔股票现在是买入、卖出还是持有？</b></h3>总体而言，英特尔在产量、收入、现金产生和研发能力方面仍然是一家领先的半导体公司。其新任首席执行官帕特·基辛格 (Pat Gelsinger) 似乎正在采取正确的举措来为公司的未来定位，但与此同时，英特尔是一艘需要掉头的大船，目前，英伟达等其他公司似乎更精简、更敏捷。如果英特尔在几年后重回增长轨道，投资英特尔可能会获得丰厚的回报，因为这将留下大量的多重扩张潜力。然而，并不能保证成功转向更强劲的利润增长。因此，近期前景不是很乐观，尽管如果对英特尔未来计划的情绪改善，低估值仍可能留下上行潜力。从长远来看，英特尔有机会为股东带来收益，但前景仍然阴云密布，执行方面的不确定性仍然存在。目前，我们对英特尔持中立态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Stock Split: Will Another One Ever Happen?<blockquote>英特尔股票分割：还会发生另一次吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIntel Stock Split: Will Another One Ever Happen?<blockquote>英特尔股票分割：还会发生另一次吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-20 17:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><h3><b>Summary</b></h3> <ul> <li>Many tech names have done stock splits in 2020 and 2021 that got a lot of attention.</li> <li>INTC has split its shares oftentimes in the past, but not in the last 20 years. We'll look at the reasons and what they mean for the future.</li> <li>Intel has some issues, but on the other hand, shares are pretty inexpensive and offer an above-average yield. All in all, Intel does neither look especially strong nor especially bad.</li> <li>I do much more than just articles at Cash Flow Kingdom: Members get access to model portfolios, regular updates, a chat room, and more.</li> </ul> <h3><b>Article Thesis</b></h3> Due to reader demand, we'll take a look at whether Intel Corporation (INTC) might conduct another stock split in the foreseeable future. Peers such as NVIDIA (NVDA) have done so in the recent past, thus the idea is not completely outlandish. At the same time, however, it should be noted that Intel's share price has been languishing in the recent past, and since shares are far from expensive, I believe that a stock split in the near term is unlikely.</p><p><blockquote><h3><b>总结</b></h3><ul><li>许多科技公司在2020年和2021年进行了股票分割，引起了广泛关注。</li><li>INTC过去经常分割股票，但在过去20年里没有。我们将看看原因以及它们对未来意味着什么。</li><li>英特尔存在一些问题，但另一方面，股票相当便宜，收益率高于平均水平。总而言之，英特尔看起来既不是特别强大，也不是特别糟糕。</li><li>我在现金流王国做的不仅仅是文章：会员可以访问模型投资组合、定期更新、聊天室等等。</li></ul><h3><b>文章论文</b></h3>由于读者的需求，我们将看看英特尔公司（INTC）是否会在可预见的未来进行另一次股票分割。英伟达（NVDA）等同行最近也这样做过，因此这个想法并不完全古怪。但与此同时，应该指出的是，英特尔的股价在最近的过去一直低迷，由于股票远未昂贵，我认为短期内不太可能进行股票分割。</blockquote></p><p> <h3><b>INTC Stock Price</b></h3> Intel Corporation is a leading semiconductor company in terms of revenue generation and output, but due to problems with new processes, and due to declining market share versus peers such as <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> and <a href=\"https://laohu8.com/S/AMD\">AMD</a> (AMD), its shares have vastly underperformed the broad semiconductor industry in recent years:</p><p><blockquote><h3><b>INTC 股价</b></h3>英特尔公司在创收和产量方面是一家领先的半导体公司，但由于新工艺的问题，以及与同行相比市场份额下降，例如<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>和<a href=\"https://laohu8.com/S/AMD\">AMD</a>（AMD），其股价近年来远逊于整个半导体行业：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/43a79e5a532c48440cc2ab0a982ad3d4\" tg-width=\"635\" tg-height=\"467\" referrerpolicy=\"no-referrer\">Data by YCharts</p><p><blockquote>数据由YCharts提供</blockquote></p><p> With a 70% return over five years, Intel has been far from a bad investment, as this still pencils out to about 11% a year. But compared to its peers and the semiconductor industry as a whole (SOXX), Intel Corporation's returns look pretty bad, as others have seen their shares rise by 300%+ in the same time frame. With a market capitalization of $210 billion, Intel is cheaper than NVIDIA, despite the fact that Intel generates much higher revenue, earnings, and cash flow -- the market is valuing NVIDIA at a premium due to its better growth and more attractive product lineup. At current prices of around $53, Intel is trading ~20% below the consensus price target of $63, which indicates solid upside potential over the next year. Based on current earnings per share estimates for this year, Intel Corporation trades for 11x net profits, which is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the lowest valuations in the semiconductor industry, and which represents a clear discount compared to how the broad market is valued. At the same time, Intel also offers a dividend yield of 2.6% today -- which is roughly twice as much as the S&P 500's (SPY) yield.</p><p><blockquote>英特尔五年内的回报率为 70%，这远非一项糟糕的投资，因为每年的回报率仍高达 11% 左右。但与同行和整个半导体行业（SOXX）相比，英特尔公司的回报看起来相当糟糕，因为其他公司的股价在同一时期上涨了300%以上。英特尔的市值为 2100 亿美元，比英伟达便宜，尽管英特尔产生的收入、盈利和现金流要高得多——由于英伟达更好的增长和更具吸引力的产品阵容，市场对英伟达的估值溢价。目前英特尔的股价约为 53 美元，比 63 美元的共识目标价低约 20%，这表明明年有强劲的上涨潜力。根据目前对今年每股收益的估计，英特尔公司的净利润为 11 倍，即<a href=\"https://laohu8.com/S/AONE.U\">一</a>半导体行业最低估值，与大盘估值相比明显折扣。与此同时，英特尔今天还提供 2.6% 的股息收益率，大约是标准普尔 500 指数（SPDR标普500指数ETF）收益率的两倍。</blockquote></p><p> <h3><b>Is Intel Stock Likely To Split Again</b></h3> In 2020 and 2021, stock splits have gotten a lot of attention, as huge companies such as <a href=\"https://laohu8.com/S/AAPL\">Apple</a> (AAPL) and <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> (TSLA) did them, while there was also speculation that <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> (AMZN) could be interested in doing a stock split. Not too long ago, NVIDIA, one of Intel's main competitors, did a stock split as well.</p><p><blockquote><h3><b>英特尔股票可能再次分割吗</b></h3>2020年和2021年，股票分割受到了很多关注，因为大型公司如<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（AAPL）和<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>（特斯拉）做到了，同时也有人猜测<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>(AMZN) 可能有兴趣进行股票分割。不久前，英特尔的主要竞争对手之一英伟达也进行了股票分割。</blockquote></p><p> Some readers are interested in knowing whether Intel might do a stock split as well, which is why we can try to gauge the pros and cons of that. Let's first look at Intel's stock split history:</p><p><blockquote>一些读者有兴趣知道英特尔是否也会进行股票分割，这就是为什么我们可以尝试衡量这样做的利弊。我们先来看看英特尔的股票分割历史：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4744a6590d2621204996b265d995a823\" tg-width=\"624\" tg-height=\"727\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Source:</i> <i>Intel Corporation</i></p><p><blockquote><i>来源：</i> <i>英特尔公司</i></blockquote></p><p> We see that the company has done stock splits repeatedly in the past, with a total of 13 stock splits recorded on the company's website. Clearly, the company has not been reluctant to split its shares in the past. At the same time, however, we can also note that the series of stock splits stopped in 2000, i.e. a little more than two decades ago. Not a single stock split was recorded since then, which means that the company has seemingly seen no good reason to split its stock since then. When Intel did its last stock split in 2000, its shares were trading at well above $100 and as high as $150 at some point. In other words, when Intel did its last stock split, its shares were trading with a relatively high nominal price, which was, of course, the result of the dot.com bubble during which Intel saw its shares explode upwards. Since then, shares have not regained their former strength, as they continue to trade below their highs from back then -- even following the 2-1 split that occurred in July 2000.</p><p><blockquote>我们看到，公司过去曾多次进行股票拆分，公司网站上共记录了13次股票拆分。显然，该公司过去并不舍得分拆股份。但与此同时，我们也可以注意到，这一系列股票分割在 2000 年就停止了，也就是二十多年前。此后没有记录过一次股票分割，这意味着该公司此后似乎没有看到分割股票的好理由。当英特尔在2000年进行最后一次股票分割时，其股价远高于100美元，一度高达150美元。换句话说，当英特尔进行最后一次股票分割时，其股票的名义价格相对较高，这当然是互联网泡沫的结果，在此期间，英特尔的股票爆炸式上升。自那以后，股价没有恢复以前的强势，因为它们的交易价格继续低于当时的高点——即使是在 2000 年 7 月发生 2-1 分裂之后。</blockquote></p><p> When we look at other stock splits, we see a similar pattern:</p><p><blockquote>当我们观察其他股票分割时，我们会看到类似的模式：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/ccb1e1f3475ca38ef9dc7cbb0216124a\" tg-width=\"461\" tg-height=\"380\" referrerpolicy=\"no-referrer\"><i>Source:</i> <i>getsplithistory.com</i></p><p><blockquote><i>来源：</i> <i>getsplithistory.com</i></blockquote></p><p> Shares did trade for well above $100 before other stock splits as well, e.g. in 1999, 1997, 1995, and 1993. Adjusted for inflation, that likely pencils out for roughly $200 in today's dollars. When we compare these prices to Intel's current share price, it looks like there is one good reason for Intel's decision to not split its shares in the last twenty years --<i>they are too cheap for a split</i>. In the past, Intel split its shares regularly when they rose to levels well above $100, but since shares are far from that level today, there just is no good reason to conduct a stock split right now.</p><p><blockquote>在其他股票分割之前，例如 1999 年、1997 年、1995 年和 1993 年，股票交易价格确实远高于 100 美元。经通货膨胀调整后，按今天的美元计算，这可能约为 200 美元。当我们将这些价格与英特尔当前的股价进行比较时，英特尔在过去二十年中决定不拆分股票似乎有一个很好的理由——<i>它们太便宜了，不能拆分</i>过去，当股价涨到远高于 100 美元的水平时，英特尔会定期进行股票分割，但由于今天的股价远未达到这一水平，现在没有充分的理由进行股票分割。</blockquote></p><p> In an age where fractional shares can be bought easily through most brokers, stock splits have become less important overall. However, there are still some advantages to stock splits, e.g. when it comes to index inclusion, or when it comes to the ease of using options. With Intel's shares trading in the $50s, however, these arguments are not really valid, and one can summarize that there would not be any clear benefit from a stock split. Therefore, I doubt that Intel will do a stock split in the near term, at least unless its shares rally massively. Intel has a share count of roughly 4 billion today, which is a pretty large number already, and there is no real benefit from doubling that number by cutting the share price in half. Over the last decade, this number has dropped from around 5.3 billion to where it stands right now, but Intel would need to repurchase shares for many more years before the share count drops to a number that could be called \"too low\". For now, I thus believe that a stock split is unlikely, and that also holds true for the foreseeable future. It is, of course, possible that Intel does a stock split a decade from now if it manages to regain its footing in major markets and if its profitability and valuation improve. In that case, shares could eventually rise well above where they trade today, which may result in a stock split. Future stock splits are thus not ruled out completely, but it looks like there is no reason to do one in the near or medium term.</p><p><blockquote>在一个可以通过大多数经纪商轻松购买零股的时代，股票分割总体上变得不那么重要了。然而，股票分割仍然有一些优势，例如在指数纳入方面，或者在使用期权的便利性方面。然而，由于英特尔的股价在 50 美元左右，这些论点并不真正成立，人们可以总结说，股票分割不会带来任何明显的好处。因此，我怀疑英特尔是否会在短期内进行股票分割，至少除非其股价大幅上涨。英特尔目前的股票数量约为 40 亿股，这已经是一个相当大的数字了，通过将股价减半将这一数字翻一番并没有真正的好处。在过去十年中，这一数字已从约 53 亿股下降到目前的水平，但英特尔需要在未来很多年内回购股票，才能将股票数量降至可以被称为“太低”的数字。因此，目前我认为股票分割不太可能，在可预见的未来也是如此。当然，如果英特尔能够在主要市场重新站稳脚跟，并且盈利能力和估值有所提高，那么十年后英特尔有可能进行股票分割。在这种情况下，股价最终可能会远高于今天的交易价格，这可能会导致股票分割。因此，未来的股票分割并未完全排除，但看起来没有理由在近期或中期内进行股票分割。</blockquote></p><p> <h3><b>INTC Stock Forecast</b></h3> Wall Street analysts have a stock price target of $63 over the next year, which, combined with the dividend, would result in total returns of more than 20%, which would undoubtedly be attractive. At the same time, however, the consensus rating on the stock is<i>Neutral</i>, which may mean that analysts are not too convinced that their models are very precise.</p><p><blockquote><h3><b>INTC 股票预测</b></h3>华尔街分析师将明年的股价目标定为63美元，加上股息，总回报率将超过20%，这无疑是有吸引力的。但与此同时，该股的一致评级是<i>中立的</i>这可能意味着分析师不太相信他们的模型非常精确。</blockquote></p><p> Looking at Seeking Alpha's Quant Rating on the stock, we see a reading of 3.46, which is Neutral as well, although bordering on the edge of Bullish. The main issue for Intel's Quant score is its weak growth, which offsets the very strong value rating. Intel's strong value rating isn't a large surprise, as shares are valued at just 11x forward profits, which compares very favorably to the likes of AMD (43x forward earnings) and NVIDIA (49x forward earnings).</p><p><blockquote>查看 Seeking Alpha 对该股的量化评级，我们看到读数为 3.46，也是中性的，尽管接近看涨的边缘。英特尔量化评分的主要问题是其疲软的增长，这抵消了非常强劲的价值评级。英特尔的强劲估值评级并不令人意外，因为其股票的估值仅为预期利润的 11 倍，与 AMD（预期利润 43 倍）和 NVIDIA（预期利润 49 倍）等公司相比非常有利。</blockquote></p><p> Intel has, despite its strong profitability and large size, not been able to really capitalize on the growth of the global chip industry. Process delays and market share losses in high-value areas such as data centers have led to underperformance when it comes to profit growth versus its peers, and it looks like this will not change in the very near term. 2021 will be a flat-to-down year, and 2022 will likely not see any meaningful profit growth, either. Growth investments in Arizona and potential new multi-billion dollar plants in the US should positively impact Intel's growth eventually, but these investments will take years before starting to generate profits -- this will not help Intel improve its position in 2021. A while ago I estimated Intel's return potential in the high-single-digits range for the long run, with about one-third of that coming from the dividend. This is far from bad, and I assume that holding Intel will not be a bad decision at this time. I don't think that Intel must necessarily be an outrageously strong buy today, however -- investors may want to wait for even lower prices (looking at Intel's chart, this happens from time to time), or wait for a clearer picture about Intel's future, e.g. when it comes to the question of how well the company is doing with its new processes.</p><p><blockquote>尽管英特尔盈利能力强劲，规模庞大，但一直未能真正利用全球芯片行业的增长。与同行相比，数据中心等高价值领域的流程延迟和市场份额损失导致利润增长表现不佳，而且这种情况在短期内似乎不会改变。2021 年将是持平的一年，2022 年也可能不会出现任何有意义的利润增长。亚利桑那州的增长投资和美国潜在的数十亿美元新工厂最终应该会对英特尔的增长产生积极影响，但这些投资需要数年时间才能开始产生利润——这无助于英特尔在 2021 年改善其地位。不久前，我估计英特尔的长期回报潜力在高个位数范围内，其中约三分之一来自股息。这远非坏事，我假设此时持有英特尔不会是一个糟糕的决定。然而，我不认为英特尔今天一定是一个令人难以置信的强劲买入——投资者可能希望等待更低的价格（看看英特尔的图表，这种情况时有发生），或者等待更清晰的画面关于英特尔的未来，例如，当涉及到该公司的新流程表现如何的问题时。</blockquote></p><p></p><p> <h3><b>Is Intel Stock A Buy, Sell, Or Hold Right Now?</b></h3> Intel, overall, is still a leading semi company when it comes to output, revenue, cash generation, and R&D power. Its new CEO Pat Gelsinger seems to be making the right moves to position the company for the future, but at the same time, Intel is a pretty large ship to turn around, and for now, others such as NVIDIA seem to be leaner and more agile. Investing in Intel could pay off handsomely if the company gets back on growth track a couple of years from now, as this would leave a lot of multiple expansion potential. A successful turnaround towards stronger profit growth is not guaranteed, however. The near-term outlook is thus not very strong, although the low valuation could still leave upside potential if sentiment about Intel's future plans improves. In the longer run, Intel has opportunities to deliver shareholder gains, but the outlook is still clouded and uncertainties about execution remain. For now, we are neutral on Intel.</p><p><blockquote><h3><b>英特尔股票现在是买入、卖出还是持有？</b></h3>总体而言，英特尔在产量、收入、现金产生和研发能力方面仍然是一家领先的半导体公司。其新任首席执行官帕特·基辛格 (Pat Gelsinger) 似乎正在采取正确的举措来为公司的未来定位，但与此同时，英特尔是一艘需要掉头的大船，目前，英伟达等其他公司似乎更精简、更敏捷。如果英特尔在几年后重回增长轨道，投资英特尔可能会获得丰厚的回报，因为这将留下大量的多重扩张潜力。然而，并不能保证成功转向更强劲的利润增长。因此，近期前景不是很乐观，尽管如果对英特尔未来计划的情绪改善，低估值仍可能留下上行潜力。从长远来看，英特尔有机会为股东带来收益，但前景仍然阴云密布，执行方面的不确定性仍然存在。目前，我们对英特尔持中立态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4450549-intel-stock-split-will-another-one-happen\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4450549-intel-stock-split-will-another-one-happen","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124578118","content_text":"Summary\n\nMany tech names have done stock splits in 2020 and 2021 that got a lot of attention.\nINTC has split its shares oftentimes in the past, but not in the last 20 years. We'll look at the reasons and what they mean for the future.\nIntel has some issues, but on the other hand, shares are pretty inexpensive and offer an above-average yield. All in all, Intel does neither look especially strong nor especially bad.\nI do much more than just articles at Cash Flow Kingdom: Members get access to model portfolios, regular updates, a chat room, and more.\n\nArticle Thesis\nDue to reader demand, we'll take a look at whether Intel Corporation (INTC) might conduct another stock split in the foreseeable future. Peers such as NVIDIA (NVDA) have done so in the recent past, thus the idea is not completely outlandish. At the same time, however, it should be noted that Intel's share price has been languishing in the recent past, and since shares are far from expensive, I believe that a stock split in the near term is unlikely.\nINTC Stock Price\nIntel Corporation is a leading semiconductor company in terms of revenue generation and output, but due to problems with new processes, and due to declining market share versus peers such as NVIDIA Corp and AMD (AMD), its shares have vastly underperformed the broad semiconductor industry in recent years:\nData by YCharts\nWith a 70% return over five years, Intel has been far from a bad investment, as this still pencils out to about 11% a year. But compared to its peers and the semiconductor industry as a whole (SOXX), Intel Corporation's returns look pretty bad, as others have seen their shares rise by 300%+ in the same time frame. With a market capitalization of $210 billion, Intel is cheaper than NVIDIA, despite the fact that Intel generates much higher revenue, earnings, and cash flow -- the market is valuing NVIDIA at a premium due to its better growth and more attractive product lineup. At current prices of around $53, Intel is trading ~20% below the consensus price target of $63, which indicates solid upside potential over the next year. Based on current earnings per share estimates for this year, Intel Corporation trades for 11x net profits, which is one of the lowest valuations in the semiconductor industry, and which represents a clear discount compared to how the broad market is valued. At the same time, Intel also offers a dividend yield of 2.6% today -- which is roughly twice as much as the S&P 500's (SPY) yield.\nIs Intel Stock Likely To Split Again\nIn 2020 and 2021, stock splits have gotten a lot of attention, as huge companies such as Apple (AAPL) and Tesla Motors (TSLA) did them, while there was also speculation that Amazon.com (AMZN) could be interested in doing a stock split. Not too long ago, NVIDIA, one of Intel's main competitors, did a stock split as well.\nSome readers are interested in knowing whether Intel might do a stock split as well, which is why we can try to gauge the pros and cons of that. Let's first look at Intel's stock split history:\n\nSource: Intel Corporation\nWe see that the company has done stock splits repeatedly in the past, with a total of 13 stock splits recorded on the company's website. Clearly, the company has not been reluctant to split its shares in the past. At the same time, however, we can also note that the series of stock splits stopped in 2000, i.e. a little more than two decades ago. Not a single stock split was recorded since then, which means that the company has seemingly seen no good reason to split its stock since then. When Intel did its last stock split in 2000, its shares were trading at well above $100 and as high as $150 at some point. In other words, when Intel did its last stock split, its shares were trading with a relatively high nominal price, which was, of course, the result of the dot.com bubble during which Intel saw its shares explode upwards. Since then, shares have not regained their former strength, as they continue to trade below their highs from back then -- even following the 2-1 split that occurred in July 2000.\nWhen we look at other stock splits, we see a similar pattern:\nSource: getsplithistory.com\nShares did trade for well above $100 before other stock splits as well, e.g. in 1999, 1997, 1995, and 1993. Adjusted for inflation, that likely pencils out for roughly $200 in today's dollars. When we compare these prices to Intel's current share price, it looks like there is one good reason for Intel's decision to not split its shares in the last twenty years --they are too cheap for a split. In the past, Intel split its shares regularly when they rose to levels well above $100, but since shares are far from that level today, there just is no good reason to conduct a stock split right now.\nIn an age where fractional shares can be bought easily through most brokers, stock splits have become less important overall. However, there are still some advantages to stock splits, e.g. when it comes to index inclusion, or when it comes to the ease of using options. With Intel's shares trading in the $50s, however, these arguments are not really valid, and one can summarize that there would not be any clear benefit from a stock split. Therefore, I doubt that Intel will do a stock split in the near term, at least unless its shares rally massively. Intel has a share count of roughly 4 billion today, which is a pretty large number already, and there is no real benefit from doubling that number by cutting the share price in half. Over the last decade, this number has dropped from around 5.3 billion to where it stands right now, but Intel would need to repurchase shares for many more years before the share count drops to a number that could be called \"too low\". For now, I thus believe that a stock split is unlikely, and that also holds true for the foreseeable future. It is, of course, possible that Intel does a stock split a decade from now if it manages to regain its footing in major markets and if its profitability and valuation improve. In that case, shares could eventually rise well above where they trade today, which may result in a stock split. Future stock splits are thus not ruled out completely, but it looks like there is no reason to do one in the near or medium term.\nINTC Stock Forecast\nWall Street analysts have a stock price target of $63 over the next year, which, combined with the dividend, would result in total returns of more than 20%, which would undoubtedly be attractive. At the same time, however, the consensus rating on the stock isNeutral, which may mean that analysts are not too convinced that their models are very precise.\nLooking at Seeking Alpha's Quant Rating on the stock, we see a reading of 3.46, which is Neutral as well, although bordering on the edge of Bullish. The main issue for Intel's Quant score is its weak growth, which offsets the very strong value rating. Intel's strong value rating isn't a large surprise, as shares are valued at just 11x forward profits, which compares very favorably to the likes of AMD (43x forward earnings) and NVIDIA (49x forward earnings).\nIntel has, despite its strong profitability and large size, not been able to really capitalize on the growth of the global chip industry. Process delays and market share losses in high-value areas such as data centers have led to underperformance when it comes to profit growth versus its peers, and it looks like this will not change in the very near term. 2021 will be a flat-to-down year, and 2022 will likely not see any meaningful profit growth, either. Growth investments in Arizona and potential new multi-billion dollar plants in the US should positively impact Intel's growth eventually, but these investments will take years before starting to generate profits -- this will not help Intel improve its position in 2021. A while ago I estimated Intel's return potential in the high-single-digits range for the long run, with about one-third of that coming from the dividend. This is far from bad, and I assume that holding Intel will not be a bad decision at this time. I don't think that Intel must necessarily be an outrageously strong buy today, however -- investors may want to wait for even lower prices (looking at Intel's chart, this happens from time to time), or wait for a clearer picture about Intel's future, e.g. when it comes to the question of how well the company is doing with its new processes.\nIs Intel Stock A Buy, Sell, Or Hold Right Now?\nIntel, overall, is still a leading semi company when it comes to output, revenue, cash generation, and R&D power. Its new CEO Pat Gelsinger seems to be making the right moves to position the company for the future, but at the same time, Intel is a pretty large ship to turn around, and for now, others such as NVIDIA seem to be leaner and more agile. Investing in Intel could pay off handsomely if the company gets back on growth track a couple of years from now, as this would leave a lot of multiple expansion potential. A successful turnaround towards stronger profit growth is not guaranteed, however. The near-term outlook is thus not very strong, although the low valuation could still leave upside potential if sentiment about Intel's future plans improves. In the longer run, Intel has opportunities to deliver shareholder gains, but the outlook is still clouded and uncertainties about execution remain. For now, we are neutral on Intel.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":742,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/836369997"}
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