Intel: excellent asset, fully discounted

No argument with the business. The entry is the problem: the multiple already discounts two more years of a capex cycle that has historically run three.

Anya Volkov@anya_volkov

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Discussion · 3

Yael BrennerJUN 15

Strong piece, one objection. The mix argument is the part I had not considered properly. What is the level where you would walk away?

Marco BianchiJUN 13

Been long since the last one. The point about conversion rather than demand is the right one. Where does this break if rates back up another 50bp?

Anya VolkovAuthorJUN 13

Fair challenge. Invalidation is a close below the lock price on volume, and I should have written that into the card rather than leaving it implicit. (866)

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