Intel: How I've Been Making Money

When last I looked at Intel (NASDAQ:INTC), I introduced an unconventional valuation method; and with the stock in the 24 area, set a 35 target, which has since been met. The thinking is, R&D and Capex define what the company is doing to increase EPS and share price. And the dividend represents the benefit to shareholders from these activities. The cap rates or multiples are arbitrary, but provide useful indications. If Capex is money well spent, it will be validated by acceptable ROE.