Estimating Share Value Using the ROPI Model Assume the following are the income statement and balance sheet for Intel Corporation.

FInd NOPAT for 2010; Tax Rate: 37%

Consolidated Statements of Income Year Ended (In millions) Dec. 25, 2010 Dec. 26, 2009 Dec. 27, 2008 $35,127 37,586 44,423 Net revenue 16,742 15,566 15,132 Cost of sales 29,291 Gross margin 19,561 20,844 Research and development 6,576 5,653 5,722 Marketing, general and adminstrative 6,309 7,931 5,452 Restructuring and asset impairment charges 23 710 35 Amortization of acquisition-related intangibles 12,903 11,890 13,850 Operating expenses 16,388 Operating income 5,711 8,954 (1,380) Gains (losses) on equity method investments, net (147) Gains (losses) on other equity investments, net 23 (23) (376) 109 488 Interest and other, net Income before taxes 16,845 5,704 7,686 4,581 1,335 2,394 Provisions for taxes 4,369 12,264 5,292 Net income *This should be considered as operating income