Discounted Cash Flow (DCF) Analysis Levered

Free Cash Flow Seaboard Co

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	6,473	5,594	5,379	5,809	6,583	6,649	6,715	6,782	6,850	6,919
Revenue (%)
OperatingCashFlow	374	416	427	245	238	386	389	393	397	401
OperatingCashFlow (%)
CapitalExpenditure	-121	-139	-158	-173	-162	-173	-175	-176	-178	-180
CapitalExpenditure (%)
FreeCashFlow	253	277	269	72	76	213	215	217	219	221

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	6,473	5,594	5,379	5,809	6,583
Revenue (%)
OperatingCashFlow	374	416	427	245	238
OperatingCashFlow (%)
CapitalExpenditure	-121	-139	-158	-173	-162
CapitalExpenditure (%)
FreeCashFlow	253	277	269	72	76

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	6,649	6,715	6,782	6,850	6,919
Revenue (%)
OperatingCashFlow	386	389	393	397	401
OperatingCashFlow (%)
CapitalExpenditure	-173	-175	-176	-178	-180
CapitalExpenditure (%)
FreeCashFlow	213	215	217	219	221

Weighted Average Cost Of Capital Seaboard Co

Share Price	$ 4649.76
Diluted Shares Outstanding	1
Cost of Debt
Tax Rate	-6.3
After-tax Cost of Debt	3.8
Risk Free Rate
Market Risk Premium
Cost of Equity	7.60
Total Debt	739.00
Total Equity	4,649.76
Total Capital	5,388.76
Debt Weighting	13.71
Equity Weighting	86.29
Wacc

Build Up Free Cash Flow Seaboard Co

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	6,473	5,594	5,379	5,809	6,583	6,649	6,715	6,782	6,850	6,919
OperatingCashFlow	374	416	427	245	238	386	389	393	397	401
CapitalExpenditure	-121	-139	-158	-173	-162	-173	-175	-176	-178	-180
FreeCashFlowFreeCashFlow	253	277	269	72	76	213	215	217	219	221
WACC
PV LFCF						198	187	176	166	156
SUM PV LFCF										884

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	6,473	5,594	5,379	5,809	6,583
OperatingCashFlow	374	416	427	245	238
CapitalExpenditure	-121	-139	-158	-173	-162
FreeCashFlowFreeCashFlow	253	277	269	72	76
WACC
PV LFCF
SUM PV LFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	6,649	6,715	6,782	6,850	6,919
OperatingCashFlow	386	389	393	397	401
CapitalExpenditure	-173	-175	-176	-178	-180
FreeCashFlowFreeCashFlow	213	215	217	219	221
WACC
PV LFCF	198	187	176	166	156
SUM PV LFCF					884

Terminal Value Seaboard Co

Growth in perpetuity method:
Long term growth rate
WACC (%)	7.2
Free cash flow (t+1)	230.26
Terminal Value	7,195.55
Present Value of Terminal Value	5,082.65

Intrinsic Value Seaboard Co

Enterprise Value	5,967
Net Debt	-791
Equity Value	6,758
Shares Outstanding	1
Equity Value Per Share	6,758

Results Levered DCF Seaboard Co

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
5.2 (%)	3,468 Sell	3,708 Sell	4,014 Sell	4,419 Sell	4,979 Buy	5,807 Buy	7,152 Buy	9,720 Buy	16,567 Buy
5.7 (%)	3,336 Sell	3,546 Sell	3,811 Sell	4,155 Sell	4,619 Sell	5,281 Buy	6,301 Buy	8,076 Buy	11,941 Buy
6.2 (%)	3,218 Sell	3,403 Sell	3,634 Sell	3,929 Sell	4,318 Sell	4,858 Buy	5,655 Buy	6,950 Buy	9,423 Buy
6.7 (%)	3,111 Sell	3,276 Sell	3,478 Sell	3,733 Sell	4,064 Sell	4,512 Sell	5,149 Buy	6,132 Buy	7,841 Buy
7.2 (%)	3,016 Sell	3,162 Sell	3,341 Sell	3,563 Sell	3,847 Sell	4,223 Sell	4,743 Buy	5,510 Buy	6,758 Buy
7.7 (%)	2,929 Sell	3,060 Sell	3,219 Sell	3,414 Sell	3,659 Sell	3,978 Sell	4,409 Sell	5,023 Buy	5,970 Buy
8.2 (%)	2,850 Sell	2,968 Sell	3,109 Sell	3,282 Sell	3,496 Sell	3,769 Sell	4,131 Sell	4,632 Sell	5,372 Buy
8.7 (%)	2,778 Sell	2,885 Sell	3,011 Sell	3,164 Sell	3,352 Sell	3,589 Sell	3,896 Sell	4,311 Sell	4,903 Buy
9.2 (%)	2,712 Sell	2,809 Sell	2,923 Sell	3,059 Sell	3,225 Sell	3,431 Sell	3,695 Sell	4,044 Sell	4,527 Sell

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
5.2 (%)	3,468 Sell	3,708 Sell	4,014 Sell	4,419 Sell	4,979 Buy
5.7 (%)	3,336 Sell	3,546 Sell	3,811 Sell	4,155 Sell	4,619 Sell
6.2 (%)	3,218 Sell	3,403 Sell	3,634 Sell	3,929 Sell	4,318 Sell
6.7 (%)	3,111 Sell	3,276 Sell	3,478 Sell	3,733 Sell	4,064 Sell
7.2 (%)	3,016 Sell	3,162 Sell	3,341 Sell	3,563 Sell	3,847 Sell

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
7.7 (%)	3,978 Sell	4,409 Sell	5,023 Buy	5,970 Buy
8.2 (%)	3,769 Sell	4,131 Sell	4,632 Sell	5,372 Buy
8.7 (%)	3,589 Sell	3,896 Sell	4,311 Sell	4,903 Buy
9.2 (%)	3,431 Sell	3,695 Sell	4,044 Sell	4,527 Sell

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