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Discounted Cash Flow (DCF) Analysis Levered


Seaboard Corporation

Seaboard Corporation (SEB)

Industrials

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 6,670.006,473.235,594.175,379.355,809.166,582.946,595.456,607.986,620.546,633.126,645.72
Revenue (%)
Operating Cash Flow 124.73374.15416.21427.12245.15238.30339.01339.65340.30340.94341.59
Operating Cash Flow (%)
Capital Expenditure -134.73-104.87-91.18-110.81-167.88-156.67-138.50-138.77-139.03-139.30-139.56
Capital Expenditure (%)
Free Cash Flow -10.00269.29325.02316.3177.2681.63200.50200.88201.26201.65202.03

Weighted Average Cost Of Capital

Share price $ 4,160
Diluted Shares Outstanding 1.17
Cost of Debt
Tax Rate -6.25
After-tax Cost of Debt 0.36
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.60
Total Debt 739.00
Total Equity 4,869.28
Total Capital 5,608.28
Debt Weighting 13.18
Equity Weighting 86.82
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 6,670.006,473.235,594.175,379.355,809.166,582.946,595.456,607.986,620.546,633.126,645.72
Operating Cash Flow 124.73374.15416.21427.12245.15238.30339.01339.65340.30340.94341.59
Capital Expenditure -134.73-104.87-91.18-110.81-167.88-156.67-138.50-138.77-139.03-139.30-139.56
Free Cash Flow -10.00269.29325.02316.3177.2681.63200.50200.88201.26201.65202.03
WACC
PV LFCF 186.86174.48162.92152.12142.04
SUM PV LFCF 1,370.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.30
Free cash flow (t + 1) 416.19
Terminal Value 12,611.83
Present Value of Terminal Value 8,867.05

Intrinsic Value

Enterprise Value 11,547.50
Net Debt -790.88
Equity Value 12,338.38
Shares Outstanding 1.17
Equity Value Per Share 5,670.83