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	6,670	6,473	5,594	5,379	5,809	5,629	5,454	5,285	5,121	4,963
Revenue (%)
OperatingCashFlow	125	374	416	427	245	304	295	285	277	268
OperatingCashFlow (%)
CapitalExpenditure	-150	-121	-139	-158	-173	-141	-136	-132	-128	-124
CapitalExpenditure (%)
FreeCashFlow	-25	253	277	269	72	163	158	153	149	144

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	6,670	6,473	5,594	5,379	5,809
Revenue (%)
OperatingCashFlow	125	374	416	427	245
OperatingCashFlow (%)
CapitalExpenditure	-150	-121	-139	-158	-173
CapitalExpenditure (%)
FreeCashFlow	-25	253	277	269	72

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	5,629	5,454	5,285	5,121	4,963
Revenue (%)
OperatingCashFlow	304	295	285	277	268
OperatingCashFlow (%)
CapitalExpenditure	-141	-136	-132	-128	-124
CapitalExpenditure (%)
FreeCashFlow	163	158	153	149	144

Weighted Average Cost Of Capital Seaboard Co

Share Price	$ 3772
Diluted Shares Outstanding	1
Cost of Debt
Tax Rate	42.2
After-tax Cost of Debt	3.6
Risk Free Rate
Market Risk Premium
Cost of Equity	9.30
Total Debt	482.00
Total Equity	3,772.00
Total Capital	4,254.00
Debt Weighting	11.33
Equity Weighting	88.67
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	6,670	6,473	5,594	5,379	5,809	5,629	5,454	5,285	5,121	4,963
OperatingCashFlow	125	374	416	427	245	304	295	285	277	268
CapitalExpenditure	-150	-121	-139	-158	-173	-141	-136	-132	-128	-124
FreeCashFlowFreeCashFlow	-25	253	277	269	72	163	158	153	149	144
WACC
PV LFCF						150	134	119	106	94
SUM PV LFCF										603

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	6,670	6,473	5,594	5,379	5,809
OperatingCashFlow	125	374	416	427	245
CapitalExpenditure	-150	-121	-139	-158	-173
FreeCashFlowFreeCashFlow	-25	253	277	269	72
WACC
PV LFCF
SUM PV LFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	5,629	5,454	5,285	5,121	4,963
OperatingCashFlow	304	295	285	277	268
CapitalExpenditure	-141	-136	-132	-128	-124
FreeCashFlowFreeCashFlow	163	158	153	149	144
WACC
PV LFCF	150	134	119	106	94
SUM PV LFCF					603

Terminal Value Seaboard Co

Growth in perpetuity method:
Long term growth rate
WACC (%)	8.8
Free cash flow (t+1)	149.68
Terminal Value	3,118.25
Present Value of Terminal Value	2,045.34

Intrinsic Value Seaboard Co

Enterprise Value	2,648
Net Debt	-1,210
Equity Value	3,858
Shares Outstanding	1
Equity Value Per Share	3,858

Results Levered DCF Seaboard Co

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
6.8 (%)	2,734 Sell	2,838 Sell	2,967 Sell	3,128 Sell	3,336 Sell	3,617 Sell	4,014 Buy	4,621 Buy	5,660 Buy
7.3 (%)	2,673 Sell	2,766 Sell	2,879 Sell	3,020 Sell	3,199 Sell	3,435 Sell	3,760 Sell	4,237 Buy	5,002 Buy
7.8 (%)	2,617 Sell	2,701 Sell	2,802 Sell	2,925 Sell	3,081 Sell	3,281 Sell	3,552 Sell	3,934 Buy	4,519 Buy
8.3 (%)	2,567 Sell	2,642 Sell	2,732 Sell	2,841 Sell	2,977 Sell	3,150 Sell	3,377 Sell	3,690 Sell	4,149 Buy
8.8 (%)	2,521 Sell	2,589 Sell	2,670 Sell	2,767 Sell	2,886 Sell	3,035 Sell	3,229 Sell	3,489 Sell	3,858 Buy
9.3 (%)	2,479 Sell	2,541 Sell	2,613 Sell	2,700 Sell	2,805 Sell	2,936 Sell	3,102 Sell	3,321 Sell	3,623 Sell
9.8 (%)	2,440 Sell	2,496 Sell	2,562 Sell	2,640 Sell	2,733 Sell	2,848 Sell	2,992 Sell	3,179 Sell	3,430 Sell
10.3 (%)	2,405 Sell	2,456 Sell	2,515 Sell	2,585 Sell	2,669 Sell	2,770 Sell	2,896 Sell	3,057 Sell	3,268 Sell
10.8 (%)	2,372 Sell	2,419 Sell	2,473 Sell	2,536 Sell	2,611 Sell	2,701 Sell	2,812 Sell	2,951 Sell	3,131 Sell

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
6.8 (%)	2,734 Sell	2,838 Sell	2,967 Sell	3,128 Sell	3,336 Sell
7.3 (%)	2,673 Sell	2,766 Sell	2,879 Sell	3,020 Sell	3,199 Sell
7.8 (%)	2,617 Sell	2,701 Sell	2,802 Sell	2,925 Sell	3,081 Sell
8.3 (%)	2,567 Sell	2,642 Sell	2,732 Sell	2,841 Sell	2,977 Sell
8.8 (%)	2,521 Sell	2,589 Sell	2,670 Sell	2,767 Sell	2,886 Sell

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
9.3 (%)	2,936 Sell	3,102 Sell	3,321 Sell	3,623 Sell
9.8 (%)	2,848 Sell	2,992 Sell	3,179 Sell	3,430 Sell
10.3 (%)	2,770 Sell	2,896 Sell	3,057 Sell	3,268 Sell
10.8 (%)	2,701 Sell	2,812 Sell	2,951 Sell	3,131 Sell

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