Discounted Cash Flow (DCF) Analysis Levered

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	6,670.00	6,473.23	5,594.17	5,379.35	5,809.16	6,582.94	6,595.45	6,607.98	6,620.54	6,633.12	6,645.72
Revenue (%)
Operating Cash Flow	124.73	374.15	416.21	427.12	245.15	238.30	339.01	339.65	340.30	340.94	341.59
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	-10.00	269.29	325.02	316.31	77.26	81.63	200.50	200.88	201.26	201.65	202.03

Weighted Average Cost Of Capital

Share price	$ 3,850
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	4,506.43
Total Capital	5,245.43
Debt Weighting	14.09
Equity Weighting	85.91
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	6,670.00	6,473.23	5,594.17	5,379.35	5,809.16	6,582.94	6,595.45	6,607.98	6,620.54	6,633.12	6,645.72
Operating Cash Flow	124.73	374.15	416.21	427.12	245.15	238.30	339.01	339.65	340.30	340.94	341.59
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	-10.00	269.29	325.02	316.31	77.26	81.63	200.50	200.88	201.26	201.65	202.03
WACC
PV LFCF							186.90	174.54	163.01	152.24	142.17
SUM PV LFCF											1,371.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.28
Free cash flow (t + 1)	416.19
Terminal Value	12,688.73
Present Value of Terminal Value	8,929.44

Intrinsic Value

Enterprise Value	11,612.54
Net Debt	-790.88
Equity Value	12,403.41
Shares Outstanding	1.17
Equity Value Per Share	5,698.94

Results Levered DCF

Wacc / Long-term Growth	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.28 (%)	3,228.12 Sell	3,410.97 Sell	3,644.04 Sell	3,951.35 Buy	4,375.06 Buy	4,996.76 Buy	5,997.55 Buy	7,876.22 Buy	12,690.33 Buy
8.78 (%)	3,126.88 Sell	3,287.42 Sell	3,489.24 Sell	3,750.59 Sell	4,102.37 Buy	4,601.34 Buy	5,364.31 Buy	6,676.19 Buy	9,462.08 Buy
8.28 (%)	3,036.30 Sell	3,178.10 Sell	3,354.16 Sell	3,578.59 Sell	3,874.49 Buy	4,282.48 Buy	4,881.11 Buy	5,844.76 Buy	7,653.72 Buy
7.78 (%)	2,954.87 Sell	3,080.80 Sell	3,235.42 Sell	3,429.78 Sell	3,681.47 Sell	4,020.26 Buy	4,500.80 Buy	5,235.59 Buy	6,499.01 Buy
7.28 (%)	2,881.36 Sell	2,993.73 Sell	3,130.33 Sell	3,299.91 Sell	3,516.09 Sell	3,801.11 Sell	4,194.10 Buy	4,770.72 Buy	5,698.94 Buy
6.78 (%)	2,814.74 Sell	2,915.46 Sell	3,036.78 Sell	3,185.73 Sell	3,372.98 Sell	3,615.47 Sell	3,941.85 Buy	4,404.80 Buy	5,112.70 Buy
6.28 (%)	2,754.13 Sell	2,844.78 Sell	2,953.06 Sell	3,084.68 Sell	3,248.08 Sell	3,456.38 Sell	3,731.02 Sell	4,109.69 Buy	4,665.30 Buy
5.78 (%)	2,698.83 Sell	2,780.71 Sell	2,877.78 Sell	2,994.70 Sell	3,138.26 Sell	3,318.71 Sell	3,552.40 Sell	3,866.95 Buy	4,313.11 Buy
5.28 (%)	2,648.21 Sell	2,722.43 Sell	2,809.80 Sell	2,914.17 Sell	3,041.04 Sell	3,198.54 Sell	3,399.32 Sell	3,664.05 Sell	4,029.04 Buy

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