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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 6,670.416,472.975,593.945,379.135,808.936,582.676,595.186,607.716,620.276,632.856,645.45
Revenue (%)
Operating Cash Flow 124.74374.14416.19427.10245.14238.29338.99339.64340.28340.93341.58
Operating Cash Flow (%)
Capital Expenditure 149.42121.04138.73158.15173.11161.93164.88165.19165.51165.82166.14
Capital Expenditure (%)
Free Cash Flow 274.15495.18554.92585.25418.24400.23503.87504.83505.79506.75507.71

Weighted Average Cost Of Capital

Share price $ 4,120
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 6.86
Total Debt 739.00
Total Equity 4,822.46
Total Capital 5,561.46
Debt Weighting 13.29
Equity Weighting 86.71
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 6,670.416,472.975,593.945,379.135,808.936,582.676,595.186,607.716,620.276,632.856,645.45
Operating Cash Flow 124.74374.14416.19427.10245.14238.29338.99339.64340.28340.93341.58
Capital Expenditure 149.42121.04138.73158.15173.11161.93164.88165.19165.51165.82166.14
Free Cash Flow 274.15495.18554.92585.25418.24400.23503.87504.83505.79506.75507.71
WACC
PV LFCF 503.87473.31444.60417.63392.29
SUM PV LFCF 3,597.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) 333.83
Terminal Value 12,549.95
Present Value of Terminal Value 9,091.47

Intrinsic Value

Enterprise Value 11,388.91
Net Debt 544.81
Equity Value 10,844.10
Shares Outstanding 1.17
Equity Value Per Share 14,893.64