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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Seaboard Corporation

Seaboard Corporation (SEB)

$2922
20.98 (+0.72%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 6,670.416,472.975,593.945,379.135,808.936,582.676,839.406,894.806,950.657,006.957,063.70
Revenue (%)
EBITDA 298.17515.90217.04323.82350.28342.96242.11365.42368.38371.37374.38
EBITDA (%)
EBIT 204.78423.33125.86221.62232.36208.67103.96242.70244.66246.64248.64
EBIT (%)
Depreciation 93.3992.5691.18102.20117.92134.29138.16122.73123.72124.72125.73
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 55.36526.901,303.951,353.931,692.14194.191,558.701,106.621,115.581,124.611,133.72
Total Cash (%)
Account Receivables 419.57328.18330.04268.96299.16392.33370.01381.97385.07388.18391.33
Account Receivables (%)
Inventories 699.06736.62738.96762.22780.14814.941,021.81885.98893.16900.39907.69
Inventories (%)
Accounts Payable 176.10181.89200.26194.19256.17217.89367.96253.73255.78257.86259.94
Accounts Payable (%)
Capital Expenditure 149.42121.04138.73158.15173.11161.93348.81197.88199.48201.10202.73
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2,922
Diluted Shares Outstanding 1.16
Cost of Debt
Tax Rate 0.35
After-tax Cost of Debt 0.03
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.86
Total Debt 730.00
Total Equity 3,400.88
Total Capital 4,130.88
Debt Weighting 17.67
Equity Weighting 82.33
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 6,670.416,472.975,593.945,379.135,808.936,582.676,839.406,894.806,950.657,006.957,063.70
EBITDA 298.17515.90217.04323.82350.28342.96242.11365.42368.38371.37374.38
EBIT 204.78423.33125.86221.62232.36208.67103.96242.70244.66246.64248.64
Tax Rate 14.20%31.57%29.05%18.75%42.15%-6.25%0.35%18.55%18.55%18.55%18.55%
EBIAT 175.69289.6889.31180.07134.41221.71103.59197.68199.29200.90202.53
Depreciation 93.3992.5691.18102.20117.92134.29138.16122.73123.72124.72125.73
Accounts Receivable -91.39-1.8661.09-30.20-93.1722.32-11.96-3.09-3.12-3.14
Inventories --37.56-2.34-23.26-17.92-34.80-206.87135.82-7.18-7.23-7.29
Accounts Payable -5.7918.37-6.0861.99-38.29150.07-114.232.062.072.09
Capital Expenditure -28.37-17.69-19.42-14.9611.17-186.88150.93-1.60-1.62-1.63
UFCF 269.08470.23176.98294.60251.24200.9220.39480.97313.19315.73318.28
WACC
PV UFCF 423.82259.05245.14231.98
SUM PV UFCF 2,169.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.53
Free cash flow (t + 1) 331.01
Terminal Value 13,083.57
Present Value of Terminal Value 9,536.01

Intrinsic Value

Enterprise Value 11,705.39
Net Debt -828.70
Equity Value 12,534.09
Shares Outstanding 1.16
Equity Value Per Share 10,769.16