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Discounted Cash Flow (DCF) Analysis Unlevered


Seaboard Corporation

Seaboard Corporation (SEB)

Industrials

Operating Data

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 (%)
EBITDA 298.17515.90217.04323.82350.28342.96369.33370.03370.73371.44372.15
EBITDA (%)
EBIT 204.78423.33125.86221.62232.36208.67254.57255.06255.54256.03256.51
EBIT (%)
Depreciation 93.3992.5691.18102.20117.92134.29114.76114.97115.19115.41115.63
Depreciation (%)

Balance Sheet Data

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
Total Cash 55.36526.901,303.951,353.931,692.14194.19984.00985.87987.74989.62991.50
Total Cash (%)
Account Receivables 419.57328.18330.04268.96299.16392.33366.69367.39368.09368.79369.49
Account Receivables (%)
Inventories 699.06736.62738.96762.22780.14814.94825.06826.62828.20829.77831.35
Inventories (%)
Accounts Payable 176.10181.89200.26194.19256.17217.89223.58224.00224.43224.85225.28
Accounts Payable (%)
Capital Expenditure 149.42121.04138.73158.15173.11161.93164.88165.19165.51165.82166.14
Capital Expenditure (%)

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

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
EBITDA 298.17515.90217.04323.82350.28342.96369.33370.03370.73371.44372.15
EBIT 204.78423.33125.86221.62232.36208.67254.57255.06255.54256.03256.51
Tax Rate 0.00%31.48%28.75%18.32%42.29%-6.25%19.10%19.10%19.10%19.10%19.10%
EBIAT 204.78290.0889.68181.01134.09221.71205.95206.34206.74207.13207.52
Depreciation 93.3992.5691.18102.20117.92134.29114.76114.97115.19115.41115.63
Accounts Receivable -91.39-1.8661.09-30.20-93.1725.64-0.70-0.70-0.70-0.70
Inventories --37.56-2.34-23.26-17.92-34.80-10.12-1.57-1.57-1.57-1.58
Accounts Payable -5.7918.37-6.0861.99-38.295.690.420.430.430.43
Capital Expenditure -28.37-17.69-19.42-14.9611.17-2.95-0.31-0.31-0.31-0.32
UFCF 298.17470.63177.35295.54250.92200.92338.97319.17319.77320.38320.99
WACC
PV UFCF 338.97299.24281.09264.03248.02
SUM PV UFCF 2,297.44

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 9,264.49