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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 6,670.006,473.235,594.175,379.355,809.166,582.946,595.456,607.986,620.546,633.126,645.72
Revenue (%)
EBITDA 348.17647.32349.08513.19575.11161.94476.19477.10478.00478.91479.82
EBITDA (%)
EBIT 255.46555.40257.89410.98457.1827.65362.09362.78363.47364.16364.85
EBIT (%)
Depreciation 92.7191.9291.18102.21117.93134.29114.10114.32114.54114.75114.97
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 345.51526.921,304.001,353.981,692.211,529.881,255.111,257.501,259.891,262.281,264.68
Total Cash (%)
Account Receivables 651.66633.73510.19627.23482.16550.99626.57627.76628.95630.15631.34
Account Receivables (%)
Inventories 699.02736.01738.99762.25780.17814.97825.09826.66828.23829.80831.38
Inventories (%)
Accounts Payable 200.10214.26238.87216.25271.87238.30251.95252.42252.90253.39253.87
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 4,160
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 4,869.28
Total Capital 5,608.28
Debt Weighting 13.18
Equity Weighting 86.82
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 6,670.006,473.235,594.175,379.355,809.166,582.946,595.456,607.986,620.546,633.126,645.72
EBITDA 348.17647.32349.08513.19575.11161.94476.19477.10478.00478.91479.82
EBIT 255.46555.40257.89410.98457.1827.65362.09362.78363.47364.16364.85
Tax Rate 13.11%31.40%28.75%18.32%42.29%-6.25%21.27%21.27%21.27%21.27%21.27%
EBIAT 221.96381.00183.75335.67263.8429.38285.07285.61286.15286.70287.24
Depreciation 92.7191.9291.18102.21117.93134.29114.10114.32114.54114.75114.97
Accounts Receivable -17.93123.54-117.04145.07-68.83-75.58-1.19-1.19-1.20-1.20
Inventories --36.99-2.98-23.26-17.92-34.80-10.12-1.57-1.57-1.57-1.58
Accounts Payable -14.1624.61-22.6255.62-33.5713.640.480.480.480.48
Capital Expenditure --29.87-13.6819.6357.07-11.21-18.170.260.260.260.26
UFCF 314.67438.15406.42294.58621.6115.26308.94397.91398.67399.42400.18
WACC
PV UFCF 287.93345.61322.71301.33281.36
SUM PV UFCF 2,680.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.30
Free cash flow (t + 1) 416.19
Terminal Value 12,611.83
Present Value of Terminal Value 8,867.05

Intrinsic Value

Enterprise Value 11,547.50
Net Debt -790.88
Equity Value 12,338.38
Shares Outstanding 1.17
Equity Value Per Share 10,541.11