Discounted Cash Flow (DCF) Analysis Unlevered
Seaboard Corporation (SEB)
$3771.25
+21.66 (+0.58%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6,583 | 6,840 | 7,126 | 9,229 | 11,243 | 12,913.13 | 14,831.36 | 17,034.54 | 19,564.99 | 22,471.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 162 | 458 | 477 | 826 | 858 | 837.60 | 962.02 | 1,104.93 | 1,269.07 | 1,457.58 |
| EBITDA (%) | ||||||||||
| EBIT | 28 | 320 | 305 | 648 | 623 | 566.79 | 650.99 | 747.69 | 858.76 | 986.33 |
| EBIT (%) | ||||||||||
| Depreciation | 134 | 138 | 172 | 178 | 235 | 270.81 | 311.03 | 357.24 | 410.30 | 471.25 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 1,530 | 1,559 | 1,541 | 1,491 | 1,285 | 2,459.80 | 2,825.20 | 3,244.88 | 3,726.90 | 4,280.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 551 | 646 | 532 | 762 | 923 | 1,078.15 | 1,238.31 | 1,422.26 | 1,633.53 | 1,876.19 |
| Account Receivables (%) | ||||||||||
| Inventories | 815 | 1,022 | 1,178 | 1,663 | 1,670 | 1,981.54 | 2,275.90 | 2,613.98 | 3,002.28 | 3,448.27 |
| Inventories (%) | ||||||||||
| Accounts Payable | 218 | 368 | 276 | 404 | 429 | 536.10 | 615.74 | 707.21 | 812.26 | 932.92 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -162 | -349 | -259 | -460 | -474 | -526.81 | -605.06 | -694.94 | -798.18 | -916.74 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3,771.25 |
|---|---|
| Beta | 0.468 |
| Diluted Shares Outstanding | 1.16 |
| Cost of Debt | |
| Tax Rate | -0.17 |
| After-tax Cost of Debt | 3.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.900 |
| Total Debt | 1,176 |
| Total Equity | 4,380.40 |
| Total Capital | 5,556.40 |
| Debt Weighting | 21.16 |
| Equity Weighting | 78.84 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6,583 | 6,840 | 7,126 | 9,229 | 11,243 | 12,913.13 | 14,831.36 | 17,034.54 | 19,564.99 | 22,471.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 162 | 458 | 477 | 826 | 858 | 837.60 | 962.02 | 1,104.93 | 1,269.07 | 1,457.58 |
| EBIT | 28 | 320 | 305 | 648 | 623 | 566.79 | 650.99 | 747.69 | 858.76 | 986.33 |
| Tax Rate | -6.25% | 0.35% | 1.05% | 10.38% | -0.17% | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
| EBIAT | 29.75 | 318.87 | 301.80 | 580.75 | 624.08 | 560.72 | 644.02 | 739.68 | 849.56 | 975.76 |
| Depreciation | 134 | 138 | 172 | 178 | 235 | 270.81 | 311.03 | 357.24 | 410.30 | 471.25 |
| Accounts Receivable | - | -95 | 114 | -230 | -161 | -155.15 | -160.16 | -183.95 | -211.27 | -242.66 |
| Inventories | - | -207 | -156 | -485 | -7 | -311.54 | -294.36 | -338.08 | -388.30 | -445.98 |
| Accounts Payable | - | 150 | -92 | 128 | 25 | 107.10 | 79.64 | 91.47 | 105.05 | 120.66 |
| Capital Expenditure | -162 | -349 | -259 | -460 | -474 | -526.81 | -605.06 | -694.94 | -798.18 | -916.74 |
| UFCF | 1.75 | -44.13 | 80.80 | -288.25 | 242.08 | -54.87 | -24.89 | -28.58 | -32.83 | -37.71 |
| WACC | ||||||||||
| PV UFCF | -52.07 | -22.42 | -24.43 | -26.63 | -29.03 | |||||
| SUM PV UFCF | -154.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.37 |
| Free cash flow (t + 1) | -38.46 |
| Terminal Value | -1,141.30 |
| Present Value of Terminal Value | -878.65 |
Intrinsic Value
| Enterprise Value | -1,033.23 |
|---|---|
| Net Debt | 977 |
| Equity Value | -2,010.23 |
| Shares Outstanding | 1.16 |
| Equity Value Per Share | -1,730.68 |