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Seaboard Corporation

Intrinsic Value Analysis (Discounted Cash Flow)Industry: ConglomeratesSector: Industrials

Fair Value Summary

Current Price$4,496.50
5Y Range-2,909.22 – -2,543.69
5Y Selected-2,726.46
(-) Safety Margin84.27%
5Y Buy Price$-428.87
Upside (to Buy Price)-109.54%
10Y Range-2,167.22 – -2,138.33
10Y Selected-2,152.78
(-) Safety Margin84.27%
10Y Buy Price$-338.63
Upside (to Buy Price)-107.53%

Company Predictability & Safety

MetricValue
Revenue R2 (5Y)0.2130
Revenue R2 (10Y)0.7794
Net Income R2 (5Y)0.2838
Net Income R2 (10Y)0.0412
EBITDA R2 (5Y)0.0318
EBITDA R2 (10Y)0.1829
FCF R2 (5Y)0.1261
FCF R2 (10Y)0.0905
Safety Score0.1573

DA 10-Year Projection

Metric2025202620272028202920302031203220332034
% Growth9.57%8.95%8.33%7.71%7.09%6.47%5.86%5.24%4.62%4.00%
Revenue9,970.7310,863.0811,768.0812,675.6713,574.8314,453.7815,300.2216,101.5616,845.2417,519.05
EBITDA507.78553.22599.31645.53691.32736.09779.19820.00857.88892.19
D&A-229.76-250.32-271.17-292.09-312.81-333.06-352.57-371.03-388.17-403.70
EBIT278.02302.90328.14353.44378.52403.02426.63448.97469.71488.50
Pro forma Taxes-36.84-40.14-43.49-46.84-50.16-53.41-56.54-59.50-62.25-64.74
NOPAT241.18262.76284.65306.60328.35349.61370.09389.47407.46423.76
Capital Expenditures-416.09-453.33-491.10-528.97-566.50-603.18-638.50-671.94-702.98-731.10
NWC Investment-127.90-131.08-132.93-133.31-132.08-129.11-124.33-117.71-109.24-98.97
(+) D&A229.76250.32271.17292.09312.81333.06352.57371.03388.17403.70
Free Cash Flow-73.06-71.33-68.21-63.60-57.41-49.61-40.18-29.15-16.59-2.62
Diluted Shares Outstanding967,538.75967,538.75967,538.75967,538.75967,538.75967,538.75967,538.75967,538.75967,538.75967,538.75

Discounting Periods

MetricDec-25Dec-26Dec-27Dec-28Dec-29Dec-30Dec-31Dec-32Dec-33Dec-34
Period Start9/27/251/1/261/1/271/1/281/1/291/1/301/1/311/1/321/1/331/1/34
Period End12/31/2512/31/2612/31/2712/31/2812/31/2912/31/3012/31/3112/31/3212/31/3312/31/34
Mid-Point11/13/257/2/267/2/277/1/287/2/297/2/307/2/317/1/327/2/337/2/34
Time (t)0.100.461.462.463.464.465.466.467.468.46
Valuation Date1/16/26

Base Case Projected Flows

WACC: 9.10%Terminal Growth: 2.39%
Metric2025202620272028202920302031203220332034TV (5y)TV (10y)
Discount Factor0.990.960.880.810.740.680.620.570.520.48
PV UFCF-72.43-68.53-60.07-51.33-42.48-33.64-24.98-16.61-8.66-1.25
Raw: -876.30
-620.72
Raw: -39.95
-18.31

Base Case Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-915.55-398.28
(-) Net Debt1,683.001,683.00
Equity Value-2,598.55-2,081.28
(/) Shares Out0.970.97
Fair Value$-2,685.73$-2,151.11
(-) Safety Margin84.27%84.27%
Buy Price$-422.47$-338.37
Current Price$4,496.50$4,496.50
Upside (to Buy Price)-109.40%-107.53%

Conservative Projected Flows

WACC: 10.10%Terminal Growth: 1.89%
Metric2025202620272028202920302031203220332034TV (5y)TV (10y)
Discount Factor0.990.960.870.790.720.650.590.540.490.44
PV UFCF-72.36-68.24-59.27-50.19-41.16-32.30-23.76-15.66-8.09-1.16
Raw: -712.66
-486.90
Raw: -32.49
-13.72

Conservative Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-778.12-385.92
(-) Net Debt1,683.001,683.00
Equity Value-2,461.12-2,068.92
(/) Shares Out0.970.97
Fair Value$-2,543.69$-2,138.33
(-) Safety Margin84.27%84.27%
Buy Price$-400.12$-336.36
Current Price$4,496.50$4,496.50
Upside (to Buy Price)-108.90%-107.48%

Aggressive Projected Flows

WACC: 8.10%Terminal Growth: 2.89%
Metric2025202620272028202920302031203220332034TV (5y)TV (10y)
Discount Factor0.990.960.890.830.760.710.650.600.560.52
PV UFCF-72.49-68.82-60.88-52.51-43.85-35.05-26.26-17.62-9.28-1.35
Raw: -1,134.18
-833.23
Raw: -51.71
-25.74

Aggressive Valuation

5-Year Horizon10-Year Horizon
UFCFUFCF
Enterprise Value-1,131.78-413.87
(-) Net Debt1,683.001,683.00
Equity Value-2,814.78-2,096.87
(/) Shares Out0.970.97
Fair Value$-2,909.22$-2,167.22
(-) Safety Margin84.27%84.27%
Buy Price$-457.62$-340.90
Current Price$4,496.50$4,496.50
Upside (to Buy Price)-110.18%-107.58%

Reverse DCF: Market Implied Growth

Current Price$4,496.50
WACC Used9.1%
IMPLIED REVENUE GROWTH97.27%
Metric2027202820292030203120322033203420352036
Implied Revenue19,368.1438,207.8675,373.31148,690.23293,323.78578,644.901,141,502.792,251,862.284,442,287.658,763,377.64
Constant Implied Growth97.27%97.27%97.27%97.27%97.27%97.27%97.27%97.27%97.27%97.27%
Implied Free Cash Flow1.943.827.5414.8729.3357.86114.15225.19444.23876.34
Discount Factor0.930.810.740.680.620.570.520.480.440.40
Present Value of Implied FCF1.803.085.5810.0818.2332.9759.62107.80194.92352.46

Rolling Historical DCF (Backtest)

Valuation based on actual realized growth.
YearValuation DateActual PriceRealized Growth (5Y)Calculated Fair ValueValuation Delta
20192019-12-31$4,250.559.21%$-4,611.32-208.49%
20182018-12-31$3,538.0112.11%$1,011.09-71.42%
20172017-12-31$4,410.0013.91%$1,171.52-73.44%
20162016-12-31$3,951.9910.30%$4,897.4623.92%
20152015-12-31$2,894.747.45%$4,392.5351.74%
20142014-12-31$4,197.956.12%$4,181.32-0.40%
20132013-12-31$2,794.970.85%$-410.45-114.69%
20122012-12-31$2,529.88-4.16%$961.70-61.99%
20112011-12-31$2,036.00-3.81%$294.31-85.54%
20102010-12-31$1,991.000.87%$2,913.5546.34%
20092009-12-31$1,349.0010.21%$3,539.09162.35%
20082008-12-31$1,194.0016.66%$-796.23-166.69%
20072007-12-31$1,470.0012.94%$-559.79-138.08%
20062006-12-31$1,765.0012.75%$3,873.49119.46%
20052005-12-31$1,511.0011.55%$4,976.58229.36%
20042004-12-31$998.0010.85%$2,812.67181.83%
20032003-12-31$282.0011.24%$834.90196.06%
20022002-12-31$242.009.66%$-2,233.95-1,023.12%
20012001-12-31$306.0013.53%$1,652.28439.96%
20002000-12-31$156.0016.56%$-2,654.46-1,801.58%
19991999-12-31$194.2516.59%$-3,064.38-1,677.54%
19981998-12-31$422.0015.33%$733.1973.74%
19971997-12-31$440.004.80%$133.01-69.77%
19961996-12-31$266.00-1.15%$-2,075.49-880.26%
19951995-12-31$268.75-2.59%$-1,910.51-810.89%

Monte Carlo Simulation (1,000 Iterations)

Mean Fair Value
$-2,152.04
Median
$-2,151.07
10th Percentile
$-2,168.04
90th Percentile
$-2,136.91

Fair Value Distribution

$-2,205.26 - $-2,200.63
1
$-2,200.63 - $-2,196.00
1
$-2,196.00 - $-2,191.37
3
$-2,191.37 - $-2,186.74
6
$-2,186.74 - $-2,182.11
8
$-2,182.11 - $-2,177.48
19
$-2,177.48 - $-2,172.85
22
$-2,172.85 - $-2,168.22
40
$-2,168.22 - $-2,163.58
66
$-2,163.58 - $-2,158.95
109
$-2,158.95 - $-2,154.32
125
$-2,154.32 - $-2,149.69
150
$-2,149.69 - $-2,145.06
146
$-2,145.06 - $-2,140.43
112
$-2,140.43 - $-2,135.80
106
$-2,135.80 - $-2,131.17
56
$-2,131.17 - $-2,126.54
19
$-2,126.54 - $-2,121.91
8
$-2,121.91 - $-2,117.28
2
$-2,117.28 - $-2,112.65
1