Seaboard Corporation (SEB)

Industry: Conglomerates Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
SVW.AX	25	Seven Group Holdin	13,379	13.05	12.03	5.93	4.80	5.73	6.26
000150.KS	26	Doosan Corporation	12,683	-	-	10.77	8.68	10.86	6.93
001120.KS	27	LX International C	11,254	9.96	10.39	3.07	0.82	11.13	7.08
9041.T	28	Kintetsu Group Hol	11,237	11.59	11.59	9.30	4.20	17.47	18.17
GCARSOA1.MX	29	Grupo Carso, S.A.B	11,160	25.96	22.79	10.32	8.82	13.20	12.86
0148.HK	30	Kingboard Holdings	11,014	5.70	5.82	3.81	3.50	5.12	4.93
U96.SI	31	Sembcorp Industrie	9,868	6.30	5.56	5.65	5.06	10.97	9.16
SEB	32	Seaboard Corporati	9,818	9.03	7.86	7.80	6.85	15.76	17.23
IEP	33	Icahn Enterprises	9,738	-	-	6.99	6.99	1.79	25.29
ALFAA.MX	34	Alfa, S. A. B. de	9,671	-	-	8.59	8.93	6.75	8.90
QUINENCO.SN	35	Quiñenco S.A.	8,809	8.57	6.43	8.84	7.36	26.16	50.60
4204.T	36	Sekisui Chemical C	8,341	16.12	14.52	7.32	6.85	11.60	9.86
600981.SS	37	Jiangsu High Hope	8,126	39.18	44.32	26.95	31.01	70.92	27.03
SIMH3.SA	38	Simpar S.a.	7,838	-	-	4.77	3.44	8.28	5.74
9042.T	39	Hankyu Hanshin Hol	7,523	14.72	14.72	11.79	9.12	16.13	10.62
0363.HK	40	Shanghai Industria	7,493	2.50	2.46	2.92	2.64	10.72	3.45

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.96	10.39	6.99	5.06	10.86	8.90
Full Range Median Multiple	11.59	11.59	7.32	6.85	10.97	9.16
Industry Multiple	13.97	13.69	8.47	7.48	15.12	13.79
Market Implied Multiple	11.31	9.85	9.14	8.02	18.46	20.18
Company (SEB) Multiple	9.03	7.86	7.80	6.85	15.76	17.23
(*) Net Income / EBITDA / Revenue	398	457	679	773	336	307
Winsorized Enterprise Value	N/A	N/A	4,745	3,915	3,648	2,736
Full Range Median Enterprise Value	N/A	N/A	4,972	5,302	3,685	2,816
(-) Net Debt	1,703	1,703	1,703	1,703	1,703	1,703
Winsorized Equity Value	3,966	4,751	3,042	2,212	1,945	1,033
Full Range Median Equity Value	4,613	5,299	3,269	3,599	1,982	1,113
(/) Shares Outstanding	1	1	1	1	1	1
Winsorized Fair Value	$4,136.99	$4,955.61	$3,173.29	$2,307.93	$2,028.56	$1,077.81
Full Range Median Fair Value	$4,811.96	$5,527.49	$3,410.06	$3,754.37	$2,067.91	$1,160.82
Current Price	$4,695.52	$4,695.52	$4,695.52	$4,695.52	$4,695.52	$4,695.52
Upside / Downside	-11.89%	5.54%	-32.42%	-50.85%	-56.80%	-77.05%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2,895.89	$3,468.93	$2,221.30	$1,615.55	$1,419.99	$754.46
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy