SEB
Seaboard Corporation
$4,535.81
Platform & Compounding FCF
50%
Two-stage FCF DCF
Mild
·
Conviction
Overvalued
Trading 0.0% below fair value
You pay
$4,535.81
Bear
$0.00
Fair
$0.00
Bull
$20.43
Bear
$0.00
-100.0%
4% stage 1 growth, 11% discount
Fair
$0.00
-100.0%
6% stage 1 growth, 11% discount
Bull
$20.43
-99.5%
8% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (6% base case)
Terminal Value % of EV
36%
Implied Market Multiple
154.3x
Market is pricing in (growth)
36.4%
vs 6.5% base
Summary
Using a two-stage FCF DCF with 6% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $0.00 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions