Intrinsic value of Seaboard - SEB

Previous Close

$4,203.00

  Intrinsic Value

$891.25

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

+46%

Previous close

$4,203.00

 
Intrinsic value

$891.25

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

+46%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SEB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.84
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  5,379
  5,707
  6,049
  6,405
  6,777
  7,165
  7,569
  7,992
  8,434
  8,895
  9,378
  9,883
  10,411
  10,964
  11,543
  12,149
  12,784
  13,450
  14,147
  14,877
  15,643
  16,446
  17,289
  18,172
  19,098
  20,070
  21,089
  22,158
  23,281
  24,458
  25,694
Variable operating expenses, $m
 
  5,581
  5,916
  6,264
  6,627
  7,006
  7,402
  7,815
  8,247
  8,699
  9,170
  9,662
  10,179
  10,719
  11,285
  11,878
  12,499
  13,149
  13,830
  14,545
  15,294
  16,079
  16,902
  17,766
  18,671
  19,621
  20,618
  21,663
  22,760
  23,911
  25,119
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,157
  5,581
  5,916
  6,264
  6,627
  7,006
  7,402
  7,815
  8,247
  8,699
  9,170
  9,662
  10,179
  10,719
  11,285
  11,878
  12,499
  13,149
  13,830
  14,545
  15,294
  16,079
  16,902
  17,766
  18,671
  19,621
  20,618
  21,663
  22,760
  23,911
  25,119
Operating income, $m
  222
  126
  133
  141
  150
  158
  167
  177
  187
  197
  208
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
  368
  386
  406
  427
  449
  471
  495
  520
  547
  574
EBITDA, $m
  324
  225
  239
  253
  267
  283
  299
  315
  333
  351
  370
  390
  411
  433
  455
  479
  504
  531
  558
  587
  617
  649
  682
  717
  753
  792
  832
  874
  918
  965
  1,014
Interest expense (income), $m
  29
  22
  26
  31
  35
  39
  44
  49
  54
  60
  65
  71
  77
  84
  90
  98
  105
  113
  121
  129
  138
  147
  157
  167
  178
  189
  201
  214
  227
  240
  255
Earnings before tax, $m
  384
  103
  107
  111
  115
  119
  123
  128
  132
  137
  142
  150
  155
  161
  168
  174
  181
  188
  196
  203
  212
  220
  229
  239
  249
  259
  270
  282
  294
  306
  320
Tax expense, $m
  70
  28
  29
  30
  31
  32
  33
  34
  36
  37
  38
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  86
Net income, $m
  312
  75
  78
  81
  84
  87
  90
  93
  97
  100
  104
  109
  113
  118
  122
  127
  132
  137
  143
  148
  154
  161
  167
  174
  182
  189
  197
  206
  214
  224
  233

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,354
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,755
  3,608
  3,824
  4,049
  4,284
  4,529
  4,785
  5,052
  5,331
  5,623
  5,928
  6,247
  6,581
  6,931
  7,297
  7,680
  8,081
  8,502
  8,942
  9,404
  9,888
  10,396
  10,928
  11,487
  12,072
  12,686
  13,331
  14,007
  14,716
  15,460
  16,241
Adjusted assets (=assets-cash), $m
  3,401
  3,608
  3,824
  4,049
  4,284
  4,529
  4,785
  5,052
  5,331
  5,623
  5,928
  6,247
  6,581
  6,931
  7,297
  7,680
  8,081
  8,502
  8,942
  9,404
  9,888
  10,396
  10,928
  11,487
  12,072
  12,686
  13,331
  14,007
  14,716
  15,460
  16,241
Revenue / Adjusted assets
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
  1.582
Average production assets, $m
  922
  976
  1,034
  1,095
  1,159
  1,225
  1,294
  1,367
  1,442
  1,521
  1,604
  1,690
  1,780
  1,875
  1,974
  2,078
  2,186
  2,300
  2,419
  2,544
  2,675
  2,812
  2,956
  3,107
  3,266
  3,432
  3,606
  3,789
  3,981
  4,182
  4,394
Working capital, $m
  2,063
  896
  950
  1,006
  1,064
  1,125
  1,188
  1,255
  1,324
  1,397
  1,472
  1,552
  1,635
  1,721
  1,812
  1,907
  2,007
  2,112
  2,221
  2,336
  2,456
  2,582
  2,714
  2,853
  2,998
  3,151
  3,311
  3,479
  3,655
  3,840
  4,034
Total debt, $m
  637
  588
  681
  777
  877
  982
  1,092
  1,206
  1,326
  1,451
  1,581
  1,718
  1,861
  2,010
  2,167
  2,331
  2,503
  2,683
  2,871
  3,069
  3,276
  3,493
  3,721
  3,960
  4,211
  4,474
  4,750
  5,039
  5,342
  5,661
  5,995
Total liabilities, $m
  1,593
  1,544
  1,637
  1,733
  1,833
  1,938
  2,048
  2,162
  2,282
  2,407
  2,537
  2,674
  2,817
  2,966
  3,123
  3,287
  3,459
  3,639
  3,827
  4,025
  4,232
  4,449
  4,677
  4,916
  5,167
  5,430
  5,706
  5,995
  6,298
  6,617
  6,951
Total equity, $m
  3,162
  2,064
  2,187
  2,316
  2,450
  2,591
  2,737
  2,890
  3,049
  3,216
  3,391
  3,573
  3,764
  3,964
  4,174
  4,393
  4,622
  4,863
  5,115
  5,379
  5,656
  5,947
  6,251
  6,570
  6,905
  7,257
  7,625
  8,012
  8,418
  8,843
  9,290
Total liabilities and equity, $m
  4,755
  3,608
  3,824
  4,049
  4,283
  4,529
  4,785
  5,052
  5,331
  5,623
  5,928
  6,247
  6,581
  6,930
  7,297
  7,680
  8,081
  8,502
  8,942
  9,404
  9,888
  10,396
  10,928
  11,486
  12,072
  12,687
  13,331
  14,007
  14,716
  15,460
  16,241
Debt-to-equity ratio
  0.201
  0.280
  0.310
  0.340
  0.360
  0.380
  0.400
  0.420
  0.430
  0.450
  0.470
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.650
Adjusted equity ratio
  0.567
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  312
  75
  78
  81
  84
  87
  90
  93
  97
  100
  104
  109
  113
  118
  122
  127
  132
  137
  143
  148
  154
  161
  167
  174
  182
  189
  197
  206
  214
  224
  233
Depreciation, amort., depletion, $m
  102
  99
  105
  111
  118
  124
  131
  139
  146
  154
  162
  169
  178
  187
  197
  208
  219
  230
  242
  254
  268
  281
  296
  311
  327
  343
  361
  379
  398
  418
  439
Funds from operations, $m
  463
  175
  183
  192
  201
  211
  221
  232
  243
  254
  266
  278
  291
  305
  320
  335
  351
  367
  385
  403
  422
  442
  463
  485
  508
  532
  558
  584
  612
  642
  673
Change in working capital, $m
  36
  52
  54
  56
  58
  61
  64
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  139
  145
  153
  160
  168
  176
  185
  194
Cash from operations, $m
  427
  123
  130
  136
  143
  150
  158
  165
  173
  182
  190
  199
  209
  218
  229
  240
  251
  263
  275
  288
  302
  316
  331
  346
  363
  380
  398
  417
  436
  457
  479
Maintenance CAPEX, $m
  0
  -92
  -98
  -103
  -110
  -116
  -123
  -129
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -208
  -219
  -230
  -242
  -254
  -268
  -281
  -296
  -311
  -327
  -343
  -361
  -379
  -398
  -418
New CAPEX, $m
  -158
  -54
  -58
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
Cash from investing activities, $m
  -374
  -146
  -156
  -164
  -174
  -182
  -192
  -201
  -213
  -223
  -235
  -246
  -259
  -273
  -286
  -301
  -317
  -333
  -349
  -367
  -385
  -405
  -425
  -447
  -469
  -493
  -517
  -544
  -571
  -599
  -629
Free cash flow, $m
  53
  -23
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -48
  -51
  -54
  -58
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -113
  -120
  -127
  -134
  -142
  -151
Issuance/(repayment) of debt, $m
  -27
  89
  92
  96
  101
  105
  110
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
  251
  263
  276
  289
  304
  319
  334
Issuance/(repurchase) of shares, $m
  0
  42
  46
  48
  51
  53
  56
  60
  63
  67
  71
  73
  78
  82
  87
  92
  98
  103
  109
  116
  123
  130
  137
  145
  153
  162
  171
  181
  191
  202
  213
Cash from financing (excl. dividends), $m  
  -27
  131
  138
  144
  152
  158
  166
  174
  182
  192
  202
  210
  221
  232
  244
  256
  270
  283
  298
  314
  330
  347
  365
  384
  404
  425
  447
  470
  495
  521
  547
Total cash flow (excl. dividends), $m
  27
  108
  112
  116
  121
  126
  132
  138
  144
  150
  157
  162
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  284
  298
  312
  327
  344
  360
  378
  397
Retained Cash Flow (-), $m
  -286
  -118
  -124
  -129
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -230
  -241
  -252
  -264
  -277
  -290
  -304
  -319
  -335
  -351
  -369
  -387
  -406
  -426
  -447
Prev. year cash balance distribution, $m
 
  1,216
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,206
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,157
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -10
  -9
  -10
  -9
  -8
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  98.6
  97.1
  95.7
  94.3
  92.9
  91.5
  90.2
  88.9
  87.6
  86.3
  85.1
  83.8
  82.6
  81.4
  80.2
  79.0
  77.8
  76.7
  75.5
  74.3
  73.2
  72.1
  71.0
  69.9
  68.8
  67.7
  66.6
  65.5
  64.5
  63.5

Seaboard Corporation operates as a diverse agribusiness and transportation company worldwide. Its Pork division is involved in hog production and pork processing; and the production and sale of fresh and frozen pork products to further processors, foodservice operators, grocery stores, distributors, and retail outlets. This division sells its fresh products under the Prairie Fresh brand; and raw and pre-cooked bacon, ham, and sausage under the Daily’s brand. It also produces and sells biodiesel from pork fat and vegetable oil. The company’s Commodity Trading and Milling division markets wheat, corn, soybean meal, and other commodities to third parties and affiliated companies; and operates grain and feed milling, and related businesses. Its Marine division provides cargo shipping services to 26 countries between the United States, the Caribbean, and Central and South America. This division operates a terminal and off-dock warehouses for cargo consolidation and temporary storage; and a cargo terminal facility that includes an on-dock warehouse space for temporary storage of bagged grains, resins, and other cargoes. As of December 31, 2016, its fleet consisted of approximately 22 chartered and 3 owned vessels, as well as dry, refrigerated, and specialized containers, as well as other related equipment. The company’s Sugar division grows sugar cane; produces and refines sugar; produces alcohol; and purchases sugar for resale. Its Power division operates as an independent power producer generating electricity for the local power grid in the Dominican Republic. The company’s Turkey division produces, processes, and markets branded and non-branded turkeys, and other turkey products to retail and foodservice outlets, as well as exports products to Mexico and internationally. Its Other Businesses division purchases and processes jalapeño peppers. The company was founded in 1918 and is headquartered in Merriam, Kansas.

FINANCIAL RATIOS  of  Seaboard (SEB)

Valuation Ratios
P/E Ratio 15.8
Price to Sales 0.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 18.3
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.7%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 15.8%
Total Debt to Equity 20.1%
Interest Coverage 14
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 9.2%
Gross Margin - 3 Yr. Avg. 8.9%
EBITDA Margin 9.6%
EBITDA Margin - 3 Yr. Avg. 8.6%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 7.1%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 18.2%
Eff/ Tax Rate - 3 Yr. Avg. 26.1%
Payout Ratio 0%

SEB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEB stock intrinsic value calculation we used $5379 million for the last fiscal year's total revenue generated by Seaboard. The default revenue input number comes from 2016 income statement of Seaboard. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SEB stock valuation model: a) initial revenue growth rate of 6.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SEB is calculated based on our internal credit rating of Seaboard, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Seaboard.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SEB stock the variable cost ratio is equal to 97.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SEB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.5% for Seaboard.

Corporate tax rate of 27% is the nominal tax rate for Seaboard. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SEB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SEB are equal to 17.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Seaboard operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SEB is equal to 15.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3162 million for Seaboard - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1.109 million for Seaboard is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Seaboard at the current share price and the inputted number of shares is $4.7 billion.

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BRFS BRF ADR 12.87 12.47  hold

COMPANY NEWS

▶ Seaboard posts 2Q profit   [Aug-03-17 10:10AM  Associated Press]
▶ Seaboard posts 2Q profit   [05:05AM  Associated Press]
▶ Report Of Earnings And Dividend Declaration   [Aug-02-17 04:54PM  PR Newswire]
▶ The Third Stock to Reach $1,000 This Year Is Markel?   [Jul-03-17 11:53AM  The Wall Street Journal]
▶ ETFs with exposure to Seaboard Corp. : June 14, 2017   [Jun-14-17 01:48PM  Capital Cube]
▶ Amazon joins the $1,000 club   [May-30-17 01:00PM  Associated Press]
▶ ETFs with exposure to Seaboard Corp. : May 22, 2017   [May-22-17 02:09PM  Capital Cube]
▶ ETFs with exposure to Seaboard Corp. : May 9, 2017   [May-09-17 05:01PM  Capital Cube]
▶ Seaboard posts 1Q profit   [May-04-17 05:03AM  Associated Press]
▶ Seaboard Report Of Earnings And Dividend Declaration   [May-03-17 05:21PM  PR Newswire]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Senators Want More Scrutiny of US Food Takeovers   [Mar-15-17 04:03PM  Investopedia]
▶ Which KC-area stocks had the best, worst February? Take a look   [Mar-03-17 04:00PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst February? Take a look   [04:00PM  American City Business Journals]
▶ Seaboard posts 4Q profit   [Feb-21-17 06:51PM  Associated Press]
▶ Seaboard Corporation Report Of Earnings   [06:35PM  PR Newswire]
▶ Three Reasons Why Warren Buffett Never Split Berkshire's $250,000 Stock   [Feb-15-17 10:00AM  at The Wall Street Journal]
▶ Seaboard Corporation Declares Dividend   [Feb-02-17 04:27PM  PR Newswire]
▶ Seaboard Corp (SEB): Are Hedge Funds Right To Avoid This Stock?   [Dec-10-16 09:50PM  at Insider Monkey]
▶ Terror Finance Abroad Touches Thanksgiving at Home   [Nov-21-16 11:47PM  at The Wall Street Journal]
▶ Seaboard Corporation Report Of Earnings   [09:03AM  PR Newswire]
▶ Seaboard Corporation Report Of Earnings   [04:46PM  PR Newswire]
▶ Did Cerner make the Fortune 500 yet?   [Jun-06-16 05:00PM  at bizjournals.com]
▶ Seaboard Corporation Report Of Earnings   [04:32PM  PR Newswire]
▶ Seaboard Corporation Report Of Earnings   [Feb-25-16 05:40PM  PR Newswire]
▶ Several KC-area CEOs ranks among best in nation   [Jan-04-16 06:35PM  at bizjournals.com]
▶ Is Autohome Inc (ADR) (ATHM) A Good Stock To Buy?   [Nov-28  12:56PM  at Insider Monkey]
▶ Do Hedge Funds Love Berry Plastics Group Inc (BERY)?   [Nov-25  09:05AM  at Insider Monkey]
Stock chart of SEB Financial statements of SEB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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