Intrinsic value of Seaboard - SEB

Previous Close

$4,494.10

  Intrinsic Value

$876.51

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

-106%

Previous close

$4,494.10

 
Intrinsic value

$876.51

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

-106%

*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 5.3

 

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
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  5,379
  5,637
  5,909
  6,195
  6,495
  6,812
  7,144
  7,494
  7,861
  8,248
  8,654
  9,080
  9,529
  10,000
  10,495
  11,015
  11,561
  12,135
  12,737
  13,370
  14,035
  14,733
  15,467
  16,237
  17,046
  17,896
  18,788
  19,725
  20,709
  21,742
  22,827
Variable operating expenses, $m
 
  5,513
  5,779
  6,058
  6,352
  6,661
  6,986
  7,328
  7,688
  8,065
  8,462
  8,877
  9,316
  9,776
  10,260
  10,768
  11,302
  11,863
  12,452
  13,071
  13,721
  14,404
  15,121
  15,874
  16,665
  17,496
  18,368
  19,284
  20,246
  21,256
  22,317
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
  5,513
  5,779
  6,058
  6,352
  6,661
  6,986
  7,328
  7,688
  8,065
  8,462
  8,877
  9,316
  9,776
  10,260
  10,768
  11,302
  11,863
  12,452
  13,071
  13,721
  14,404
  15,121
  15,874
  16,665
  17,496
  18,368
  19,284
  20,246
  21,256
  22,317
Operating income, $m
  222
  124
  130
  137
  143
  150
  158
  166
  174
  182
  192
  203
  213
  224
  235
  246
  258
  271
  285
  299
  314
  329
  346
  363
  381
  400
  420
  441
  463
  486
  510
EBITDA, $m
  324
  231
  242
  254
  266
  279
  292
  307
  322
  338
  354
  372
  390
  409
  430
  451
  473
  497
  521
  547
  575
  603
  633
  665
  698
  733
  769
  808
  848
  890
  935
Interest expense (income), $m
  29
  22
  26
  29
  32
  36
  40
  44
  48
  53
  57
  62
  68
  73
  79
  85
  91
  98
  105
  112
  120
  128
  136
  145
  155
  165
  175
  186
  197
  209
  222
Earnings before tax, $m
  384
  102
  105
  108
  111
  114
  118
  122
  126
  130
  134
  141
  145
  151
  156
  161
  167
  174
  180
  187
  194
  201
  209
  218
  226
  236
  245
  255
  266
  277
  289
Tax expense, $m
  70
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  45
  47
  49
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  78
Net income, $m
  312
  74
  76
  79
  81
  83
  86
  89
  92
  95
  98
  103
  106
  110
  114
  118
  122
  127
  131
  136
  142
  147
  153
  159
  165
  172
  179
  186
  194
  202
  211

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
  3,563
  3,735
  3,916
  4,106
  4,306
  4,516
  4,737
  4,969
  5,213
  5,470
  5,740
  6,023
  6,321
  6,634
  6,962
  7,308
  7,670
  8,051
  8,451
  8,872
  9,313
  9,777
  10,264
  10,775
  11,312
  11,876
  12,468
  13,090
  13,744
  14,429
Adjusted assets (=assets-cash), $m
  3,401
  3,563
  3,735
  3,916
  4,106
  4,306
  4,516
  4,737
  4,969
  5,213
  5,470
  5,740
  6,023
  6,321
  6,634
  6,962
  7,308
  7,670
  8,051
  8,451
  8,872
  9,313
  9,777
  10,264
  10,775
  11,312
  11,876
  12,468
  13,090
  13,744
  14,429
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
  964
  1,010
  1,059
  1,111
  1,165
  1,222
  1,281
  1,344
  1,410
  1,480
  1,553
  1,629
  1,710
  1,795
  1,883
  1,977
  2,075
  2,178
  2,286
  2,400
  2,519
  2,645
  2,777
  2,915
  3,060
  3,213
  3,373
  3,541
  3,718
  3,903
Working capital, $m
  2,063
  885
  928
  973
  1,020
  1,069
  1,122
  1,177
  1,234
  1,295
  1,359
  1,426
  1,496
  1,570
  1,648
  1,729
  1,815
  1,905
  2,000
  2,099
  2,204
  2,313
  2,428
  2,549
  2,676
  2,810
  2,950
  3,097
  3,251
  3,414
  3,584
Total debt, $m
  637
  569
  643
  720
  801
  887
  977
  1,071
  1,171
  1,275
  1,385
  1,501
  1,622
  1,749
  1,883
  2,024
  2,172
  2,327
  2,490
  2,661
  2,841
  3,030
  3,228
  3,437
  3,656
  3,886
  4,127
  4,380
  4,647
  4,926
  5,220
Total liabilities, $m
  1,593
  1,525
  1,599
  1,676
  1,757
  1,843
  1,933
  2,027
  2,127
  2,231
  2,341
  2,457
  2,578
  2,705
  2,839
  2,980
  3,128
  3,283
  3,446
  3,617
  3,797
  3,986
  4,184
  4,393
  4,612
  4,842
  5,083
  5,336
  5,603
  5,882
  6,176
Total equity, $m
  3,162
  2,038
  2,136
  2,240
  2,349
  2,463
  2,583
  2,710
  2,842
  2,982
  3,129
  3,283
  3,445
  3,616
  3,795
  3,983
  4,180
  4,387
  4,605
  4,834
  5,075
  5,327
  5,592
  5,871
  6,163
  6,471
  6,793
  7,132
  7,488
  7,861
  8,254
Total liabilities and equity, $m
  4,755
  3,563
  3,735
  3,916
  4,106
  4,306
  4,516
  4,737
  4,969
  5,213
  5,470
  5,740
  6,023
  6,321
  6,634
  6,963
  7,308
  7,670
  8,051
  8,451
  8,872
  9,313
  9,776
  10,264
  10,775
  11,313
  11,876
  12,468
  13,091
  13,743
  14,430
Debt-to-equity ratio
  0.201
  0.280
  0.300
  0.320
  0.340
  0.360
  0.380
  0.400
  0.410
  0.430
  0.440
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
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
  74
  76
  79
  81
  83
  86
  89
  92
  95
  98
  103
  106
  110
  114
  118
  122
  127
  131
  136
  142
  147
  153
  159
  165
  172
  179
  186
  194
  202
  211
Depreciation, amort., depletion, $m
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
  169
  177
  186
  195
  205
  215
  226
  237
  249
  261
  274
  287
  302
  317
  333
  349
  367
  385
  404
  424
Funds from operations, $m
  463
  181
  188
  196
  204
  212
  221
  230
  240
  250
  261
  271
  283
  296
  309
  323
  337
  352
  368
  385
  402
  421
  440
  461
  482
  505
  528
  553
  579
  606
  635
Change in working capital, $m
  36
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  78
  82
  86
  90
  95
  99
  104
  110
  115
  121
  127
  133
  140
  147
  154
  162
  170
Cash from operations, $m
  427
  140
  145
  151
  156
  162
  169
  175
  182
  189
  197
  204
  213
  222
  231
  241
  251
  262
  274
  286
  298
  311
  325
  340
  355
  371
  388
  406
  424
  444
  465
Maintenance CAPEX, $m
  0
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -274
  -287
  -302
  -317
  -333
  -349
  -367
  -385
  -404
New CAPEX, $m
  -158
  -42
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -114
  -119
  -125
  -132
  -138
  -145
  -153
  -160
  -168
  -177
  -186
Cash from investing activities, $m
  -374
  -142
  -151
  -159
  -166
  -175
  -184
  -193
  -202
  -212
  -222
  -234
  -246
  -258
  -271
  -284
  -298
  -313
  -329
  -345
  -363
  -380
  -399
  -419
  -440
  -462
  -486
  -509
  -535
  -562
  -590
Free cash flow, $m
  53
  -2
  -6
  -8
  -10
  -13
  -15
  -17
  -20
  -23
  -26
  -29
  -33
  -36
  -39
  -43
  -47
  -51
  -55
  -59
  -64
  -69
  -74
  -79
  -85
  -91
  -97
  -104
  -110
  -118
  -125
Issuance/(repayment) of debt, $m
  -27
  70
  74
  77
  81
  86
  90
  95
  99
  105
  110
  115
  121
  127
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  219
  230
  241
  253
  266
  280
  294
Issuance/(repurchase) of shares, $m
  0
  18
  22
  25
  28
  31
  34
  38
  41
  45
  49
  52
  56
  60
  65
  70
  75
  81
  87
  93
  99
  105
  112
  120
  127
  135
  144
  152
  162
  171
  182
Cash from financing (excl. dividends), $m  
  -27
  88
  96
  102
  109
  117
  124
  133
  140
  150
  159
  167
  177
  187
  199
  211
  223
  236
  250
  264
  279
  294
  310
  328
  346
  365
  385
  405
  428
  451
  476
Total cash flow (excl. dividends), $m
  27
  86
  90
  94
  99
  104
  109
  115
  121
  127
  133
  138
  145
  152
  160
  168
  176
  185
  194
  204
  215
  225
  237
  249
  261
  274
  288
  302
  318
  333
  350
Retained Cash Flow (-), $m
  -286
  -92
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -279
  -293
  -307
  -323
  -339
  -356
  -374
  -392
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
 
  1,210
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
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
 
  1,160
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -7
  -8
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  99.4
  98.8
  98.1
  97.4
  96.6
  95.8
  95.0
  94.1
  93.3
  92.3
  91.4
  90.5
  89.6
  88.6
  87.6
  86.6
  85.7
  84.6
  83.6
  82.6
  81.6
  80.6
  79.6
  78.5
  77.5
  76.5
  75.5
  74.5
  73.4
  72.4

Seaboard Corporation is an agribusiness and transportation company. The Company is primarily engaged in pork production and processing, and ocean transportation. Its divisions include Pork, Commodity Trading and Milling, Marine, Sugar, Power, Turkey and Other. Overseas, the Company is primarily engaged in commodity merchandising, grain processing, sugar production and electric power generation. The Company produces and sells frozen pork products to further processors, food service operators, grocery stores, distributors and retail outlets throughout the United States. It markets wheat, corn, soybean meal and other commodities in bulk to third parties and affiliated companies. As of December 31, 2016, its third-party agents provided cargo shipping services to 26 countries between the United States, the Caribbean Basin, and Central and South America. It sells power on the market accessed by government-owned distribution companies or partially government-owned generation companies.

FINANCIAL RATIOS  of  Seaboard (SEB)

Valuation Ratios
P/E Ratio 16.9
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 19.5
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 4.8% 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 9.2 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 1.17 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 $5.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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ADM Archer Daniels 43.70 7.71  str.sell
BRFS BRF ADR 14.27 12.40  hold

COMPANY NEWS

▶ ETFs with exposure to Seaboard Corp. : October 17, 2017   [Oct-17-17 09:59AM  Capital Cube]
▶ ETFs with exposure to Seaboard Corp. : August 23, 2017   [Aug-23-17 04:53PM  Capital Cube]
▶ 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]
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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