Graham Holdings Co (GHC) is undervalued and Seaboard Corp (SEB) is undervalued.
Against our estimates of intrinsic value, SEB trades at the wider discount: a margin of safety of +41%, against +28% for GHC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $1606.92; the price of $1150.03 is 28% below that value, and 79% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
Discounting its cash flows at 6.6% (average of 3 methods) values the shares at $7026.28; the price of $4124.09 is 41% below that value, and 85% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | GHC | SEB |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $1150.03 | $4124.09 |
| Intrinsic value | $1606.92 | $7026.28 |
| Margin of safety | +28% | +41% |
| Leak Score | 84/100 (3/12) | 100/100 (3/12) |
| Market cap | $4.9B | $4.0B |
| Revenue growth, 5 years | 11.2% | 6.5% |
| Operating margin | 5.8% | 3.6% |
| Net margin | 10.6% | 6.2% |
| Return on equity | 11.8% | 12.3% |
| Debt to equity | 0.28 | 0.36 |
| P/E | 9.3x | 6.2x |
| P/B | 1.0x | 0.7x |
| Dividend yield | 0.7% | 0.2% |