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Berkshire Hathaway B

Stock Price

510.24 USD

Fair Value

475.77 USD

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	1.1x - 1.2x	1.2x
Selected Fwd Revenue Multiple	1.1x - 1.2x	1.2x
Fair Value	$465.40 - $486.15	$475.77
Upside	-9.4% - -5.4%	-7.4%

Benchmarks	Ticker	Full Ticker
POSaBIT Systems Corporation	POSA.F	OTCPK:POSA.F
Fast Finance Pay Corp.	FFPP	OTCPK:FFPP
Fiserv, Inc.	FISV	NasdaqGS:FISV
AppTech Payments Corp.	APCX	OTCPK:APCX
California First Leasing Corporation	CFNB	OTCPK:CFNB
Berkshire Hathaway Inc.	BRK.B	NYSE:BRK.B

Multiples Valuation: EV / Revenue

Stock Price

510.24 USD

Fair Value

475.77 USD

Upside

-7.4%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	POSA.F	FFPP	FISV	APCX	CFNB	BRK.B
	OTCPK:POSA.F	OTCPK:FFPP	NasdaqGS:FISV	OTCPK:APCX	OTCPK:CFNB	NYSE:BRK.B
Historical Revenue Growth
5Y CAGR	34.7%	NM-	15.0%	1.5%	44.8%	7.8%
3Y CAGR	-10.5%	97.2%	8.0%	-8.0%	NM-	10.4%
Latest Twelve Months	-29.7%	65.3%	5.2%	115.6%	-48.7%	0.6%

Historical EBIT Profit Margin
5 Year Average Margin	-16.3%	4.8%	21.4%	-2476.6%	96.1%	27.4%
Prior Fiscal Year	-24.5%	5.9%	25.4%	-2590.1%	94.6%	33.8%
Latest Fiscal Year	-35.3%	5.7%	28.7%	-3459.1%	90.2%	30.6%
Latest Twelve Months	-26.8%	5.4%	28.7%	-1001.7%	89.0%	24.4%

Current Trading Multiples
EV / LTM Revenue	0.74x	117.34x	2.88x	23.60x	7.57x	1.42x
EV / LTM EBIT	-2.8x	2174.8x	10.0x	-2.4x	8.5x	5.8x
Price / LTM Sales	0.45x	117.35x	1.56x	22.58x	7.58x	2.98x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.74x	7.57x	117.34x
Historical EV / LTM Revenue	0.92x	1.11x	1.25x

Selected EV / LTM Revenue	1.10x	1.16x	1.22x
(x) LTM Revenue	372,128	372,128	372,128
(=) Implied Enterprise Value	410,183	431,772	453,361
(-) Non-shareholder Claims *	578,852	578,852	578,852
(=) Equity Value	989,035	1,010,624	1,032,213
(/) Shares Outstanding	2,157.5	2,157.5	2,157.5
Implied Value Range	458.41	468.42	478.43
FX Rate: USD/USD	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	458.41	468.42	478.43		513.81
Upside / (Downside)	-10.8%	-8.8%	-6.9%

Supporting Calculations

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	POSA.F	FFPP	FISV	APCX	CFNB	BRK.B

Enterprise Value	9	1,215	60,998	19	205	529,699
(+) Cash & Short Term Investments	1	1	1,068	0	1	381,673
(+) Investments & Other	0	0	1,338	0	0	326,708
(-) Debt	(5)	(0)	(30,319)	(1)	(0)	(127,243)
(-) Other Liabilities	0	0	(23)	0	0	(2,286)
(-) Preferred Stock	0	(0)	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	5	1,215	33,062	18	205	1,108,551
(/) Shares Outstanding	162.2	30.4	537.9	39.5	9.0	2,157.5
Implied Stock Price	0.03	40.00	61.47	0.45	22.88	513.81
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	0.03	40.00	61.47	0.45	22.88	513.81

Trading Currency	USD	USD	USD	USD	USD	USD
FX Rate to Reporting Currency	1.00	1.00	1.00	1.00	1.00	1.00

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