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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Berkshire Hathaway Inc.

Berkshire Hathaway Inc. (BRKA)

$263094
1188 (+0.45%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 182,150.00194,681.92210,821.05223,596.81242,132.98247,823.11254,613.46269,304.66284,843.54301,279.01318,662.81
Revenue (%)
EBITDA 25,992.8135,471.0542,733.4342,572.8333,026.9413,778.96111,571.6251,868.0854,860.8658,026.3461,374.46
EBITDA (%)
EBIT 19,490.0528,092.6034,954.1333,673.6823,850.103,989.95101,514.3941,580.6443,979.8446,517.4849,201.54
EBIT (%)
Depreciation 6,502.757,378.447,779.308,899.159,176.849,789.0110,057.2310,287.4410,881.0211,508.8612,172.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 49,690.5290,896.9997,757.7251,516.7052,930.2723,344.9433,685.3672,281.3776,452.0080,863.2985,529.10
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories 9,945.3910,240.2711,911.3915,718.8616,198.7019,057.6019,859.8517,531.7318,543.3119,613.2620,744.95
Inventories (%)
Accounts Payable 200.3797.34105.411,453.3823,099.491,511.72331.004,281.944,529.014,790.345,066.74
Accounts Payable (%)
Capital Expenditure 11,092.9315,185.1916,085.6512,946.2611,719.2414,547.2215,989.7317,046.9818,030.6019,070.9620,171.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 263,094
Diluted Shares Outstanding 1.63
Cost of Debt
Tax Rate 20.72
After-tax Cost of Debt -0.99
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.20
Total Debt -
Total Equity 429,881.39
Total Capital 429,881.39
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 182,150.00194,681.92210,821.05223,596.81242,132.98247,823.11254,613.46269,304.66284,843.54301,279.01318,662.81
EBITDA 25,992.8135,471.0542,733.4342,572.8333,026.9413,778.96111,571.6251,868.0854,860.8658,026.3461,374.46
EBIT 19,490.0528,092.6034,954.1333,673.6823,850.103,989.95101,514.3941,580.6443,979.8446,517.4849,201.54
Tax Rate 46.52%29.29%31.09%28.49%-88.52%-0.50%20.72%9.58%9.58%9.58%9.58%
EBIAT 10,423.6719,863.2324,088.6024,078.7844,962.814,009.9080,480.2237,595.5239,764.7842,059.2044,486.02
Depreciation 6,502.757,378.447,779.308,899.159,176.849,789.0110,057.2310,287.4410,881.0211,508.8612,172.92
Accounts Receivable -----------
Inventories --294.88-1,671.12-3,807.47-479.84-2,858.90-802.252,328.12-1,011.58-1,069.95-1,131.69
Accounts Payable --103.028.071,347.9721,646.11-21,587.77-1,180.723,950.95247.07261.32276.40
Capital Expenditure --4,092.25-900.463,139.391,227.02-2,827.98-1,442.51-1,057.26-983.61-1,040.37-1,100.39
UFCF 16,926.4222,751.5229,304.3933,657.8276,532.93-13,475.7487,111.9753,104.7648,897.6851,719.0754,703.26
WACC
PV UFCF 40,781.7234,387.2733,307.1532,260.97
SUM PV UFCF 259,774.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.20
Free cash flow (t + 1) 56,891.39
Terminal Value 1,094,065.25
Present Value of Terminal Value 704,579.55

Intrinsic Value

Enterprise Value 964,354.06
Net Debt -33,685.36
Equity Value 998,039.42
Shares Outstanding 1.63
Equity Value Per Share 610,815.43