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Change in stock price of Berkshire Hathway implies following:
Cash is put to better use (from idle to cash-$43bln(page13) used for generating ROE of 7.5%/15%)
Synergies generated from existing business of Mid Western (Electricity) and new company Pacific Corp (Electricity). Market perceives that more value is added to the acquirer from the acquisition.
Gain of $2.17bln implies that intrinsic value of Pacific Corp is $2.17bln more than purchase consideration.
Based on the multiples for comparable regulated utilities, what is the range of possible values for PacifiCorp? What questions might you have about this range?
Summary of implied value of Pacific Corp Valuation multiples (Exhibit 10)($mln)
EV as multiple of: MV Equity as multiple of: Rev EBIT EBITDA Net Income EPS BV Median
6252 8775 9023 7596 4277 5904
6584 9289 9076 7553 4308 5678 Range of possible value (EV): $6.2bn to $9.2bn Range of MV: $4.2bn to $5.9bn Most commonly used multiples for finding intrinsic value is EV/EBITDA because EBITDA is commonly used as a proxy for cash flow available to the firm.
jhgjhghjfjdfghdh - College Essay - Hua-Zhang www.studymode.com/essays/Jhgjhghjfjdfghdh-39632359.html Specifically, what does the $2.55 billion gain in Berkshire's market value of equity ... what do you think PacifiCorp was worth on its own before its acquisition by ...
[DOC]Warren E. Buffett, 2005 (TN) textbook-testbank.com/wp-content/.../TN1_Warren_E_Buffett_2005.doc Specifically, what does the $2.55 billion gain in Berkshire's market value of equity ... what do you think PacifiCorp was worth on its own before its acquisition by ...
Case Warren Buffett 2005_百度文库 wenku.baidu.com/view/852bde3a0912a21614792956.html 17 Dec 2011 - The acquisition of PacifiCorp renewed public interest in its sponsor, Warren Buffett. In many ... “I will keep well over 99% of my net worth in Berkshire. .... Prior to March 2002, neither Buffett nor