Berkshire Hathaway Inc., through its subsidiaries, engages in the insurance, freight rail transportation, and utility businesses worldwide. The company provides property, casualty, life, accident, and health insurance and reinsurance; and operates railroad systems in North America. It also generates, transmits, stores, and distributes electricity from natural gas, coal, wind, solar, hydroelectric, nuclear, and geothermal sources; operates natural gas distribution and storage facilities, interstate pipelines, liquefied natural gas facilities, and compressor and meter stations; and holds interest in coal mining assets. In addition, the company manufactures boxed chocolates and other confectionery products; specialty chemicals, metal cutting tools, and components for aerospace and power generation applications; flooring products; insulation, roofing, and engineered products; building and engineered components; paints and coatings; and bricks and masonry products, as well as offers manufactured and site-built home construction, and related lending and financial services. Further, it provides recreational vehicles, apparel and footwear products, jewelry, and custom picture framing products, as well as alkaline batteries; castings, forgings, fasteners/fastener systems, aerostructures, and precision components; and cobalt, nickel, and titanium alloys. Additionally, the company distributes televisions and information; franchises and services quick service restaurants; distributes electronic components; and offers logistics services, grocery and foodservice distribution services, and professional aviation training and shared aircraft ownership programs. It also retails automobiles; furniture, bedding, and accessories; household appliances, electronics, and computers; jewelry, watches, crystal, china, stemware, flatware, gifts, and collectibles; kitchenware; and motorcycle clothing and equipment. The company was incorporated in 1998 and is headquartered in Omaha, Nebraska.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	302,020	364,482	371,433	382,569.4	388,991.3	409,732.9	409,732.9	409,732.9
Revenue % Chg.	9.4%	20.7%	1.9%
EBIT	-28,011	123,196	113,735	33,841	18,006	18,966.1	18,966.1	18,966.1
EBIT Margin	-9.3%	33.8%	30.6%
Tax Rate	27.9%	19.2%	18.9%
NOPAT	-20,202.8	99,596.6	92,286.6	31,776.7	15,413.1	16,235	16,235	16,235
NOPAT Margin	-6.7%	27.3%	24.8%	8.3%	4%	4%	4%	4%
D&A	10,899	12,486	12,855	13,240.4	13,462.7	14,180.5	14,180.5	14,180.5
D&A / Revenue	3.6%	3.4%	3.5%
Capex	-15,464	-19,409	-18,976	-20,756	-20,834	-21,859	-21,859	-21,859
Capex / Revenue	-5.1%	-5.3%	-5.1%
Chg. NWC	-15,244	20,441	-6,784	-1,613.9	-1,641	-1,728.5	-1,728.5	-1,728.5
Chg. NWC / Revenue	-5%	5.6%	-1.8%
Unlevered FCF (UFCF)	-40,011.8	113,114.6	79,381.6	22,647.2	6,400.8	6,828.1	6,828.1	6,828.1
UFCF % Chg.	-136.4%	-382.7%	-29.8%	-71.5%	-71.7%	6.7%	—	—
PV of UFCF	—	—	—	20,948.6	5,476.7	5,404	4,998.7	4,623.8
Sum of PV of UFCF	—	—	—	20,948.6	26,425.3	31,829.3	36,828	41,451.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	130,758
Market Cap	1,077,426.5
Total Capital	1,208,184.5
Debt Weighting	10.8%
Equity Weighting	89.2%
WACC	8.1%

Exit Multiple EV/FCF
Terminal Value	825,282.5
PV of Terminal Value	516,942.4
Cumulative PV of UFCF	41,451.8
Net Debt	-254,430
Equity Value	812,824.2
Shares Outstanding	1.4
Implied Share Price	564,978.8
Current Share Price	506.4
Implied Upside / (Downside)	111,472.1%