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Berkshire Hathaway Inc.

www.InvestingSidekick.com

BRKA

######

I.S.Q. Score:
TTM EPS: 12276.32
Next year EPS estimate:
Net cash* / (debt) p.s: (10310.41)
Net debt EBITDA:
0.5
Net debt Equity:
0.1

Value Report

Op. profit p.s.

Mar

Jun

Sep

Dec

TTM

12M ending 2014


12M ending 2013
12M ending 2012
12M ending 2011
12M ending 2010

4012.68
4438.98
2986.32
1355.03
3095.12

5428.86
4192.26
2793.72
3188.45
1783.45

4108.80
4488.28
3592.38
2036.76
2751.30

3555.08
4399.15
4110.91
2696.86
3932.36

17105.42
17518.67
13483.32

9277.10
11562.23

Operational Performance (Rolling 12 months)


Gross Margin**

SG&A %

R&D %

Net Debt / EBITDA**

Op Margin
18%

120%

16%
100%

ROE

ROIC
10%

1.4

9%
1.2
8%

14%
1.0

7%

12%

80%

10%

0.8

8%

0.6

6%
5%

60%

6%

40%

4%
3%

0.4

4%
20%
2%
0%

0%

2009

$ millions

2010

2011

2%
0.2
1%
0%

2012

2013

2014

TTM

Income Statement
Revenue

EBITDA
Operating Profit
Net profit (continuing)
EPS (continuing)
Adjusted net income
Dividend per share

CAGR/average
5 year

10 year

112,493 136,185 143,688 162,463 182,150 194,673 194,673


12%
14,679
23,330
19,997
27,382
35,304
35,475
35,475
19%
11,552
19,051
15,314
22,236
28,796
28,105
28,105
19%
8,441
13,494
10,746
15,312
19,845
20,170
20,170
19%
5,439.67 8,187.51 6,509.55 9,319.85 12,071.51 12,277.00 12,276.32
18%
8,441
13,494
10,746
15,312
19,845
20,170
20,170
19%
- #DIV/0!

10%
12%
10%
11%
10%
11%
#DIV/0!

Balance Sheet
Net cash* / (debt)
Shareholders equity
Tangible book value
TBV per share

(7,351) (20,347) (23,085) (15,744) (24,038) (16,940) (16,940)


131,102 157,318 164,850 187,647 221,890 240,170 240,170
97,130 108,312 111,637 133,124 164,879 179,456 179,456
62,593.93 65,718.52 67,625.75 81,027.67 100,294.17 109,230.64 109,224.59

18%
13%
13%
12%

#NUM!
11%
11%
10%

19%
15%
25%
114%

23%
16%
16%
28%

9%
1%
#DIV/0!

10%
1%
#DIV/0!

Cash Flow
Depreciation & amortization
Net cash from operations
Net Cap Ex
Net Disposals (acquisitions)

3,127
4,279
15,846
17,895
(4,937)
(5,980)
(108) (15,924)

4,683
20,476
(8,191)
(8,685)

5,146
6,508
7,370
7,370
20,950
27,704
32,010
32,010
(9,775) (11,087) (15,185) (15,185)
(3,188)
(6,431)
(4,824)
(4,824)

10,909
1,552
-

12,285
1,651
-

11,175
1,643
-

Other Information
Free cash flow
Shares outstanding (000s)
Accts Receivable days
Inventory days

11,915
1,648
-

16,617
1,644
-

16,825
1,643
-

16,825
1,643
-

Ratios
Gross Margin

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

10.3%

14.0%

10.7%

13.7%

15.8%

14.4%

14.4%

13.7%

13.5%

Adjusted Net Profit Margin

7.5%

9.9%

7.5%

9.4%

10.9%

10.4%

10.4%

9.6%

9.3%

ROIC

5.9%

7.4%

5.6%

7.4%

8.0%

7.8%

7.8%

7.2%

8.2%

Operating Margin

Quick Ratio

#DIV/0!
Report updated on:

20-May-15

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Share price at report date: $219,900.00

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Market Cap: $361,296m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments. **Plotted against Left hand axis
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.

Berkshire Hathaway Inc.

www.InvestingSidekick.com

BRKA

Value Report

EV/OP trading range

Conservative model value

Aggressive model value

Current EV/OP (TTM)

Current EV/OP 13.5


(Enterprise Value / Operating Profit)

7.2%
6.2%

Return on Invested Capital


Free Cash ROIC

22.6

(5 year average)

20.6

Free Cash Flow Operating Profit


64%
15 years
58%
10 years
61%
5 years

18.6
16.6

14.6
12.6

% spending of FCF on

10.6

Net Acquisitions/(divestitures)
Dividends

8.6

Share buybacks / (issues)

6.6

Decrease/(increase) of net debt

4.6

Other spending/(asset sales)

57%
0%
1%
(50%)
92%

(cumulative last 10 years)

P/B trading range

P/B = 1

Book value p.s.

Current P/B

146177.72

Tangible Book (TBV) p.s. 109224.59


0.00
Net Net Curr. Assets p.s.
Net cash* / (debt) p.s. (10310.41)

2.1
1.9

Average annual change in


Book Value p.s.
TBV p.s.
9.7%
10.8%
15 years
15 years
10.4%
11.0%
10 years
10 years
11.7%
12.1%
5 years
5 years

1.7
1.5
1.3

Compounded annual growth in


Book Value p.s.
TBV p.s.
9.6%
10.2%
15 years
15 years
10.5%
10.6%
10 years
10 years
11.2%
13.5%
5 years
5 years

0.9

0.7

Free Cash Flow

Tangible Book Value per share

Book Value per share

100%

1.0

90%

0.9

80%

0.8

70%

0.7

60%

0.6

50%

0.5

40%

0.4

30%

0.3

20%

0.2

10%

0.1

0%

0.0

140000

30,000

120000

25,000

100000

20,000

80000

15,000

60000

10,000

40000

5,000

20000

Inventory days

160000

Quick Ratio

Operating Profit / FCF ($mil)

35,000

Quick Ratio (Acid test)


Accounts receivable days

Book Value per share ($)

Operating Income

Inventory/Accounts receivable days

1.1

(Seasonally adjusted data)

Report updated on: 20-May-15

Share price at report date:

$219,900.00

Market Cap: $361,296m

*Net cash/debt is total debt offset by cash, cash equivalents and short term investments.
Investing Sidekick Ltd. All rights reserved. This report is for information purposes only and accuracy is not guaranteed. Certain financial information included in Investing Sidekick is proprietary to
Mergent, Inc. (Mergent) Copyright 2015. Reproduction of such information in any form is prohibited. Because of the possibility of human or mechanical error by Mergents sources, Mergent or
others, Mergent does not guarantee the accuracy, adequacy, completeness, timeliness or availability or for the results obtained from the use of such information.