1. Calculate a fair value of PCP based on the comparative multiple approach. Compare the enterprise value of PCP as a multiple of Revenue, EBITDA and EBIT and the Market Value (MV) of Equity as a multiple of net income and book value. What is your estimate of the fair value of PCP based on these multiples? (Follow the sample calculation in the footnote to Exhibit 11. You may want to take an average of the implied fair values from the multiples).

Exhibit 11 Warren E. Buffett, 2015 Valuation of PCP Based on Multiples for Comparable Firms Data Source: Factset. \$2,602 million (the EBIT of PCP). Exhibit 11 Warren E. Buffett, 2015 Valuation of PCP Based on Multiples for Comparable Firms Data Source: Factset. \$2,602 million (the EBIT of PCP)