BRK.B trades against a final fair-value range of $374.65-$742.60, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs. Fair value range: low $375, high $743, with mid-point at $550.
Stock analysis
Berkshire Hathaway Inc. Class BBRK.B Berkshire Hathaway Inc. Class B fair value $550–$743
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه بهروز شد، صفحه را تازه کنید.
§1 خلاصه اجرایی
Composite fair value $550 with high case $743.
Implied upside of 15.7% to fair value.
Moat 9/10 · confidence 65/100 · Financial.
Trades at a measured discount to fair value with adequate margin of safety.
Fair value
$550
Margin of safety
+13.6%
Confidence
65/100
Moat
9/10
Educational analysis only — not financial advice. Always do your own due diligence.
$475.08Price
FV $549.75
High $742.6
BRK.B trades against a final fair-value range of $374.65-$742.60, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.
Zero-cost insurance float (~$170B+) functions
Zero-cost insurance float (~$170B+) functions as permanent, non-callable leverage — no competitor replicates this at scale
BNSF and BHE operate as
BNSF and BHE operate as regulated/quasi-monopoly infrastructure with pricing power indexed to inflation
Cycle upside
Hard insurance market extends through 2027, driving premium growth of 8-12% and combined ratios below 95%. Rising interest rates boost float income. BHE rate cases approved, improving utility ROE toward allowed returns.
§2 سناریوی نزولی
Under a combined stress scenario — recession reducing underwriting profits by 40%, equity portfolio declining 30%, and BNSF volumes falling 15% — operating earnings could compress to ~$25B from ~$40B normalized. At 10x stressed earnings plus $300B cash at par, trough equity value approximates $400/share (0.95x book). The cash fortress prevents permanent impairment but does not prevent a 15-20% drawdown.
چگونگی شکست این تز
Succession-driven capital allocation deterioration
25-35% over 5 years· Medium
Greg Abel lacks Buffett's investment track record. A single large misallocation ($50B+ acquisition at inflated multiples) could permanently impair book value growth trajectory and trigger conglomerate discount widening from 1.4x to sub-1.0x P/B.
FV impact
−30% to −40% ($290-$330/share)
Trigger
2026-2030
PacifiCorp wildfire liability crystallization
15-20%· Low
BHE subsidiary PacifiCorp faces multi-billion dollar wildfire claims in Oregon. If total liabilities exceed $15B (vs current reserves), BHE equity could be impaired, requiring Berkshire parent capital injection and reducing consolidated book value.
FV impact
−8% to −12% ($420-$450/share)
Trigger
2026-2028
Forced Apple divestiture or mark-to-market tax event
10-15%· Low
Regulatory or tax-policy changes force liquidation of the ~$70B Apple position, crystallizing $50B+ in embedded capital gains taxes and permanently reducing the equity portfolio's compounding capacity.
FV impact
−10% to −15% ($400-$430/share)
Trigger
2027-2030
سیگنالهای هشدار اولیه برای پایش
معیار
فعلی
آستانه فعالسازی
Combined ratio sustained above 100% for two consecutive quarters
Monitor
Deterioration versus the report thesis
Book value per share growth decelerating below 5% annualized
Monitor
Deterioration versus the report thesis
Cash deployment into acquisitions above 2x trailing book value of target
Monitor
Deterioration versus the report thesis
BNSF operating ratio exceeding 70% (currently ~60%)
Monitor
Deterioration versus the report thesis
Greg Abel increasing centralization or departing from decentralized operating philosophy
Monitor
Deterioration versus the report thesis
§3 تاریخچه مالی
صورت سود و زیان — شش دوره اخیر
ردیف
T−0
T−1
T−2
T−3
T−4
نرخ رشد سالانه مرکب
دوره
2021-12-31
2022-12-31
2023-12-31
2024-12-31
2025-12-31
Trend
درآمد
$276.19B
$302.02B
$364.48B
$371.43B
$371.44B
+7.7%
سود ناخالص
—
—
—
—
—
—
سود عملیاتی
—
—
—
—
—
—
سود خالص
$89.94B
$-22.76B
$96.22B
$89.00B
$66.97B
-7.1%
EPS (رقیقشده)
—
—
—
—
—
—
EBITDA
—
—
—
—
—
—
تحقیق و توسعه
—
—
—
—
—
—
هزینههای عمومی و فروش
—
—
—
—
—
—
امتیازات کیفیت
امتیاز Piotroski F
2 / 9
ترکیب کیفیت ۰–۹
OCF / سود خالص
0.69×
>۱ نشاندهنده کیفیت بالای سود
دروازه کیفیت حسابداری
Fail
دروازه تعدیلشده بخشی
ROIC
—
بازده سرمایهگذاریشده
بخش ۳
Numbers analysis
جریان نقدی
Cash-flow quality is reflected in the OCF / net income, accounting-quality, and ROIC rows above.
تخصیص سرمایه
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
مشترکان فردی — از §۴ به بعد11 بخش بیشتر
تحلیل کامل را بخوانید — 11 بخش بیشتر.
Competitive moat, industry cycle, peer comparison, intrinsic valuation, sensitivity, scenarios, earnings decision tree, position management, investor perspectives, scorecard, and final recommendation.
Based on our latest independent analysis, BRK.B looks meaningfully undervalued. The current price is $475 versus a composite fair-value midpoint of $550 (range $375–$743), which implies roughly 15.7% upside to the midpoint.
Our composite fair-value range for BRK.B is $375–$743, with a midpoint of $550. The range is triangulated across multiple valuation models (discounted earnings, forward earnings scenarios, peer multiples, and where applicable owner earnings or reverse DCF) and weighted by reliability for Berkshire Hathaway Inc. Class B's archetype.
Our current rating for BRK.B is Buy with a confidence score of 65/100. BRK.B is rated Buy at $475.08 versus the reconciled fair value midpoint of $549.75, implying +15.72% upside/downside. Confidence is separately disclosed at 65/100. This is independent research for educational purposes, not personalized investment advice.
The top risks our latest report flags for Berkshire Hathaway Inc. Class B are: Succession-driven capital allocation deterioration; PacifiCorp wildfire liability crystallization; Forced Apple divestiture or mark-to-market tax event. The single biggest risk is Succession-driven capital allocation deterioration: Greg Abel lacks Buffett's investment track record. A single large misallocation ($50B+ acquisition at inflated multiples) could permanently impair book value growth trajectory and trigger conglomerate discount widening from 1.4x to sub-1.0x P/B.
Our current rating for BRK.B is Buy, issued with a confidence score of 65/100 and a moat score of 9/10. The rating reflects the composite fair-value range ($375–$743) versus the current price of $475.
Berkshire Hathaway Inc. Class B is classified as a financial stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for BRK.B.
