Based on the multiples for comparable companies, what is the range of possible values for PCP? [[This answer must contain a minimum and maximum value of what Berkshire Hathaway should have offered for PCP based on the comparable companies.]] What questions might you have about this range? Based on the multiples, should Berkshire Hathaway's shareholders endorse the acquisition of PCP?

EXHIBIT 1.11 I Valuation of PCP Based on Multiples for Comparable Firms Data Source: Factset. 1 The calculation of the implied values for PCP based on the median of the peer firms multiples takes the product of the median value of the multiples of comparable firms (line 8) and multiplies it times the relevant base (revenue, EBITDA, EBIT, net income, or book value) for PCP. The same method is used for the calculation of the implied value based on the average or mean of the peer firms' multiples (line 9 ). For instance, the implied value based on the median multiple of EBIT ( $37.755 million) is derived by multiplying 14.51 (the mean EBIT multiple for the comparable firms) times $2,602 million (the EBIT of PCP). EXHIBIT 1.11 I Valuation of PCP Based on Multiples for Comparable Firms Data Source: Factset. 1 The calculation of the implied values for PCP based on the median of the peer firms multiples takes the product of the median value of the multiples of comparable firms (line 8) and multiplies it times the relevant base (revenue, EBITDA, EBIT, net income, or book value) for PCP. The same method is used for the calculation of the implied value based on the average or mean of the peer firms' multiples (line 9 ). For instance, the implied value based on the median multiple of EBIT ( $37.755 million) is derived by multiplying 14.51 (the mean EBIT multiple for the comparable firms) times $2,602 million (the EBIT of PCP)