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No. of Recommendations: 11
This is what I got:

Non-Insurance Operating Businesses Earnings $M
2018 16800
2019 17200

Equity Investments less Taxes $M
2018 158300
2019 219113

Partially Owned Businesses Earnings $M
2018 1300
2019 424 (not sure about this, but hardly matters)

Cash & Fixed Income $M
2018 132000
2019 146682

Year End # A Shares
2018 1640929
2019 1624958

Put a 14 multiple on earnings and I get
$376,000 A ($251 B) 1.4 x year end book
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No. of Recommendations: 14
For those that are more table oriented


Grove 1 Non-Insurance Operating Businesses Earnings
Grove 2 Equity Investments less Taxes
Grove 3 Partially Owned Businesses Earnings
Grove 4 Cash & Fixed Income

2018 2019 Delta %
Grove 1 16800 17200 400 2.4%
Grove 2 158300 219113 60813 38.4%
Grove 3 1300 424 -876 -67.4%
Grove 4 132000 146682 14682 11.1%

Multiple 14 14
Shares 1640929 1624958 -15971 -1.0%
Valuation 543700 612531 68831 12.7%
Per A Share 331337 376952 45615 13.8%
Per B Share 221 251 30 13.8%
Actual 202 229 27 13.4%


What I find most interesting is that the share price almost exactly matches the business growth. ie: the shares are (roughly) no more overvalued (undervalued) than at this time last year (as Jim likes to point out - a big contrast to the S&P 500).

ie: Share Price up 13.4% vs. Business Results up 13.8%

tecmo
...
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