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Thanks.... So how about intrinsic value changes?

Well, that depends purely on whether you think purchasing all the shares
of Precision Castparts were worth more or less than the $32.20bn paid for them.
Presumably Mr Buffett thinks they are worth more. I am disinclined to gainsay his opinion.
Since the current earnings yield is not particularly exciting, he evidently believes that
it is almost certain that real earnings will be higher in future and last for a very long time.
(2005 earnings per share about $2.57, 2015 earnings per share about $13.40...)

There are various ways to estimate intrinsic value, which will make the firm look more
or less valuable as a result of the transaction, but really it all comes down to
whether Precision Castparts was worth more or less than the cash paid.
That in turn depends upon the future earnings growth question, so all IV estimation methods
will miss the point, at least for a while until we learn more about the earnings trajectory.

It's likely that, as with most purchases, the purchase price will all get added to
book (and cash subtracted from book), allocated in various proportions to fixed assets, goodwill etc.
The main thing to keep in mind that some moderate portion of the purchase price
will get amortized over time, causing an economically meaningless hit to earnings.

Since it's such an important and impenetrable subject, it might be worth re-reading some notes on purchase accounting.
I keep re-reading that stuff. It helps a little, but not as much as I'd like.

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