Subject: Pilot Travel Centers
Just curious, has anyone looked at the price paid for Pilot.

Consideration paid for 41.4% on 31 Jan 2023 $8.2 Billion. Taking Berkshire's ownership to 80%.

Total company valuation $19.8 Billion ($8.2B/41.4%).

Q2 2023 Pilot profit after tax attributable to BH shareholders (i.e. 80%) $114 Million. Annualised, that is $456 Million from the 80%. Grossing that up to 100% is an annual PAT run rate (based on Q2) for all of Pilot of $570 Million.

Using the 5 months profits after tax number annualised gives a similar annual PAT run rate for all of Pilot of $591 Million.

That would equate to Buffett paying 35 or 34 times earnings. That seems very high.

Either:
1. My math is wrong
2. 2023 earnings are depressed in some major way
3. Berkshire paid a big multiple for the business
4. I am unaware of something else

Thank you in advance.