In 1988, Buffett bought KO when the 30-year T-bill yielded 9%. If you discounted KO's 1988 owner earnings by 9% you'd get an IV of $9.2 billion but Buffett paid $14.8 billion. He paid 15x earnings (30% premium to the market) and 12x cash flow (50% premium to the market) for the biz.
People thought Buffett overpaid for KO. It wasn't what KO was making then it was what KO was going to make over the next couple of decades that mattered.