Over the past five years, Rolls-Royce shares have surged by 1,257%. But does it mean there is no value left for newcomers at today's share price? Or might it be that Rolls-Royce shares – already up 27% so far this year – potentially have more to give? The strong business performance of late underlines that Rolls has at least some attributes of being a great company. That brings me to the second part of Buffett's aphorism: are Rolls-Royce shares attractively valued?