Q1What are the average of the multiples for the 6 companies that you have calculated(Q3 in Assigment)?EV/Sales #REF!EV/EBITDA #REF!

#REF!#REF!

Q2What do you think are reasonable ranges for EV/EBITDA multiples to be used for valuation of Eskimo(Q4 in Assignment)?

#REF!

Q3

81

Q4What is the average of the asset betas of the comparable companies(Q6 of Assignment)?

0.30x

Q5What is the WACC that you used in your DCF valuation(Q7 of Assginment)?

9.66%

Q6What is your valuation of the equity value of Eskimo based on your DCF analysis(Q8 of assignment)?

105.05

EV/EBIT PER

(Required field) to(Required field)

What is your estimate of the equity value of Eskimo based on comparable company (mutilples) analysis(Q5 in Assignment)?(Required field)

(Required field)

(Required field)

(Required field)

What do you think are reasonable ranges for EV/EBITDA multiples to be used for valuation of Eskimo(Q4 in Assignment)?

What is your estimate of the equity value of Eskimo based on comparable company (mutilples) analysis(Q5 in Assignment)?

Year Ended December 31,Actual Forecast

($ 000) 1991 1992 1993 1994 1995

Net Sales 60,955 66,441 71,092 75,357 79,125Growth 29.1% 9.0% 7.0% 6.0% 5.0%

EBIT 5,597 6,644 7,109 7,913 8,308Margin 9.2% 10.0% 10.0% 10.5% 10.5%EBIT Growth% 7.00% 11.30% 5.00%

Income taxes 2,239 2,658 2,844 3,165 3,323Tax rate 40.0% 40.0% 40.0% 40.0% 40.0%

NOPAT (or Net Income) 3,358 3,986 4,266 4,748 4,985Margin 5.5% 6.0% 6.0% 6.3% 6.3%

Less: Changes in Working Capital 0 0 0 0Plus: Depreciation & Amortization 1,300 1,200 1,200 1,200 Less: Capital Expenditures 1,100 1,200 1,200 1,200

Un-Levered Free Cash Flow 4,186 4,266 4,748 4,985 Growth % 1.89% 11.30% 5.00%

EBITDA 6,997 7,944 8,309 9,113 9,508Depreciation & Amortization 1,400 1,300 1,200 1,200 1,200

Exhibit 6.2 Free cash flow forecast

Year Ended December 31,Forecast

1996

83,0815.0%

8,72410.5%5.00%

3,48940.0%

5,2346.3%

0 1,200 1,200

5,234 5.00%

9,924 1,200

Company Ticker Switch Share Price Debt ($m)

For Profit Companies

Apollo Group Inc 1 63.81 160.15 - 15% 491% 19.2x 14.5xAmerican Public Education Inc 1 37.56 18.06 - 55% 54% 42.4x 29.3xCorinthian Colleges Inc. 1 16.88 86.45 31.9 16% 78% 28.7x 18.1xCareer Education Corp. 1 21.05 90.09 1.7 -2% 9% 19.5x 20.0xCapella Education 1 50.34 16.69 - 20% 32% 31.5x 23.4xStrayer Education 1 168.01 13.88 - 25% 24% 33.2x 25.8xDeVry Inc. 1 42.47 71.64 20.0 17% 33% 23.2x 17.5xITT Educational Services Inc. 1 101.60 38.56 150.0 17% 45% 19.0x 13.6xK12 Inc. 1 15.29 28.86 13.7 61% 44% 18.3x 35.4xGrand Canyon Education Inc. 1 14.72 45.47 32.1 62% 126% NA 24.3xNew Oriental Ed & Tech Group Inc. 1 50.33 149.19 - 43% -3% 32.9x 24.5x

Total - For Profit Companies

Internet Companies

Activision Blizard Inc. 1 10.03 1,359.00 - 124% 340% 18.5x 17.2xAmazon.com 1 74.71 429.00 74.0 29% 24% 53.8x 47.9xDice Holding Inc. 1 3.20 62.21 60.2 9% 2% 12.3x 25.7xDrugstore.com Inc 1 1.30 97.36 2.1 8% 63% NA NAeBay 1 14.32 1,287.81 - 11% -22% 12.8x 17.1xGoogle 1 379.50 315.25 - 31% 9% 23.6x 20.7xGSI Commerce 1 14.93 47.93 195.9 29% -2% NA NATechTarget Inc. 1 2.38 41.75 - 20% -117% NA NAMD Health Corp. 1 25.58 57.58 - 15% 114% 45.8x 46.0xElectronic Arts Inc, 1 19.96 322.00 - 15% 55% NA 24.1xYahoo Inc. 1 14.02 1,393.35 - 3% -78% 32.6x 37.3x

Total - Internet Companies

Exhibit 8.2 Information about Comparable Companies

N. of Shares (m)

Revenue Growth %

Income Growth %

PER = Price/EPS

2008

2009 EV/ EBITDA

Software Companies

Adobe Systems 1 23.64 524.27 350.0 13% -41% 14.9x 22.9xArcSight Inc. 1 14.15 31.50 - 34% 509% NA 52.8xIntuit 1 25.35 320.53 998.1 15% 9% 19.5x 16.2xMicrosoft 1 18.83 8,891.00 - 18% -32% 10.2x 12.0xOmniture 1 13.54 75.05 13.2 107% 37% NA NASalesforce.com 1 37.36 122.43 - 44% 93% NA 57.7xSymantec 1 16.47 819.92 1,766.0 5% -234% 9.4x 9.5xMcafee Inc. 1 34.49 153.72 - 22% 77% 26.1x 24.1xVmware Inc. 1 29.60 389.86 450.0 42% 62% 27.1x 33.9x

Total - Software Companies

EV ($m) 2009 EBITDA EPS Net Income Beta E/(E+D)

9.7x 10,219.2 704.8 3.3 532.2 0.6 0.60 0.3620.5x 678.3 23.2 0.9 16.0 NA 0.59 0.0011.6x 1,491.2 82.4 0.6 50.8 0.75 0.61 0.466.8x 1,898.1 94.9 1.1 97.3 0.7 0.75 0.52

13.4x 840.2 35.9 1.6 26.7 0.55 0.64 0.3517.8x 2,332.0 90.4 5.1 70.2 0.55 0.59 0.3312.5x 3,062.6 175.0 1.8 131.1 0.55 0.58 0.3210.1x 4,067.7 299.1 5.3 206.2 0.6 0.57 0.3413.4x 455.0 12.9 0.8 24.1 NA 0.73 - 30.2x 701.4 28.9 - - NA 0.45 - 23.8x 7,508.7 306.5 1.5 228.2 1.2 0.51 0.61

0.30

6.9x 13,630.8 792.5 0.5 736.8 NA 0.71 0.0027.1x 32,124.6 670.7 1.4 595.7 1.1 0.64 0.704.5x 259.3 10.1 0.3 16.2 NA 0.85 0.00NA 128.7 - 0.0 - 1.65 0.00 0.00

7.0x 18,441.4 1,078.4 1.1 1,440.7 1.15 0.71 0.8213.2x 119,637.4 5,779.6 16.1 5,069.4 0.9 0.61 0.5512.2x 911.5 - 0.0 - 1.158.8x 99.4 - 0.0 - 1.45

18.1x 1,472.9 32.0 0.6 32.2 0.85NA 6,427.1 266.7 - - 0.9

10.2x 19,534.8 523.7 0.4 599.2 1

2008 EV/ EBITDA

Beta (Asset)

8.6x 12,743.7 556.5 1.6 831.8 1.2 0.73 0.8739.2x 445.7 8.4 0.0 - NA 0.57 0.009.2x 9,123.5 563.2 1.3 416.7 0.9 0.64 0.575.9x 167,417.5 13,951.5 1.8 16,413.5 0.8 0.67 0.54

16.4x 1,029.4 - 0.0 - 1.3 0.00 0.0035.0x 4,574.0 79.3 0.0 - 1.2 0.62 0.754.7x 15,270.1 1,607.4 1.8 1,436.6 0.9

12.3x 5,301.8 220.0 1.3 203.1 121.0x 11,989.9 353.7 1.1 425.8 NA

Eskimo Pie Valuation

Metric ($m) Multiple Debt Cash Equity ValueLow High Low

DCF 92 - 13 100.0

EV/Sales 61.0 1.0x 1.5x - 13 74.0EV/EBITDA 7.0 8.0x 9.0x - 13 69.0

EV/EBIT 5.6 10.0x 11.0x - 13 69.0PER 3.4 22.5x 23.5x - 13 88.6

Average 75.187.6

73.146

Equity ValueHigh Mid110.0 105

104.4 8976.0 7274.6 7291.9 90

86.7 80.998.4 93.0 286

0.6793349

Particulars Source

Risk Free Rate Ten year Treasury YieldsEquity Risk Premium Assignment DocumentsAverage Asset Beta of Comparable Companies Comparable Companies dataEskimo Pie's WACC

Value

7.42%7.50%0.30x9.66%

Eskimo Pie Valuation

ValuationYear EndingFinancial Year Units Source

DCF

Ungeared FCF $m

Discount Factor %Period x% attributable x

DCF $m

FCF in Terminal Year $m 5 Terminal Value $m 118 Present Value of TV $m 74.3

5 year DCF $m 18TV $m 74

Enterprise Value $m 92Add: Cash 13Equity Value 105.0

30-Dec-91 30-Dec-92 30-Dec-93 30-Dec-94 30-Dec-95 30-Dec-961991A 1992F 1993F 1994F 1995F 1996F

4.2 4.3 4.7 5.0 5.2

1.00x 0.91x 0.83x 0.76x 0.69x 0.63x1 2 3 4 5

100% 100% 100% 100% 100%

3.8 3.5 3.6 3.4 3.3

WACC 9.7% TGR 5.0%