1. Estimate the equity value and stock price of Hershey food corporation using comparable companies valuation.

			Hershey Foods Corp. Industry Comparables
Company Name	Ticker	Exchange	Book Value of debt ($million)	Common Shares Outstanding (millions)	Stock Price (9/17/02)	Market Cap ($million)	Debt/ Equity	EBIT ($million)	Enterprise Value/EBIT Multiple
Cadbury Schweppes PLC -ADS	CSG	NYSE	3,543	503	28.5	14,296	0.25	1,501	11.9
Hershey Foods Corp	HSY	NYSE	885	134	73.8	9,905	0.09	413	26.1
Jm Smucker Co	SJM	NYSE	150	50	37.6	1,862	0.08	59	33.9
Nestle S A -Spon ADR	NSRGY.PK	OTC	19,500	1,551	51.9	80,399	0.24	3,007	33.2
Sanfilippo John B & Son	JBSS	NSDQ	52	9	6.7	61	0.85	18	6.1
Sherwood Brands Inc	SHD	AMEX	1	4	4.5	17	0.07	1	17.2
Tootsie Roll Industries Inc	TR	NYSE	8	52	31.0	1,610	0.00	101	16.1
Wrigley (Wm) Jr Co	WWY	NYSE	0	225	49.5	11,135	0.00	583	19.1