BEN & JERRY'S HOMEMADE
Implied share price based on comparable multiples (relative values)
Peer Companies		Comparable firm multiples (from Exhibit 6)			Ben & Jerry's 1999 financials (from Exhibit 1)			Implied share price
		Price/Earnings	Price/book		EPS	BPS
Dreyer's grand
Earnings		47.2
Book equity			7.8
Eskimo Pie
Earnings		30.7
Book equity			1.1
TCBY
Earnings		12.5
Book equity			1.2
Yocream
Earnings		9.4
Book equity			1.8
Instructions:
Use Exhibit 6 to fill in the data for comparable firm multiples (relative values)
Use Exhibit 1 to fill in the data for earnings per share (EPS) and book equity per share (BPS).
Multiply the relative values by the corresponding financial data to develop a range of price estimates.