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1、ESKIMO PIE公司IPO估值17, May 2010All trademarks are owned by Socit des Produits Nestl S.A., Vevey, Switzerland. For over 80 years, the ESKIMO PIE brand has combined simple ingredients to bring you frozen snacks your family loves. It all started back in 1921, when school teacher and local candy shop owne
2、r Christian Kent Nelson was inspired by a little boys inability to decide between ice cream and a candy bar. And Eureka! the idea for ESKIMO PIE frozen snacks was born. Nelsons brilliant idea to combine the two treats was matched by his genius for discovering a way of making chocolate stick to the f
3、rozen surface of an ice cream bar. The rest, as they say, is history. And a very tasty one at that. Since then, the ESKIMO PIE brand has been delighting people around the globe with decidedly delicious frozen snacks.Content1、 Introduction2、公司IPO绝对估值3、相对估值4、Suggestion5、End of the Eskimo Pie Story附录 A
4、股IPO估值方法、程序及案例 估值方法差异及应用IPO:initial public offering 1、DCF自由现现金流估价模型我们尝试使用公司自由现金流量折现得出的爱斯基摩派公司的独立价值。 从图表上看，1991年至1993年（此后，公司进入了一个持续增长的稳定状态，1991-1993年高 增长，年均30%，1994-2001按6%年增长，以后基本稳定，长期增长率假设为2%）指包括公司股东权益和债权人、股东等长期利益相关者在内的现金流总和FCFFEBIT（1税率） 折旧资本性支出 追加营运资本计算WACC公司自由现金流FCFF公司自由现金流FCFF 1991 1992 1993 EBI
5、T5,255,000.00 5,873,000.00 5,363,000.00 5,682,000.00 税率51.31%40.00%40.00%40.00% EBIT*(1-税率)2,558,621.82 3,524,043.67 3,217,598.55 3,409,200.00 加：折旧1,352,000.00 1,352,000.00 1,352,000.00 1,352,000.00 减：资本支出1,311,000.00 0.00 1,000,000.00 500,000.00 加：营运资金的 净变动1,386,000.00 0.00 0.00 0.00 FCFF3,985,621.
6、82 4,876,043.67 3,569,598.55 4,261,200.00 非现金性流动资本变化 流动资本11,735,000.00 11,735,000.00 11,735,000.00 11,735,000.00 非现金性流动资 本变化905,000.00 0.00 0.00 0.00 FCFF 3阶段模拟增长估值第一阶段1991E1992E1993E FCFF4,876,043.67 3,569,598.55 4,261,200.00 第二阶段1994E1995E1996E1997E1998E1999E2000E2001E FCFF4,516,872.00 4,787,884.3
7、2 5,075,157.38 5,379,666.82 5,702,446.83 6,044,593.64 6,407,269.26 6,791,705.42 FCFF估值现金流折现 值（万元）价值百分比 第一阶段10,929,486.06 25.41% 第二阶段17,617,931.31 40.96% 第三阶段（终值） 14,467,620.79 33.63%企业价值AEV43,015,038.16 100.00% 净债务2,000,000.00 -4.65% 总股本价值41,015,038.16 95.35% 股本（万股）3,316,000.00 每股价值（元）12.37 FCFF敏感性测
8、试敏感性测试 敏感性测试结果长期增长率(g) WACC1.00%1.50%2.00%2.50%3.00%3.50%4.00%4.50%5.00% 12.50%14.96 15.23 15.53 15.86 16.23 16.64 17.09 17.60 18.18 13.00%14.32 14.56 14.82 15.11 15.43 15.78 16.17 16.61 17.10 13.50%13.73 13.94 14.17 14.43 14.70 15.01 15.35 15.72 16.14 14.00%13.19 13.37 13.58 13.80 14.05 14.31 14.61
9、 14.93 15.29 14.50%12.69 12.85 13.04 13.23 13.45 13.68 13.94 14.22 14.53 15.00%12.22 12.37 12.54 12.71 12.90 13.11 13.33 13.58 13.85 15.50%11.79 11.93 12.07 12.23 12.40 12.58 12.78 12.99 13.23 16.00%11.39 11.52 11.65 11.78 11.93 12.10 12.27 12.46 12.67 16.50%11.02 11.13 11.25 11.37 11.51 11.65 11.80
10、 11.97 12.16 17.00%10.68 10.77 10.88 10.99 11.11 11.24 11.38 11.53 11.69 17.50%10.35 10.44 10.53 10.63 10.74 10.86 10.98 11.11 11.26 2、PE 6794 Patent Owners and Lessors; 2087 Flavoring Extracts/Syrups, Not Elsewhere Classified; 2671 Paper Coated/Laminated/Packaging 1992年1月,IPO成功Initial Public Offeri
11、ng in Early 1990s Citing a desire to concentrate on its core metals businesses, Reynolds put Eskimo Pie on the auction block in 1991. When negotiations with longtime rival Nestl failed, the parent elected to launch an initial public offering of its 84 percent stake in January 1992. (Coincidentally,
12、Eskimo Pie founder Christian Nelson died that same spring. CEO Clark（还是克拉克任CEO） told Washington Posts Jonathan Glater that the 98-year-old “had an Eskimo Pie every day.”) Offered at $17, the shares quickly rose to over $20 in its first day of trading. 发行价17美元，当天涨上20美元。 The company celebrated its 75t
13、h anniversary in 1996(创立75周年) with an important role in the Smithsonian Institutions salute to frozen novelties. But that years fiscal results were nothing to crow about; an unusually long, cold spring hit Eskimo Pie especially hard, helping to reduce the years sales to $74.1 million. （销售下滑到7400万美元）
14、Even more devastating was a $2 million loss on the year. The stocks performance has reflected Eskimo Pies anemic bottom line; shares topped out at nearly $25 in 1992, dropping to a low of $7.50 in October 1996 before rebounding somewhat to $11 in May 1997. （股价 从最高点25美元跌到十月份的7.5美元低点，1997年5月前略有回升至11美元
15、） The simmering rivalry with Nestl continued throughout the decade（与雀巢最终竞争了10年）. In 1993, the Switzerland-based food juggernaut purchased the Heath name from Leaf, Inc. and subsequently pulled its smaller rivals license to the candy bar brand, thereby robbing Eskimo Pie of more than 10 percent of sa
16、les. Eskimo Pie returned the favor in 1997, hiring David B. Kewer, an executive with strong experience in the ice cream industry, away from Nestl S.A. (1997更换了CEO，克拉克去职 ) Kewers strategies for the late 1990s included a re-emphasis on the companys well-recognized and somewhat neglected core brand. The support included a resumption of
