NYSSA Student Research
This report is published for educational purposes
only by students competing in the
NYSSA Investment Research ChallengeTM.
Industry: Processed & Packaged Goods
Tasty Baking Company
Ticker: TSTY Recommendation: SELL
Important disclosures appear at the back of this report
TM Investment Research Challenge is a trademark of The New York Society of Security Analysts, Inc.
©2007 The New York Society of Security Analysts, Inc.
Price: $9.00 (as of 3/13/07) Price Target: $7.87
Earnings/Share Mar. Jun. Sept. Dec. Year P/E Ratio
2005A $0.06 $0.11 $0.04 $0.02 $0.23 40.4x
2006A 0.12 0.14 0.06 0.20 0.52 23.5*
2007E 0.12 0.13 0.09 0.07 0.40 22.7
2008E 0.12 0.11 0.12 0.08 0.42 21.4
*P/E Adjusted for one-time charge of $1.6 million
Highlights
Date: March 16, 2007
Philadelphia, PA
www.tastykake.com
TEAM G
! Multiple valuation models point to SELL rating: TSTY’s shares are currently overvalued according
to our discounted cash flow and relative valuation......

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Title: Taste Making Company
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