Burberry is expected to generate the following free cash flows over the next five years. After then, the free cash flows are expected to grow at the industry average of 4.1% per year. Using the discounted free cash flow model and a weighted average cost of capital of 14.9%:

a. Estimate the enterprise value of Burberry.

b. If Burberry has no excess cash, debt of $306 million, and 42 million shares outstanding, estimate its share price.

Year	1	2	3	4	5
FCF ($million)	52.2	68.7	77.2	75.6	80.5