Cool Shoes (CS) had 2014 sales of $518 million. You expect sales to grow at 9% next year(2015), but, decline by 1% per year after until you settle to a long -run growth rate of 4%. You expect EBIT to be 9% of sales, increases in net working capital requirements to be 10% of any increase in sales (hint: just the increase from the prior year), and net investment to be 8% of any increse in sales. (Note: this is in excess of depreciation). Other 2014 data for Cool Shoes: EPS = $1.65 Book value of equity = $ 12.05 per share EBITA = $55.6 million Excess cash = $100 million Debt = $ 3 million Shares outstanding = 21 million Required : Using the DCF method, determine the enterprise value of CS. (Hint: Don't forget the terminal value). What is the price per share? Show all the formula calculations in excel.

a) Using the DCF method, determine the enterprise value of CS. (Hint: Dont forget the terminal value).