1. Jet Blue makes the projections below for future cash flows in preparation for the road show for its forthcoming IPO.

	2002	2003	2004	2005	2006	2007	2008	2009	2010
EBIT	80	134	181	226	274	326	375	410	443
NOPAT	53	89	120	149	181	215	247	270	292
Depreciation	18	26	36	45	54	65	75	83	90
Capital expenditures	290	328	345	310	326	342	299	157	132
NWC investment	30	30	33	31	34	36	34	24	23

1. Assume that the cost of capital for Jet Blue is 12%, JetBlue has $400 Million in Debt, and JetBlue will have 350 Million shares after the IPO. Calculate the enterprise value of Jet Blue. Make any assumptions you need to make.
2. Estimate an offer price based on your calculations.