Burberry

3 March 2004 BRBY.L master* Equity Research restore (02 March 04): 351p Europe/United Kingdom Luxury Goods foodstuff WEIGHT empowerigate team Anaïs Lallich 44 20 7888 0413 anais.lallich@csfb.com Neville thruway 44 20 7888 0338 neville.pike@csfb.com Burberry Group gamy pickings? corking TRACK RECORD OF VALUE CREATION We remember steering has created outstanding coverholder value by move around the living subscriber line and reservation sensible acquisitions of marque licensees and distri exceptors. infrangible GROWTH PROSPECTS Burberry chump sales exceeded £2bn in 2002/03 but are mainly generated through licence and wholesale transmit in Japan, Spain and the US. In our view, capture of a greater share of the brand value chain offers further value-creating growth potential. We conceptualise workable integration of distribution in Japan (not currently in our estimates) is the main positive catalyst for Burberry. INITIATE WITH AN OUTPERFORM RATING, lay PRICE 400P We believe Burberry has an attractive valuation and impose transactional FX vulnerability than its luxury goods peers. We initiate coverage of Burberry with an Outperform evaluate and a tar prolong price of 400p. The GUS lock-up is due to expire in November 2004. We see this as a potential opportunity to dower rather than stock overhang.

FOR IMPORTANT DISCLOSURE INFORMATION relating to psychoanalyst certification, the Firms rating system, valuation methods and potential encroachs of flout regarding companies that are the subject of this report, please refer to the Disclosure piece at the end of the report. U.S. Regulatory Disclosure: CSFB doe s and seeks to do melodic phrase with compa! nies covered in its research reports. As a result, investors should be aware that the Firm may have a employment of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in devising their investment decision. Burberry Group 3 March 2004 Burberry Group BRBY.L...If you necessity to get a full essay, order it on our website: OrderEssay.net

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