Burberry: buy now for a recovery?

I’m a Burberry (LON:BRBY) shareholder and have held the stock for a number of years.

My decision to invest was based on the traditional resilience of the luxury market, and my view that Burberry is a valuable and durable heritage brand. I paid a weighted average of just over £15 per share for my personal holding and believed -- at the time -- that this represented an attractive long-term entry point.

I think that's potentially still be true. But it’s fair to say my view on the company has been tested by developments this year. The luxury market has slowed and Burberry has suffered additional self-inflicted problems.

The share price is down 45% year-to-date and the dividend has been suspended after a second profit warning in seven months.

This Stock Pitch is an effort to clarify my thinking on Burberry. Are the shares as cheap as they might seem right now?

Summary

Pros:

Luxury heritage brand with 168 years of historyShares trading at a post-2010 low could be very cheap if business recoversBurberry could attract bid interest at this levelCons:

The company has struggled to elevate its offering and may have to sacrifice...