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SBUX2019Student.xlsx
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SBUX IS

Income Statement - As Reported 10K in millions Income Statement - As Reported 10Q in millions
9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 TTM 12/30/17 3/30/18 6/30/18 9/30/18 12/29/18 TTM
Company-operated stores $11,793.2 $12,977.9 $15,197.3 $16,844.1 $17,650.7 19,690.3 20,318.8 Company-operated stores 4,741.8 4,828.0 5,060.4 5,060.1 $5,370.30 20,318.8
Total specialty $3,073.6 $3,469.9 $3,965.4 $4,471.8 $4,736.1 5,029.2 4,959.6 Total specialty 1,331.9 1,203.8 1,249.9 1,243.5 $1,262.40 4,959.6
Licensed stores $1,360.5 $1,588.6 $1,861.9 $2,154.2 $2,355.0 2,652.2 2,706.9 Licensed stores 682.4 625.6 660.6 683.6 $737.10 2,706.9
CPG, foodservice and other $1,713.1 $1,881.3 $2,103.5 $2,317.6 $2,381.1 2,377.0 2,252.7 CPG, foodservice and other 649.5 578.2 589.3 559.9 $525.30 2,252.7
Total net revenues $14,866.8 $16,447.8 $19,162.7 $21,315.9 $22,386.8 $24,719.5 25,278.4 Total net revenues 6,073.7 6,031.8 6,310.3 6,303.6 $6,632.70 25,278.4
Cost of sales including occupancy costs -$6,382.3 -$6,858.8 -$7,787.5 -$8,511.1 -$9,038.2 -10,174.5 -10,434.2 Cost of sales including occupancy costs -2,502.9 -2,516.0 -2,554.9 -2,604.6 ($2,758.70) -10,434.2
Store operating expenses -$4,286.1 -$4,638.2 -$5,411.1 -$6,064.3 -$6,493.3 -7,193.2 -7,449.2 Store operating expenses -1,737.0 -1,789.6 -1,825.0 -1,841.6 ($1,993.00) -7,449.2
Other operating expenses -$431.8 -$457.3 -$522.4 -$545.4 -$553.8 -539.3 -532.2 Other operating expenses -141.6 -134.3 -148.0 -156.7 ($93.20) -532.2
Depreciation and amortization expenses -$621.4 -$709.6 -$893.9 -$980.8 -$1,011.4 -1,247.0 -1,321.6 Depreciation and amortization expenses -258.8 -331.6 -330.0 -326.6 ($333.40) -1,321.6
General and administrative expenses -$937.9 -$991.3 -$1,196.7 -$1,360.6 -$1,393.3 -1,759.0 -1,797.8 General and administrative expenses -379.1 -405.8 -468.7 -460.0 ($463.30) -1,797.8
Restructuring and impairments $0.0 $0.0 $0.0 $0.0 -$153.5 -224.4 -240.0 Restructuring and impairments -27.6 -134.7 -16.9 -45.2 ($43.20) -240.0
Litigation credit / charge -$2,784.1 $20.2 $0.0 $0.0 $0.0 $0.0 Income from equity investees 89.4 52.7 71.4 87.7 $67.80 279.6
Income from equity investees $251.4 $268.3 $249.9 $318.2 $391.4 301.2 279.6 Operating income / loss 1,116.1 772.5 1,038.2 956.6 $1,015.70 3,783.0
Operating income / loss -$325.4 $3,081.1 $3,601.0 $4,171.9 $4,134.7 $3,883.3 3,783.0 Gain resulting from acquisition of joint venture 1,326.3
Net interest and other income 62.3 48 3 - $24.80 74.9
Gain resulting from acquisition of joint venture $0.0 $0.0 $390.6 $0.0 $0.0 1,376.4 $0.0 Interest income and other, net 88.2 31 32 39 $24.80 126.0
Loss on divestiture of certain operations $0.0 $0.0 -$61.1 $0.0 $0.0 499.2 Interest expense -25.9 -5 0 3 ($75.00) -77.0
Interest income and other, net $123.6 $142.7 $43.0 $108.0 $275.3 191.4 $126.0 Earnings / loss before income taxes 3,005.9 36 32 36 $965.50 1,068.7
Interest expense -$28.1 -$64.1 -$70.5 -$81.3 -$92.5 -170.3 -$77.0 Income tax expense / benefit -755.8 -35 -45 -64 ($205.10) -349.4
Earnings / loss before income taxes -$229.9 $3,159.7 $3,903.0 $4,198.6 $4,317.5 $5,780.0 $1,068.7 Net earnings / loss including noncontrolling interests 2,250.1 816 1,027 932 $760.40 3,534.7
21.83% Net earnings / loss attributable to noncontrolling interests -0.1 -156 -175 -176 $0.20 -505.9
Income tax expense / benefit $238.7 -$1,092.0 -$1,143.7 -$1,379.7 -$1,432.6 -1,262.0 -349.4 Net earnings / loss attributable to Starbucks 2,250.0 660 852 756 $760.60 3,028.8
Earnings before cumulative effect of change in accounting principle $8.8 $2,067.7 $2,759.3 $2,818.9 $2,884.9 $4,518.0
Per share
Net earnings / loss including noncontrolling interests $8.8 $2,067.7 $2,759.3 $2,818.9 $2,884.9 $4,518.0 $3,534.7 Basic 1.58 0.47 0.62 0.45 1.54
Net earnings / loss attributable to noncontrolling interests -$0.5 $0.4 -$1.9 -$1.2 -$0.2 0.3 -$505.9 Diluted 1.57 0.47 0.61 0.56 $0.61 2.25
Net earnings / loss attributable to Starbucks $8.3 $2,068.1 $2,757.4 $2,817.7 $2,884.7 $4,518.3 $3,028.8
Weighted average shares
Per share Basic 1,421.0 1,394.9 1,377.1 - 1,240.6
Basic $0.01 $1.37 $1.84 $1.91 $1.99 $3.27 $2.52 Diluted 1,434.6 1,406.6 1,388.5 1,348.7 1,253.4
Diluted $0.01 $1.35 $1.82 $1.90 $1.97 $3.24 $2.25
Weighted average shares
Basic 1,498.5 1,506.3 1,495.9 1,471.6 1,449.5 1,382.7
Diluted 1,524.5 1,526.3 1,513.4 1,486.7 1,461.5 1,394.6

SBUX BS

Balance Sheet - As Reported 10K Balance Sheet - As Reported 10Q TTM
9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 TTM 12/31/18 9/30/18 6/30/18 3/30/18 12/31/17
Cash and cash equivalents 4761.6 8,756 1,892 2,142 3,661
Cash and cash equivalents $2,575.7 $1,708.4 $1,530.1 $2,128.8 $2,462.3 $8,756.3 $4,761.6 Short-term investments 230.2 182 85 101 107
Short-term investments $658.1 $135.4 $81.3 $134.4 $228.6 $181.5 $230.2 Accounts receivable, net 721.4 693 855 870 852
Accounts receivable, net $561.4 $631.0 $719.0 $768.8 $870.4 $693.1 $721.4 Inventories 1354.6 1,401 1,387 1,376 1,313
Inventories $1,111.2 $1,090.9 $1,306.4 $1,378.5 $1,364.0 $1,400.5 $1,354.6 Prepaid expenses and other current assets 608.5 1,463 1,365 1,169 951
Prepaid expenses and other CA $287.7 $285.6 $334.2 $347.4 $358.1 $1,462.8 $608.5 Total current assets 7,676 12,494 5,583 5,657 6,884
Deferred income taxes, net $277.3 $317.4 $0.0 $0.0 $0.0 $0.0 $0.0 Long-term investments 265 268 261 293 364
Total current assets $5,471.4 $4,168.7 $3,971.0 $4,757.9 $5,283.4 $12,494.2 $7,676.3 Equity and cost investments 336.1 335 323 298 288
Long-term investments $58.3 $318.4 $312.5 $1,141.7 $542.3 $267.7 $265.0 Property, plant and equipment, net 6039.3 5,929 5,690 5,577 5,379
Equity and cost investments $496.5 $514.9 $352.0 $354.5 $481.6 $334.7 $336.1 Deferred income taxes, net 650 135 149 165 158
Property, plant and equipment, net $3,200.5 $3,519.0 $4,088.3 $4,533.8 $4,919.5 $5,929.1 $6,039.3 Other long-term assets 472.7 412 405 542 526
Deferred income taxes, net $967.0 $903.3 $1,180.8 $885.4 $795.4 $134.7 $650.0 Other intangible assets 981.6 1,042 1,123 1,228 1,246
Other long-term assets $185.3 $198.9 $415.9 $403.3 $362.8 $412.2 $472.7 Goodwill 3560.3 3,542 3,648 3,794 3,675
Other intangible assets $274.8 $273.5 $520.4 $516.3 $441.4 $1,042.2 $981.6 Total Assets 19,981 24,156 17,182 17,553 18,519
Goodwill $862.9 $856.2 $1,575.4 $1,719.6 $1,539.2 $3,541.6 $3,560.3
Total assets $11,516.7 $10,752.9 $12,416.3 $14,312.5 $14,365.6 $24,156.4 $19,981.3 Accounts payable 1100.5 1,179 921 870 852
Accrued liabilities, net 2564 2,648 2,671 2,611 4,111
Accounts payable $491.7 $533.7 $684.2 $730.6 $782.5 1,179 1,101 Insurance reserves 208.8 214 215 222 210
Accrued litigation charge $2,784.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Stored value card liability and deferred revenue 1554.2 1,643 1,445 1,484 1,668
Accrued liabilities $1,269.3 $1,514.4 $1,755.3 $1,999.1 $1,934.5 $2,298.4 $2,564.0 Short-term debt - 300 -
Current portion of long-term debt $0.0 $0.0 $0.0 $399.9 $0.0 $349.9 $0.0 Total current liabilities 5,428 5,684 5,552 5,187 6,841
Insurance reserves $178.5 $196.1 $224.8 $246.0 $215.2 $213.7 $208.8 Long-term debt 9130.7 9,090 6,149 6,185 4,567
Stored value card liability & deferred revenue $653.7 $794.5 $983.8 $1,171.2 $1,288.5 $1,642.9 $1,554.2 Deferred revenue 6823.7 6,776 - -
Total current liabilities $5,377.3 $3,038.7 $3,648.1 $4,546.8 $4,220.7 $5,684.2 $5,427.5 Other long-term liabilities 1478.2 1,431 1484.7 1,464 1,352
Long-term debt $1,299.4 $2,048.3 $2,347.5 $3,185.3 $3,932.6 $9,090.2 $9,130.7
Capitalized Long Term Leases $0.0 $0.0 $43.9 $57.7 $55.0 $53.6 Common stock 1.2 1 1 1 1
Deferred revenue $357.7 $0.0 $0.0 $0.0 $4.4 $6,775.7 $6,823.7 Additional paid-in capital 41.1 41 41 41 41
Deferred tax & other long term liabilities $392.2 $557.0 $632.0 $695.9 $1,376.9 $1,478.2 Retained earnings -2584 1,457 4,151 4,636 5,835
Accumulated other comprehensive income / loss -343.2 -330 -203 33 -125
Common stock $0.8 $0.7 $1.5 $1.5 $1.4 $1.3 $1.2 Noncontrolling interest 6.1 6 6 7 7
Additional paid-in capital $282.1 $39.4 $41.1 $41.1 $41.1 $41.1 $41.1 Total shareholders' equity -2,885 1,170 3,991 4,711 5,752
Retained earnings $4,130.3 $5,206.6 $5,974.8 $5,949.8 $5,563.2 $1,457.4 -$2,584.0 Total equity -2,879 1,176 3,997 4,718 5,759
Accum other comprehensive inc / loss $67.0 $25.3 -$199.4 -$108.4 -$155.6 -$330.3 -$343.2 Total liabilities and equity 19,981 24,156 17,182 17,553 18,519
Noncontrolling interest $2.1 $1.7 $1.8 $6.7 $6.9 $6.3 $6.1
Total shareholders’ equity $4,480.2 $5,272.0 $5,818.0 $5,884.0 $5,450.1 $1,169.5 -$2,884.9
Total equity $4,482.3 $5,273.7 $5,819.8 $5,890.7 $5,457.0 $1,175.8 -$2,878.8
Total Liabilities & Equity $11,516.7 $10,752.9 $12,416.3 $14,312.5 $14,365.6 $24,156.4 $19,981.3
Balance Sheet 0 0 0 0 0 0 0

SBUX CF

Cash Flow Statement - As Reported 10K
9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18
Net earnings including noncontrolling interests $8.8 $2,067.7 $2,759.3 $2,818.9 $2,884.9 $4,518.0
Depreciation and amortization $655.6 $748.4 $933.8 $1,030.1 $1,067.1 $1,305.9
Litigation charge $2,784.1 -- -- -- --
Deferred income taxes, net -$1,045.9 $10.2 $21.2 $265.7 $95.1 $714.9
Income earned from equity method investees -$171.8 -$182.7 -$190.2 -$250.2 -$310.2 -$242.8
Distributions received from equity method investees $115.6 $139.2 $148.2 $223.3 $186.6 $226.8
Deconsolidation, gain / loss, amount -- -- $0.0 -$6.1 -$93.5 -$499.2
Gain resulting from acquisition / sale of equity in joint ventures -$80.1 -$70.2 -$394.3 $0.0 $0.0 -$1,376.4
Other excluding gain resulting from acquisition / sale of equity in joint ventures $23.0 $36.2 $53.8 $45.1 $68.9 $89.0
Loss on extinguishment of debt $0.0 $0.0 $61.1 $0.0 $0.0 $0.0
Stock-based compensation $142.3 $183.2 $209.8 $218.1 $176.0 $250.3
Excess tax benefit on share-based awards -$258.1 -$114.4 -$132.4 -$122.8 -$77.5 $0.0
Goodwill, impairment loss -- -- $0.0 $0.0 $87.2 $37.6
Cash provided / used by changes in OA & Liab $734.8 -$2,209.8 $278.8 $353.0 $89.7 $6,913.7
Accounts receivable -$68.3 -$79.7 -$82.8 -$55.6 -$96.8 $131.0
Other operating assets and liabilities $422.0 $418.3 $261.5 $248.8 -$4.7 -$677.1
Inventories $152.5 $14.3 -$207.9 -$67.5 $14.0 -$41.2
Accounts payable $88.7 $60.4 $137.7 $46.9 $46.4 $391.6
Accrued litigation charge $0.0 -$2,763.9 -- -- -- --
Stored value card liability $139.9 $140.8 $170.3 $180.4 $130.8 $7,109.4
Net cash provided / used by operating activities $3,643.1 -$1,602.0 $4,027.9 $4,928.1 $4,264.0 $18,851.5
Purchases of investments -$785.9 -$1,652.5 -$567.4 -$1,585.7 -$674.4 -$191.9
Other, net -$11.9 -$19.1 $6.8 $24.9 $1,108.8 $464.6
Proceeds from sale and maturity of available-for-sale securities $60.2 $1,454.8 $600.6 $680.7 $1,054.5 $459.0
Other -$11.9 -$19.1 $6.8 $24.9 $54.3 $5.6
Maturities and calls of investments $980.0 $456.1 $18.8 $27.9 $149.6 $45.3
Acquisitions, net of cash acquired -$610.4 $0.0 -$284.3 $0.0 $0.0 -$1,311.3
Additions to PP&E excl proceeds from sale of equity in joint ventures & certain retail oper -$1,151.2 -$1,160.9 -$1,303.7 -$1,440.3 -$1,519.4 -$1,976.4
Proceeds from sale of equity in joint ventures and certain retail operations $108.0 $103.9 $8.9 $69.6 $85.4 $608.2
Net cash provided / used by investing activities -$1,411.20 -$817.70 -$1,520.30 -$2,222.90 -$850.00 -$2,361.5
Proceeds from issuance of long-term debt $749.7 $748.5 $848.5 $1,254.5 $750.2 $5,584.1
Repayments of long-term debt -$35.2 $0.0 -$610.1 $0.0 -$400.0 $0.0
Other excluding repayments of long-term debt $10.4 -$6.9 -$18.1 -$8.4 -$4.4 -$41.2
Cash used for purchase of noncontrolling interest $0.0 $0.0 -$360.8 $0.0 $0.0 $0.0
Proceeds from issuance of cs excl min tax withholdings on share-based awards $247.2 $139.7 $191.8 $160.7 $150.8 $153.9
Minimum tax withholdings on share-based awards -$121.4 -$77.3 -$75.5 -$106.0 -$82.8 -$62.7
Excess tax benefit on share-based awards $258.1 $114.4 $132.4 $122.8 $77.5 $0.0
Cash dividends paid -$628.9 -$783.1 -$928.6 -$1,178.0 -$1,450.4 -$1,743.4
Repurchase of common stock -$588.1 -$758.6 -$1,436.1 -$1,995.6 -$2,042.5 -$7,133.5
Net cash used / provided by financing activities -$108.2 -$623.3 -$2,256.5 -$1,750.0 -$3,001.6 -$3,242.8
Effect of exchange rate changes on cash and cash equivalents -$1.8 -$34.1 -$150.6 -$3.5 $10.8 -$39.5
Net increase / decrease in cash and cash equivalents $2,121.9 -$3,077.1 $100.5 $951.7 $423.2 $13,207.7
Cash and cash equivalents beginning of period $1,188.6 $2,575.7 $1,708.4 $1,530.1 $2,128.8 $2,462.3
Cash and cash equivalents end of period $3,310.5 -$501.4 $1,808.9 $2,481.8 $2,552.0 $15,670.0
Supplemental disclosure
Cash paid during the period for
Interest, net of capitalized interest -$34.4 -$56.2 -$69.5 -$74.7 -$96.6 $137.1
Income taxes, net of refunds -$539.1 -$766.3 -$1,072.2 -$878.7 -$1,389.1 -$1,176.9

Segment

Sales Segment Breakdown Forecasted Sales Growth
SEP '13 SEP '14 SEP '15 SEP '16 SEP '17 SEP '18 Sep '19 Sep '20 Sep '21 Sep '22 Sep '23
Americas 11,001 11,981 13,293 14,795 15,620 16,732 Segment sales forecasting is required - margins extra credit
China/Asia Pacific 917 1,130 2,396 2,939 3,240 4,474 Details of how you are forecasting segment is up to you. You will
Channel Development 1,411 1,546 1,731 1,933 2,257 2,297 see in rows 64-75 a breakdown in company vs licensed stores & Channel
Europe, Middle East, & Africa 1,145 1,295 1,217 1,125 959 1,048 You can also look at ticket and transaction. See "Comp Sales" tab
All Other Segments 394 497 526 524 311 168
Total 14,867 16,448 19,163 21,316 22,387 24,720 0 0 0 0 0
Growth in sales
Americas 10.7% 8.9% 11.0% 11.3% 5.6% 7.1%
China/Asia Pacific 27.1% 23.2% 112.1% 22.7% 10.3% 38.1%
Channel Development 9.4% 9.6% 12.0% 11.6% 16.8% 1.8%
Europe, Middle East, & Africa 2.1% 13.1% -6.0% -7.5% -14.8% 9.3%
Corporate & Other 88.7% 26.2% 5.8% -0.3% -40.6% -45.9% TV Growth rate
Total 12.0% 10.6% 16.5% 11.2% 5.0% 10.4% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 0.0%
% of whole Sales
Americas 74.0% 72.8% 69.4% 69.4% 69.8% 67.7% If you predict % of the whole and total growth line, back into growth of each segment
China/Asia Pacific 6.2% 6.9% 12.5% 13.8% 14.5% 18.1% If you predict growth of each segment, then back into % of the whole
Channel Development 9.5% 9.4% 9.0% 9.1% 10.1% 9.3%
Europe, Middle East, & Africa 7.7% 7.9% 6.3% 5.3% 4.3% 4.2%
Corporate & Other 2.6% 3.0% 2.7% 2.5% 1.4% 0.7%
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Income Segment Breakdown Forecasted Operating Income Growth
SEP '13 SEP '14 SEP '15 SEP '16 SEP '17 SEP '18 Sep '19 Sep '20 Sep '21 Sep '22 Sep '23
Americas 2,365 2,809 3,223 3,742 3,654 3,614
Growth 17.07% 18.76% 14.75% 16.09% -2.36% -1.07%
China/Asia Pacific 321 373 501 632 765 867
Growth 4623.53% 15.97% 34.36% 26.19% 21.12% 13.39%
Europe, Middle East, & Africa 64 119 168 152 95 71
Growth -74.58% 85.67% 41.11% -9.87% -37.66% -24.87%
Channel Development 416 557 654 807 967 927
Growth 22.06% 34.10% 17.35% 23.46% 19.78% -4.13%
Corporate & Other -3,492 -777 -945 -1,161 -1,345 -1,587
Growth 25.91% -77.75% 21.64% 22.83% 15.92% 17.96%
Consolidated Operating Income -325 3,081 3,601 4,172 4,135 3,893 0 0 0 0 0
% of whole SEP '13 SEP '14 SEP '15 SEP '16 SEP '17 SEP '18
Americas -726.9% 91.2% 89.5% 89.7% 88.4% 92.8%
China/Asia Pacific -98.7% 12.1% 13.9% 15.1% 18.5% 22.3%
Europe, Middle East, & Africa -19.7% 3.9% 4.7% 3.6% 2.3% 1.8%
Channel Development -127.7% 18.1% 18.2% 19.4% 23.4% 23.8%
Corporate & Other 1073.0% -25.2% -26.2% -27.8% -32.5% -40.8%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Forecasted Operating Margin Growth
Operating Margin SEP '13 SEP '14 SEP '15 SEP '16 SEP '17 SEP '18 Sep '18 Sep '19 Sep '20 Sep '21 Sep '22
Americas 21.5% 23.4% 24.2% 25.3% 23.4% 21.6% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
China/Asia Pacific 35.0% 33.0% 20.9% 21.5% 23.6% 19.4% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Channel Development 4.6% 7.7% 9.7% 7.8% 4.2% 3.1% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Europe, Middle East, & Africa 36.3% 43.0% 53.7% 71.8% 100.9% 88.5% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Corporate & Other -886.8% -156.3% -179.7% -221.4% -432.2% -942.5% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF! ERROR:#REF!
Total -2.2% 18.7% 18.8% 19.6% 18.5% 15.7% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Americas CAP EMEA Corporate Channel Development Total
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Net Revenues
Company Operated stores 14905.1 13996.4 4096.9 2906 575.6 551 112.7 197.3 19690.3 17650.7
Licensed stores 1814 1617.3 365.7 327.4 471.3 407.7 1.2 2.6 2652.2 2355
Other 13.1 6.3 11 6.8 1.1 54.5 111.4 79.7 124.5
Total Revenues 16732.2 15620 4473.6 3240.2 1048 958.7 168.4 311.3 2297.3 2256.6 24719.5 22386.8
Operating income GAAP 3614.4 3653.6 867.4 765 61.5 94.5 -1587.1 -1345.4 927.1 967 3883.300811 4134.7
Operating income non-GAAP 3647.8 3657.7 867.4 765 116.6 112.4 -1451.2 -1213.9 927.1 967 4107.700811 4288.2
Operating Margin GAAP 21.6% 23.4% 19.4% 23.6% 5.9% 9.9% -942.5% -432.2% 40.4% 42.9% 15.7% 18.5%
Operating Margin non GAAP 21.8% 23.4% 19.4% 23.6% 11.1% 11.7% -861.8% -389.9% 40.4% 42.9% 16.6% 19.2%

Historicals & Forecasts

Historical and Forecasted Values
Revenue Growth Driven by … 2013 2014 2015 2016 2017 2018 TTM 2019 2020 2021 2022 2023
Segment?
Transaction and Price?
<---------------------- Historical --------------------> <---------------------- Projection -------------------->
% Change in Revenue 2013 2014 2015 2016 2017 2018 TTM 2019 2020 2021 2022 2023 TV
Overall Revenue growth rate 10.6% 16.5% 11.2% 5.0% 10.4% 2.3% Growth rates should be connected to segment tab
Company Operated Revenue 10.0% 17.1% 10.8% 4.8% 11.6% 3.2% Or can build up growth rates in rows 4 thru … in this
Licensed Store Revenue 16.8% 17.2% 15.7% 9.3% 12.6% 2.1% tab based on alternative forecasting
CPG & Other 9.8% 11.8% 10.2% 2.7% -0.2% -5.2%
Same Store Sales Systemwide 7% 6% 7% 5% 3% 2% 4%
Same Store Americas 7% 6% 7% 6% 3% 2% 4%
Same Store CAP 9% 7% 9% 3% 3% 1% 3%
% of Sales
Cost of sales
Cost of sales wo depreciation & amortization
Store operating expenses
Other operating incom expense
Gross Profit Margin
Total Depreciation and Amortization expenses Remember part of d&a was in COGS - get total from CF statement
General & administrative expenses
Restructuring & impairments & Litigation I'm assuming these costs are non-recurring as the majority of
Income from equity investors restructuring seems to be done. If you disagree, add this cost in
EBIT Margin GAAP
Non-GAAP EBIT Margin
Non-GAAP EBITDA Margin
Tax rate (effective tax rate) 103.8% 34.6% 29.3% 32.9% 33.2% 21.8%
Capital Expenditures use Net PPE % of sales use PPE1 - PPE0 + Depreciation
Capital Expenditures using CF Stmt % of sales Use CF Statement method
Acquisitions 4.1% 0.0% 1.5% 0.0% 0.0% 5.3% only forecast if ongoing and if so incl in DCF
% of Given Intangible and PP&E as noted
Amortization as a % of Intangible Assets
Depreciation as a % of PP&E
% of Given Intangible and PP&E as noted
Amortization as a % of Intangible Assets
Depreciation as a % of PP&E
Invested Capital (% of Sales or Days) 2013 2014 2015 2016 2017 2018 TTM 2019 2020 2021 2022 2023
Cash and Cash Equivalents (actual)
Operating Cash (% of sales - hard coded in) do not assume 2% unless appropriate - look at historical numbers (below) and peer data
Days Sales Outstanding
Days Inventory Outstanding
Prepaid Expenses (% of sales)
Days Payables Outstanding
Accrued liabilities % of Sales
Insurance Reserves % of Sales
Stored Value card liability % of Sales
Cash Conversion Cycle 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
% of Sales
Equity & Cost Investments
Plant, property & equip, net
Intangible Assets
Net investment in direct financing leases
Other assets net of Other liabilities
$ millions
Goodwill 862.9 856.2 1575.4 1719.6 1539.2 3541.6 3560.3
Historical Cash and Revenue 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cash and Cash Equivalents 300 313 438 323 666 1450 2051 2037 3233.8 1843.8 1611.4 2263.2 2690.9 8937.799805
Total Sales Revenue 6369 7787 9411 10383 9775 10707 11700 13300 14866.8 16447.8 19162.7 21315.9 22386.8 24719.500976
Cash as a % of Revenue 4.71% 4.02% 4.65% 3.11% 6.81% 13.54% 17.53% 15.32% 21.75% 11.21% 8.41% 10.62% 12.02% 36.16%
Avg prior to Long term Since '12
ultra low rates average average
Cash as a % of Revenue 4.12% 10.28% 13.22% Left out 2018 as that was the year they tripled their leverage

ROIC

ROIC & Economic Profit
ROIC Including Goodwill 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Return on avg invested capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Return on avg invested capital with oper lease
Return on avg unadjusted invested cap 47.0% 46.4% 47.0% 43.6% 38.6% 0.0% 0.0% 0.0% 0.0% 0.0%
Return on avg unadjusted invested cap w lease
$ Millions 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Economic profit capital charge
Economic profit spread
NOPLAT (adjusted values) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Revenues 14,866.8 16,447.8 19,162.7 21,315.9 22,386.8 24,719.5 Can break this down by geography or Company/ Licensed/ CPG
Company Operated Sales 11,793.2 12,977.9 15,197.3 16,844.1 17,650.7 19,690.3
Licensed Store Sales 1,360.5 1,588.6 1,861.9 2,154.2 2,355.0 2,652.2
CPG & Other 1,713.1 1,881.3 2,103.5 2,317.6 2,381.1 2,377.0
Cost of sales (6,382.3) (6,858.8) (7,787.5) (8,511.1) (9,038.2) (10,174.5)
Cost of sales wo depreciation & amortization (6,348.1) (6,820.0) (7,747.6) (8,461.8) (8,982.5) (10,115.6)
Store operating expenses (4,286.1) (4,638.2) (5,411.1) (6,064.3) (6,493.3) (7,193.2)
Other operating incom expense (431.8) (457.3) (522.4) (545.4) (553.8) (539.3)
Gross Profit 3,800.8 4,532.3 5,481.6 6,244.4 6,357.2 6,871.4
Total Depreciation and Amortization expenses (655.6) (748.4) (933.8) (1,030.1) (1,067.1) (1,305.9) 0.0 0.0 0.0 0.0 0.0
General & administrative expenses (937.9) (991.3) (1,196.7) (1,360.6) (1,393.3) (1,759.0)
Restructuring & impairments & Litigation (2,784.1) 20.2 0.0 0.0 (153.5) (224.4) I am assuming this is non-recurring. If you believe differently, then include
Income from equity investors 251.4 268.3 249.9 318.2 391.4 301.2
EBIT (325.4) 3,081.1 3,601.0 4,171.9 4,134.7 3,883.3 0.0 0.0 0.0 0.0 0.0
Reported Operating Income GAAP (325.4) 3,081.1 3,601.0 4,171.9 4,134.7 3,883.3
Adjusted Operating Income Non-GAAP 2,458.7 3,060.9 3,601.0 4,171.9 4,288.2 4,107.7 0.0 0.0 0.0 0.0 0.0
Tax expense
NOPLAT Non-GAAP
Non-GAAP EBITDA
Depreciation and Amortization CF Stmt 655.6 748.4 933.8 1,030.1 1,067.1 1,305.9 0.0 0.0 0.0 0.0 0.0
Depreciation and Amortization Inc Stmt 621.4 709.6 893.9 980.8 1,011.4 1,247.0
Break Out Depreciation & Amortization (10K)
Depreciation
Amortization
Capital Expenditures using Net PPE formula use Net PPE1 - Net PPE0 + Depreciation
Capital Expenditures using CF STMT 1,151.2 1,160.9 1,303.7 1,440.3 1,519.4 1,976.4 use % of sales method
Acquisitions (only incl in FCF if ongoing strategy) 610.4 0.0 284.3 0.0 0.0 1,311.3 only forecast if ongoing and if so incl in DCF
Invested Capital
$ millions 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Operating Cash 0.0 0.0 0.0 0.0 0.0 0.0
Accounts receivable 561.4 631.0 719.0 768.8 870.4 693.1
Inventories 1111.2 1090.9 1306.4 1378.5 1364.0 1400.5
Prepaid expenses and other current assets 287.7 285.6 334.2 347.4 358.1 1462.8
Operating current assets 1960.3 2007.5 2359.6 2494.7 2592.5 3556.4
Accounts payable 491.7 533.7 684.2 730.6 782.5 1,179.3
Accrued expenses and other current liabilities 1,269.3 1,514.4 1,755.3 1,999.1 1,934.5 2,298.4
Insurance Reserves 178.5 196.1 224.8 246.0 215.2 213.7
Stored Card & Deferred Revenue 653.7 794.5 983.8 1,171.2 1,288.5 1,642.9
Operating current liabilities 2,593.2 3,038.7 3,648.1 4,146.9 4,220.7 5,334.3
Operating working capital -632.9 -1,031.2 -1,288.5 -1,652.2 -1,628.2 -1,777.9
Equity & Cost Investments 496.5 514.9 352.0 354.5 481.6 334.7
Plant, property & equip, net 3200.5 3519.0 4088.3 4533.8 4919.5 5929.1
Other LT Assets 185.3 198.9 415.9 403.3 362.8 412.2
Intangible assets 274.8 273.5 520.4 516.3 441.4 1042.2
Goodwill 862.9 856.2 1575.4 1719.6 1539.2 3541.6
Deferred Revenue (357.7) 0.0 0.0 0.0 (4.4) (6,775.7)
Invested Capital 4,029.4 4,331.3 5,663.5 5,875.3 6,111.9 2,706.2
Total Funds Invested (Sources)
Current portion of LT Debt 0.0 0.0 0.0 399.9 0.0 349.9
Long-term debt 1299.4 2048.3 2347.5 3185.3 3932.6 9090.2
Capitalized Lease Obligations 0.0 0.0 43.9 57.7 55.0 53.6
Total Debt 1299.4 2048.3 2391.4 3642.9 3987.6 9493.7
Deferred Income Tax -1244.3 -828.5 -623.8 -253.4 -99.5 1242.2
Total Debt & Equivalents 55.1 1219.8 1767.6 3389.5 3888.1 10735.9
Shareholder Equity 4482.3 5273.7 5819.8 5890.7 5457.0 1175.8
Equity & Equity Equivalents 4482.3 5273.7 5819.8 5890.7 5457.0 1175.8
Non-operating Assets
Excess Cash 3233.8 1843.8 1611.4 2263.2 2690.9 8937.8
Investments 58.3 318.4 312.5 1141.7 542.3 267.7
Litigation Charge -2784.1 0.0 0.0 0.0 0.0 0.0
Total Non-operating assets 508.0 2162.2 1923.9 3404.9 3233.2 9205.5
Adjusted Invested Capital 4,029.4 4,331.3 5,663.5 5,875.3 6,111.9 2,706.2
Check invested capital balance balance balance balance balance balance
Unadjusted Invested Capital 5781.7 7322.0 8211.2 9533.6 9444.6 10669.5 7963.3 7963.3 7963.3 7963.3 7963.3

WACC

Starbucks Corporation Settlement 3/7/19 Price History: Beta 3 year Can choose other time periods if relevant
Amount Outstanding in millions of USD 5 year
Balance Sheet
Instrument ID Description Amount Out Coupon Rate Coupon Type Issue Date Maturity Date Issue Curr Seniority Price YTW Market Value % of Total SBUX S&P
Notes/Bonds Date Price Date Price
855244AL3 Starbucks Corp 500.0 0.022 Fixed 11/2017 11/2020 USD SNR Unsec 98.86 1 03/01/19 70.85 03/01/19 2803.691
855244AJ8 Starbucks Corp 750.0 0.021 Fixed 02/2016 02/2021 USD SNR Unsec 98.49 2.91 2 02/22/19 71.3 02/22/19 2792.6710222261
855244AG4 Starbucks Corp 500.0 0.027 Fixed 06/2015 06/2022 USD SNR Unsec 99.04 3.01 3 02/15/19 70.71 02/15/19 2775.597100523
855244AD1 Starbucks Corp 750.0 0.0385 Fixed 09/2013 10/2023 USD SNR Unsec 102.56 3.21 4 02/08/19 69.75 02/08/19 2707.8803848977
855244AN9 Starbucks Corp 1,000.0 0.031 Fixed 02/2018 03/2023 USD SNR Unsec 99.82 3.15 5 02/01/19 68.11 02/01/19 2706.5334599593
855244AQ2 Starbucks Corp 1,250.0 0.038 Fixed 08/2018 08/2025 USD SNR Unsec 101.32 3.56 6 01/25/19 67.09 01/25/19 2664.7605095733
855244AK5 Starbucks Corp 500.0 0.0245 Fixed 05/2016 06/2026 USD SNR Unsec 91.9 3.73 7 01/18/19 64.7 01/18/19 2670.7117125111
855244AP4 Starbucks Corp 600.0 0.035 Fixed 02/2018 03/2028 USD SNR Unsec 97.71 3.8 8 01/11/19 63.73 01/11/19 2596.257301564
855244AR0 Starbucks Corp 750.0 4.000% Fixed 08/2018 11/2028 USD SNR Unsec 101.35 3.83 9 01/04/19 63.57 01/04/19 2531.943411555
855244AH2 Starbucks Corp 350.0 0.043 Fixed 06/2015 06/2045 USD SNR Unsec 93.8 4.71 10 12/28/18 63.39 12/28/18 2485.7352155441
855244AM1 Starbucks Corp 500.0 0.0375 Fixed 11/2017 12/2047 USD SNR Unsec 4.72 11 12/21/18 61.39 12/21/18 2416.6183852099
855244AS8 Starbucks Corp 1,770.3 0.045 Fixed 08/2018 11/2048 USD SNR Unsec 96.37 4.73 12 12/14/18 65.34 12/14/18 2599.9543457298
13 12/07/18 65.47 12/07/18 2633.078820587
Book Value Market Value 14 11/30/18 66.72 11/30/18 2760.1742565632
15 11/23/18 65.7 11/23/18 2632.5566345943
Weighted Avg Kd 16 11/16/18 68.16 11/16/18 2736.2689880357
17 11/09/18 68.6 11/09/18 2781.0091567204
MV (millions) Cap Structure Default Risk Prem 18 11/02/18 64.32 11/02/18 2723.0582781224
MV Debt Kd with spread 19 10/26/18 58.07 10/26/18 2658.6851131378
MV Equity 20 10/19/18 58.66 10/19/18 2767.7804874457
Total capital Interest Expense 21 10/12/18 56.45 10/12/18 2767.126018181
Kd with BV Debt 22 10/05/18 55.76 10/05/18 2885.5662522712
Beta Unlevered Beta 23 09/28/18 56.84 09/28/18 2913.978139886
Risk free Security Used source with a screen shot 24 09/21/18 57.45 09/21/18 2929.6671956253
Equity Risk premium Method Used 25 09/14/18 54.75 09/14/18 2904.9753853014
Cost of Equity (Ke) 26 09/07/18 54.86 09/07/18 2871.6815283021
27 08/31/18 53.45 08/31/18 2901.5176770405
Tax Rate 28 08/24/18 52.75 08/24/18 2874.6891438911
WACC w/ Weighted Avg MV 29 08/17/18 53.56 08/17/18 2850.1316116041
WACC w/ Default Prem MV 30 08/10/18 51.51 08/10/18 2833.2836316822
31 08/03/18 52.23 08/03/18 2840.3535543808
BV (millions) Cap Structure WACC Results 32 07/27/18 52.15 07/27/18 2818.8176262962
BV Debt $0.00 Market Value 0.00% 33 07/20/18 50.91 07/20/18 2801.8280880917
BV Equity Market Value 0.00% 34 07/13/18 51.62 07/13/18 2801.3113726617
Total capital Book Value 0.00% 35 07/06/18 48.98 07/06/18 2759.8219158251
36 06/29/18 48.85 06/29/18 2718.3734650222
WACC w/ BV 37 06/22/18 51.24 06/22/18 2754.8769951096
38 06/15/18 57.11 06/15/18 2779.6630272875
YTD 39 06/08/18 56.6 06/08/18 2779.0285906191
Historical 2013 2014 2015 2016 2017 2018 2019 40 06/01/18 56.91 06/01/18 2734.6188550041
Fiscal Yr End Share Price $38.49 $37.73 $56.84 $54.14 $53.71 $56.84 $70.85 41 05/25/18 57.92 05/25/18 2721.3279562726
Basic shs outstanding 1,498.50 1,506.30 1,495.90 1,471.60 1,449.50 1,382.70 1,244.00 42 05/18/18 57.16 05/18/18 2712.9747135606
Diluted shs outstanding 1,524.50 1,526.30 1,513.40 1,486.70 1,461.50 1,394.60 1,253.40 43 05/11/18 57.27 05/11/18 2727.7159275558
44 05/04/18 57.68 05/04/18 2663.4203373004
45 04/27/18 58.36 04/27/18 2669.906271715
46 04/20/18 58 04/20/18 2670.1417556474
47 04/13/18 59.24 04/13/18 2656.2969056536
48 04/06/18 58.34 04/06/18 2604.4693845293
49 03/29/18 57.89 03/29/18 2640.8659903293
50 03/23/18 56.31 03/23/18 2588.2627920513
51 03/16/18 59 03/16/18 2752.0117875496
52 03/09/18 58.46 03/09/18 2786.5651027531
53 03/02/18 56.93 03/02/18 2691.2527686766
54 02/23/18 56.14 02/23/18 2747.2985491693
55 02/16/18 56.48 02/16/18 2732.2198367972
56 02/09/18 54.58 02/09/18 2619.5455949231
57 02/02/18 55.77 02/02/18 2762.1253342726
58 01/26/18 57.99 01/26/18 2872.8678392431
59 01/19/18 61.26 01/19/18 2810.302683492
60 01/12/18 60.4 01/12/18 2786.2441431865
61 01/05/18 59.61 01/05/18 2743.1477732975
62 12/29/17 57.43 12/29/17 2673.6105231517
63 12/22/17 57.3 12/22/17 2683.3372743314
64 12/15/17 58.29 12/15/17 2675.8079812269
65 12/08/17 58.61 12/08/17 2651.5010002734
66 12/01/17 57.32 12/01/17 2642.2157647466
67 11/24/17 56.8 11/24/17 2602.4247078125
68 11/17/17 56.93 11/17/17 2578.8543239638
69 11/10/17 57.04 11/10/17 2582.3000392549
70 11/03/17 56.03 11/03/17 2587.8360570379
71 10/27/17 54.88 10/27/17 2581.0657031343
72 10/20/17 54.57 10/20/17 2575.2058778891
73 10/13/17 55.72 10/13/17 2553.1693728503
74 10/06/17 55.17 10/06/17 2549.3315089021
75 09/29/17 53.71 09/29/17 2519.3596719061
76 09/22/17 55.09 09/22/17 2502.2222245406
77 09/15/17 54.67 09/15/17 2500.2258576202
78 09/08/17 53.49 09/08/17 2461.4336439222
79 09/01/17 54.93 09/01/17 2476.5523893888
80 08/25/17 54.36 08/25/17 2443.0457983411
81 08/18/17 52.7 08/18/17 2425.5521696646
82 08/11/17 53.18 08/11/17 2441.3202405644
83 08/04/17 55.44 08/04/17 2476.8309965461
84 07/28/17 54 07/28/17 2472.098537206
85 07/21/17 57.98 07/21/17 2472.535854452
86 07/14/17 58.76 07/14/17 2459.2709908214
87 07/07/17 58.04 07/07/17 2425.1769614263
88 06/30/17 58.31 06/30/17 2423.408891063
89 06/23/17 59.81 06/23/17 2438.2969118631
90 06/16/17 60.14 06/16/17 2433.1508288614
91 06/09/17 62.19 06/09/17 2431.7723650031
92 06/02/17 64.57 06/02/17 2439.0702499803
93 05/26/17 63.3 05/26/17 2415.8224803903
94 05/19/17 61.36 05/19/17 2381.7267041675
95 05/12/17 59.93 05/12/17 2390.8972261383
96 05/05/17 60.95 05/05/17 2399.285710425
97 04/28/17 60.06 04/28/17 2384.1955178138
98 04/21/17 60.61 04/21/17 2348.694958062
99 04/13/17 57.51 04/13/17 2328.9533474916
100 04/07/17 58.02 04/07/17 2355.5449917134
101 03/31/17 58.39 03/31/17 2362.7182203973
102 03/24/17 56.81 03/24/17 2343.9781399114
103 03/17/17 55.78 03/17/17 2378.2530512993
104 03/10/17 54.53 03/10/17 2372.5977517652
105 03/03/17 57.1 03/03/17 2383.11703658
106 02/24/17 57.48 02/24/17 2367.3442469725
107 02/17/17 57.35 02/17/17 2351.161699223
108 02/10/17 56.22 02/10/17 2316.0970695871
109 02/03/17 55.06 02/03/17 2297.4158570561
110 01/27/17 56.12 01/27/17 2294.6897289069
111 01/20/17 57.66 01/20/17 2271.3147292377
112 01/13/17 57.85 01/13/17 2274.6377428952
113 01/06/17 57.13 01/06/17 2276.9814445621
114 12/30/16 55.52 12/30/16 2238.8266817076
115 12/23/16 57.01 12/23/16 2263.7886585509
116 12/16/16 57.66 12/16/16 2258.0724023328
117 12/09/16 58.75 12/09/16 2259.528676865
118 12/02/16 57.21 12/02/16 2191.9536671016
119 11/25/16 57.43 11/25/16 2213.3485684312
120 11/18/16 55.77 11/18/16 2181.9017869642
121 11/11/16 53.93 11/11/16 2164.450750191
122 11/04/16 52.75 11/04/16 2085.1763769763
123 10/28/16 53.53 10/28/16 2126.40756511
124 10/21/16 53.63 10/21/16 2141.1619114369
125 10/14/16 53.08 10/14/16 2132.9784650792
126 10/07/16 53.46 10/07/16 2153.7393634284
127 09/30/16 54.14 09/30/16 2168.2720896373
128 09/23/16 54.43 09/23/16 2164.6948076179
129 09/16/16 53.74 09/16/16 2139.1646030154
130 09/09/16 54.35 09/09/16 2127.8055738488
131 09/02/16 56.18 09/02/16 2179.9842025791
132 08/26/16 57.29 08/26/16 2169.0402322675
133 08/19/16 54.94 08/19/16 2183.8681547889
134 08/12/16 55.47 08/12/16 2184.050939849
135 08/05/16 55.9 08/05/16 2182.8683748861
136 07/29/16 58.05 07/29/16 2173.6038598884
137 07/22/16 57.9 07/22/16 2175.0290623579
138 07/15/16 57.41 07/15/16 2161.7413340346
139 07/08/16 56.51 07/08/16 2129.8979817799
140 07/01/16 56.99 07/01/16 2102.9534922367
141 06/24/16 54.68 06/24/16 2037.4051843634
142 06/17/16 55.31 06/17/16 2071.2196945688
143 06/10/16 54.865 06/10/16 2096.0710133092
144 06/03/16 54.61 06/03/16 2099.1285740267
145 05/27/16 55.15 05/27/16 2099.0604609477
146 05/20/16 54.62 05/20/16 2052.3180528978
147 05/13/16 55.82 05/13/16 2046.6129226142
148 05/06/16 56.31 05/06/16 2057.1424213606
149 04/29/16 56.23 04/29/16 2065.2963010051
150 04/22/16 57.68 04/22/16 2091.5801018706
151 04/15/16 60.51 04/15/16 2080.7329648234
152 04/08/16 61.04 04/08/16 2047.5971324052
153 04/01/16 61.02 04/01/16 2072.7790722503
154 03/24/16 58.36 03/24/16 2035.9359056955
155 03/18/16 59.7 03/18/16 2049.5767766018
156 03/11/16 57.59 03/11/16 2022.1895722387
157 03/04/16 58.7 03/04/16 1999.9872258588
158 02/26/16 58.34 02/26/16 1948.053851304
159 02/19/16 57.67 02/19/16 1917.783611745
160 02/12/16 55.86 02/12/16 1864.7753300898
161 02/05/16 54.49 02/05/16 1880.0539328839
162 01/29/16 60.77 01/29/16 1940.2396778184
163 01/22/16 59.17 01/22/16 1906.9040755857
164 01/15/16 58 01/15/16 1880.3277963867
165 01/08/16 56.63 01/08/16 1922.034792674
166 12/31/15 60.03 12/31/15 2043.9368626607
167 12/24/15 60.32 12/24/15 2060.9882998511
168 12/18/15 58.62 12/18/15 2005.5497169122
169 12/11/15 59.82 12/11/15 2012.3736975982
170 12/04/15 61.75 12/04/15 2091.6874238329
171 11/27/15 62.18 11/27/15 2090.1067763178
172 11/20/15 61.99 11/20/15 2089.1662231912
173 11/13/15 59.74 11/13/15 2023.0394329712
174 11/06/15 61.97 11/06/15 2099.2034899273
175 10/30/15 62.57 10/30/15 2079.3598374672
176 10/23/15 62.61 10/23/15 2075.1512780694
177 10/16/15 59.93 10/16/15 2033.1103965692
178 10/09/15 60.07 10/09/15 2014.8926461319
179 10/02/15 58.08 10/02/15 1951.3598314296
180 09/25/15 57.99 09/25/15 1931.3399031876
181 09/18/15 56.84 09/18/15 1958.0328294344
182 09/11/15 56.53 09/11/15 1961.0456719107
183 09/04/15 54.28 09/04/15 1921.2244033136
184 08/28/15 55.63 08/28/15 1988.871407227
185 08/21/15 52.84 08/21/15 1970.8890645414
186 08/14/15 57.1 08/14/15 2091.5436408942
187 08/07/15 57.2 08/07/15 2077.5684171683
188 07/31/15 57.93 07/31/15 2103.8353651371
189 07/24/15 57.29 07/24/15 2079.6492126246
190 07/17/15 55.69 07/17/15 2126.6439439242
191 07/10/15 54.57 07/10/15 2076.6183523557
192 07/02/15 54.24 07/02/15 2076.775700257
193 06/26/15 54.62 06/26/15 2101.4873869615
194 06/19/15 53.93 06/19/15 2109.9882780011
195 06/12/15 52.63 06/12/15 2094.1056542483
196 06/05/15 52.19 06/05/15 2092.8309484256
197 05/29/15 51.96 05/29/15 2107.3895783551
198 05/22/15 51.48 05/22/15 2126.0614088692
199 05/15/15 50.8 05/15/15 2122.7341297664
200 05/08/15 49.78 05/08/15 2116.0951116755
201 05/01/15 50.29 05/01/15 2108.2902805086
202 04/24/15 51.84 04/24/15 2117.6899287491
203 04/17/15 47.62 04/17/15 2081.1777536902
204 04/10/15 48.17 04/10/15 2102.0553488089
205 04/02/15 47.195 04/02/15 2066.9648541661
206 03/27/15 47.535 03/27/15 2061.0219968101
207 03/20/15 48.73 03/20/15 2108.0973212684
208 03/13/15 46.645 03/13/15 2053.3982557017
209 03/06/15 46.1075 03/06/15 2071.2621063057
210 02/27/15 46.7425 02/27/15 2104.5032493243
211 02/20/15 46.755 02/20/15 2110.3008991643
212 02/13/15 45.79 02/13/15 2096.9879019151
213 02/06/15 44.5 02/06/15 2055.4722418257
214 01/30/15 43.765 01/30/15 1994.9904120547
215 01/23/15 44.11 01/23/15 2051.8218117763
216 01/16/15 40.305 01/16/15 2019.4186537802
217 01/09/15 39.895 01/09/15 2044.8099000578
218 01/02/15 40.72 01/02/15 2058.2047787243
219 12/26/14 40.915 12/26/14 2088.7660628379
220 12/19/14 39.72 12/19/14 2070.6469553892
221 12/12/14 41.625 12/12/14 2002.3342396802
222 12/05/14 41.785 12/05/14 2075.3681926276
223 11/28/14 40.605 11/28/14 2067.562044527
224 11/21/14 39.88 11/21/14 2063.5024452877
225 11/14/14 39.06 11/14/14 2039.8168721009
226 11/07/14 38.895 11/07/14 2031.9215168769
227 10/31/14 37.78 10/31/14 2018.0545032964
228 10/24/14 37.905 10/24/14 1964.5802966315
229 10/17/14 36.77 10/17/14 1886.7640399166
230 10/10/14 37.23 10/10/14 1906.129682721
231 10/03/14 37.945 10/03/14 1967.9020787575
232 09/26/14 37.585 09/26/14 1982.8459381289
233 09/19/14 38.035 09/19/14 2010.3967236043
234 09/12/14 37.735 09/12/14 1985.5362909214
235 09/05/14 38.975 09/05/14 2007.7119082391
236 08/29/14 38.905 08/29/14 2003.3676954513
237 08/22/14 38.64 08/22/14 1988.4024349268
238 08/15/14 38.455 08/15/14 1955.0626293536
239 08/08/14 38.81 08/08/14 1931.593151278
240 08/01/14 38.49 08/01/14 1925.1518001969
241 07/25/14 39.37 07/25/14 1978.3388878225
242 07/18/14 38.97 07/18/14 1978.2183536964
243 07/11/14 39.3 07/11/14 1967.5691612269
244 07/03/14 39.53 07/03/14 1985.4371180636
245 06/27/14 38.97 06/27/14 1960.9605158348
246 06/20/14 38.3 06/20/14 1962.8734464996
247 06/13/14 37.345 06/13/14 1936.1593523251
248 06/06/14 37.665 06/06/14 1949.4407261495
249 05/30/14 36.62 05/30/14 1923.5726606584
250 05/23/14 35.99 05/23/14 1900.5332285926
251 05/16/14 35.47 05/16/14 1877.8552731881
252 05/09/14 35.145 05/09/14 1878.4756878404
253 05/02/14 35.3 05/02/14 1881.1381375354
254 04/25/14 35.725 04/25/14 1863.4006714401
255 04/17/14 35.075 04/17/14 1864.8513770633
256 04/11/14 34.365 04/11/14 1815.6850871536
257 04/04/14 35.775 04/04/14 1865.093413869
258 03/28/14 36.85 03/28/14 1857.6207873611
259 03/21/14 38.355 03/21/14 1866.5207372805
260 03/14/14 37.135 03/14/14 1841.133508952
261 03/07/14 36.535 03/07/14 1878.0391851899
02/28/14 35.48 02/28/14 1859.4493719912

DCF

Historical values Forecasted Values
(millions) 2013 2014 2015 2016 2017 2018 CAGR 2019 2020 2021 2022 2023 TV
Sales 14,866.8 16,447.8 19,162.7 21,315.9 22,386.8 24,719.5 0.0 0.0 0.0 0.0 0.0
growth rate 10.6% 16.5% 11.2% 5.0% 10.4% 10.7% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! 0.0%
COGS 11,066.0 11,915.5 13,681.1 15,071.5 16,029.6 17,848.1 0.0 0.0 0.0 0.0 0.0
Gross profit 3,800.8 4,532.3 5,481.6 6,244.4 6,357.2 6,871.4 0.0 0.0 0.0 0.0 0.0
gross margin 25.6% 27.6% 28.6% 29.3% 28.4% 27.8% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
SG&A 937.9 991.3 1196.7 1360.6 1393.3 1759.0 0.0 0.0 0.0 0.0 0.0
Other income (expense) 251.4 268.3 249.9 318.2 391.4 301.2 0.0 0.0 0.0 0.0 0.0
EBITDA 3,114.3 3,809.3 4,534.8 5,202.0 5,355.3 5,413.6
EBITDA margin 20.9% 23.2% 23.7% 24.4% 23.9% 21.9% 11.7% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
EBITDA growth 22.3% 19.0% 14.7% 2.9% 1.1% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Depreciation & Amortization 655.6 748.4 933.8 1030.1 1067.1 1305.9 0.0 0.0 0.0 0.0 0.0
EBIT 2,458.7 3,060.9 3,601.0 4,171.9 4,288.2 4,107.7 0.0 0.0 0.0 0.0 0.0
EBIT or Operating margin 16.5% 18.6% 18.8% 19.6% 19.2% 16.6% 10.8% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
EBIT growth 24.5% 17.6% 15.9% 2.8% -4.2% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
tax expense 536.8 668.3 786.2 910.9 936.3 896.9 0.0 0.0 0.0 0.0 0.0
NOPLAT 1,921.9 2,392.6 2,814.8 3,261.0 3,351.9 3,210.8
plus: Depr and Amortization 655.6 748.4 933.8 1,030.1 1,067.1 1,305.9 0.0 0.0 0.0 0.0 0.0
less: Capex 1,151.2 1,160.9 1,303.7 1,440.3 1,519.4 1,976.4 11.4% Decide which method you are using for capex
less: Change NWC 734.8 -398.3 -257.3 -363.7 24.0 -149.7
FCF 2,161.1 1,581.8 2,187.6 2,487.1 2,923.6 2,390.6
Investment Rate -12.45% 33.89% 22.28% 23.73% 12.78% 25.54% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Net Reinvestment -239.2 810.8 627.2 773.9 428.3 820.2 0.0 0.0 0.0 0.0 0.0 ERROR:#DIV/0!
Time
WACC PV of FCF
Multiple Approach to Terminal Value Implied Key FCF
growth Equity Value w/ Multiple Driver growth
Sum of PV FCF - 0 Enterprise Value 0.0 Terminal ROIC when deciding LT ROIC, look at historical, industry and numbers that make the investment rate make sense
Exit Multiple (EV/EBITDA) Less: debt Terminal growth rate 0.00% 0.00%
EBITDA (2023) 0.0 Terminal Value
Terminal Value PV Terminal Value - 0 - 0
PV Terminal Value 0.0 Equity Value Enterprise Value - 0 - 0
% of Enterprise Value ERROR:#DIV/0! % of Enterprise Value ERROR:#DIV/0! ERROR:#DIV/0!
Enterprise Value - 0 Shares outstanding Equity Value
Equity Value/ share ERROR:#DIV/0! Equity Value/ share ERROR:#DIV/0! ERROR:#DIV/0! Deviation ERROR:#DIV/0!
Equity Value Exit Multiple Equity Value Perpetuity Growth Rate
WACC WACC
Toggle
WACC Don't automatically use my variation on your
EV/EBITDA sensitivity analysis. Determine what makes
g sense for SBUX given their history
TTM EPS
Multiple ROIC
Implied Equity Value/ share ERROR:#DIV/0! ERROR:#DIV/0!
Implied P/E Ratio ERROR:#DIV/0! ERROR:#DIV/0!
Historical Average P/E ratio 26.58 fiscal excluded 2013 as an outlier
Historical Average P/E ratio 27.50 Calendar
Current Ratio 28.17
LT Industry Average
Multiple ROIC
Implied Enterprise Value $0.00 $0.00
Implied EV/EBITDA Ratio 0.00 0.00
Historical Average EV/EBITDA ratio LT 14.60
Historical Average EV/EBITDA ratio 5 yr 20.96
Current EV/EBITDA 14.61
LT Industry Average

DCF w oper lease

Historical values Forecasted Values
(millions) 2013 2014 2015 2016 2017 2018 CAGR 2019 2020 2021 2022 2023 TV
Sales 14,866.8 16,447.8 19,162.7 21,315.9 22,386.8 24,719.5 0.0 0.0 0.0 0.0 0.0
growth rate 10.6% 16.5% 11.2% 5.0% 10.4% 10.7% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
COGS 11,066.0 11,915.5 13,681.1 15,071.5 16,029.6 17,848.1 0.0 0.0 0.0 0.0 0.0
Gross profit 3,800.8 4,532.3 5,481.6 6,244.4 6,357.2 6,871.4 0.0 0.0 0.0 0.0 0.0
gross margin 25.6% 27.6% 28.6% 29.3% 28.4% 27.8% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
SG&A 937.9 991.3 1196.7 1360.6 1393.3 1759.0 0.0 0.0 0.0 0.0 0.0
Other income (expense) 251.4 268.3 249.9 318.2 391.4 301.2 0.0 0.0 0.0 0.0 0.0
EBITDA 3,114.3 3,809.3 4,534.8 5,202.0 5,355.3 5,413.6
EBITDA margin 20.9% 23.2% 23.7% 24.4% 23.9% 21.9% 11.7% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
EBITDA growth 22.3% 19.0% 14.7% 2.9% 1.1% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Depreciation & Amortization 655.6 748.4 933.8 1030.1 1067.1 1305.9 0.0 0.0 0.0 0.0 0.0
EBIT 2,458.7 3,060.9 3,601.0 4,171.9 4,288.2 4,107.7 0.0 0.0 0.0 0.0 0.0
EBIT or Operating margin 16.5% 18.6% 18.8% 19.6% 19.2% 16.6% 10.8% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
EBIT growth 24.5% 17.6% 15.9% 2.8% -4.2% -100.0% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
tax expense 536.8 668.3 786.2 910.9 936.3 896.9 0.0 0.0 0.0 0.0 0.0
NOPLAT 1,921.9 2,392.6 2,814.8 3,261.0 3,351.9 3,210.8
plus: Depr and Amortization 655.6 748.4 933.8 1,030.1 1,067.1 1,305.9 0.0 0.0 0.0 0.0 0.0
less: Capex 1,151.2 1,160.9 1,303.7 1,440.3 1,519.4 1,976.4 11.4% Decide which method you are using for capex
less: Change NWC 734.8 -398.3 -257.3 -363.7 24.0 -149.7
FCF 2,161.1 1,581.8 2,187.6 2,487.1 2,923.6 2,390.6
Investment Rate -12.45% 33.89% 22.28% 23.73% 12.78% 25.54% ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Net Reinvestment -239.2 810.8 627.2 773.9 428.3 820.2 0.0 0.0 0.0 0.0 0.0
Time
WACC PV of FCF
Multiple Approach to Terminal Value Implied Key FCF
growth Equity Value w/ Multiple Driver growth
Sum of PV FCF - 0 Enterprise Value 0.0 Terminal ROIC when deciding LT ROIC, look at historical, industry and numbers that make the investment rate make sense
Exit Multiple (EV/EBITDA) Less: debt Terminal growth rate 0.00% 0.00%
EBITDA (2023) 0.0 Terminal Value
Terminal Value PV Terminal Value - 0 - 0
PV Terminal Value 0.0 Equity Value Enterprise Value - 0 - 0
% of Enterprise Value ERROR:#DIV/0! % of Enterprise Value ERROR:#DIV/0! ERROR:#DIV/0!
Enterprise Value - 0 Shares outstanding Equity Value
Equity Value/ share ERROR:#DIV/0! Equity Value/ share ERROR:#DIV/0! ERROR:#DIV/0! Deviation ERROR:#DIV/0!
Equity Value Exit Multiple Equity Value Perpetuity Growth Rate
WACC WACC
Toggle
WACC Don't automatically use my variation on your
EV/EBITDA sensitivity analysis. Determine what makes
g sense for SBUX given their history
TTM EPS
Multiple ROIC
Implied Equity Value/ share ERROR:#DIV/0! ERROR:#DIV/0!
Implied P/E Ratio ERROR:#DIV/0! ERROR:#DIV/0!
Historical Average P/E ratio 26.58 fiscal excluded 2013 as an outlier
Historical Average P/E ratio 27.50 Calendar
Current Ratio 28.17
LT Industry Average
Multiple ROIC
Implied Enterprise Value $0.00 $0.00
Implied EV/EBITDA Ratio 0.00 0.00
Historical Average EV/EBITDA ratio LT 14.60
Historical Average EV/EBITDA ratio 5 yr 20.96
Current EV/EBITDA 14.61
LT Industry Average

Operating Leases

Rent Adjusted
PMT Time Lease Lease PV Lease Formulas Rent PMT Lease
2018 0 1424.5 Avg lease life = Year 6 Lease/ average yrs 1-5 2018 0 1424.5
2019 1 1345 1345 Depr Exp = PV oper lease/ lease life 2019 1 1345
2020 2 1277.6 1277.6 Adj Debt = Debt + PV oper Lease 2020 2 1277.6
2021 3 1194.5 1194.5 Adj Invested Capital = Adj Debt + Equity 2021 3 1194.5
2022 4 1091.5 1091.5 Adj EBIT = EBIT - rent exp + depr lease exp 2022 4 1091.5
2023 5 962.2 962.2 Adj ROIC = Adj EBIT (1-t)/ Adj Invested Capital 2023 5 962.2
2024 6 3541.0 2024 6 3541
7
8
kd
Avg yr 1-5 Sum PV Lease
Avg lease life
Depr exp
No adjustment EBIT 4,107.7 Debt 9,493.7
Inv Capital 10,669.5 Equity 1,175.8
Tax rate 21.8% D/E 8.07
ROIC 30.09%
PP&E 5,929.1
With adjustment EBIT w/ adjust 5,452.7 Debt w/ adjust 9,493.7
Inv Capital 10,669.5 Equity 1,175.8
Tax rate 21.8% D/E 8.07
ROIC 39.95%
PP&E adjusted 5,929.1

Cash & Capex Peers

Specific Competitors
McDonalds DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13 DEC '12 DEC '11 DEC '10 DEC '09 DEC '08
Cash and equivalents 866 2,464 1,223 7,686 2,078 2,799 2,336 2,336 2,387 1,796 2,063
Total revenues 21,025 22,820 24,622 25,413 27,441 28,106 27,567 27,006 24,075 22,745 23,522
Capital expenditures 2,742 1,854 1,821 1,814 2,583 2,825 3,049 2,730 2,136 1,952 2,136
Cash as % of Sales 4.12% 10.80% 4.97% 30.24% 7.57% 9.96% 8.47% 8.65% 9.92% 7.90% 8.77%
Capital expenditure as a % of Sales 13.04% 8.12% 7.40% 7.14% 9.41% 10.05% 11.06% 10.11% 8.87% 8.58% 9.08%
Shake Shack DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13 DEC '12
Cash and cash equivalents 25 21.5 11.6 70.8 2.7 13.1 57.0
Total revenue 459 358.8 268.5 190.6 118.5 82.5 57.0 Company operated stores and IPO 2015 - see cash go up a lot
Capital expenditures 88 61.53 54.43 32.12 28.52 16.19 11.04
Cash as % of Sales 5.39% 5.99% 4.32% 37.17% 2.26% 15.86% NM
Capital expenditure as a % of Sales 19.05% 17.15% 20.27% 16.85% 24.06% 19.64% 19.35%
Dunkin Brands DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13 DEC '12
Cash and cash equivalents 518 1018.3 361.40 260.40 208.10 256.90 252.60
Total revenue 1,322 860.5 828.9 810.9 748.7 713.8 658.0
Capital expenditures 51.9 14.6 15.17 30.25 23.64 31.1 22.4
Cash as % of Sales 39.16% 118.34% 43.60% 32.11% 27.79% 35.99% 38.39%
Capital expenditure as a % of Sales 3.93% 1.70% 1.83% 3.73% 3.16% 4.36% 3.40%
Whitbread (Costa Coffee) DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13
Cash and cash equivalents 91 63 57.10 2.10 41.40 40.00
Total revenue 3,295 3,106.0 2,921.8 2,608.1 2,294.3 2,030.0
Capital expenditures 467 571.2 680.3 518.5 286.3 329
Cash as % of Sales 2.75% 2.03% 1.95% 0.08% 1.80% 1.97%
Capital expenditure as a % of Sales 14.17% 18.39% 23.28% 19.88% 12.48% 16.21%

Spread & Valuation

Starbucks Corporation Starbucks Corporation
SBUX 855244109 2842255 NASDAQ Common stock SBUX
Source: FactSet Fundamentals Source: FactSet Fundamentals
SEP '18 SEP '17 SEP '16 SEP '15 SEP '14 SEP '13 SEP '12 SEP '11 SEP '10 SEP '09 DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13 DEC '12 DEC '11 DEC '10 DEC '09
364 Days 364 Days 371 Days 364 Days 364 Days 364 Days 364 Days 364 Days 371 Days 364 Days Price/Sales 3.14 3.63 3.77 4.60 3.65 3.92 2.93 2.90 2.25 1.83
Price/Sales 3.21 3.51 3.78 4.58 3.49 3.96 2.95 2.45 1.85 1.51 Price/Earnings 28.17 18.95 28.47 37.09 24.80 584.60 28.30 27.55 23.45 31.55
Price/Earnings 17.54 27.26 28.49 31.86 27.74 7,733.00 28.33 23.02 20.92 38.13 Price/Book Value - 14.05 13.96 14.98 10.63 12.16 7.63 7.26 5.94 5.27
Price/Book Value 63.62 14.11 13.44 14.80 10.69 13.00 7.44 6.33 5.24 4.84 Price/Tangible Book Value - 97.27 21.71 22.98 16.89 15.86 8.53 8.01 6.47 5.85
Price/Tangible Book Value - 22.16 21.67 23.14 13.60 17.43 8.32 7.03 5.76 5.42 Price/Cash Flow 6.37 18.26 18.41 22.90 18.07 137.10 17.04 25.16 15.30 12.33
Price/Cash Flow 6.64 18.80 17.59 23.41 94.38 20.27 22.40 17.80 11.63 10.65 Price/Free Cash Flow 7.56 28.69 27.04 34.66 27.73 - 28.50 41.67 21.61 16.54
Price/Free Cash Flow 7.96 29.57 25.68 35.89 - 33.55 43.84 26.56 15.68 15.68 Dividend Yield (%) 2.08 1.83 1.53 1.13 1.34 1.13 1.37 1.22 1.12 0.00
Dividend Yield (%) 2.22 1.86 1.48 1.10 1.38 1.09 1.34 1.39 0.89 0.00 Enterprise Value/EBIT 20.02 20.01 20.65 24.66 19.45 23.53 19.72 16.76 12.47 16.15
Enterprise Value/EBIT 19.43 19.79 20.71 25.22 20.05 25.05 20.08 16.84 12.99 15.30 Enterprise Value/EBITDA 14.61 15.69 16.28 19.28 15.33 18.31 14.93 12.36 9.10 10.13
Enterprise Value/EBITDA 14.51 15.58 16.37 19.76 15.86 19.37 15.22 12.45 9.36 9.77 Enterprise Value/Sales 2.97 3.44 3.71 4.32 3.34 3.65 2.67 2.16 1.65 1.54
Enterprise Value/Sales 3.03 3.49 3.78 4.45 3.45 3.76 2.75 2.25 1.69 1.56 Total Debt/Enterprise Value 0.12 0.06 0.04 0.03 0.04 0.04 0.02 0.02 0.03 0.04
Total Debt/Enterprise Value 0.13 0.05 0.05 0.03 0.04 0.02 0.02 0.02 0.03 0.04
United States / Restaurants -IND
FI3435US
Source: FactSet Market Aggregrates Corporate Spreads USD Spread to Treasury 27 Feb '19
DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13 DEC '12 DEC '11 DEC '10 DEC '09 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years 20 Years 30 Years
Price/Earnings 21.82 26.33 23.14 26.94 22.93 23.10 18.97 20.90 18.58 17.21 Consumer Non-Durables
Price/Earnings (excl negatives) 21.71 25.99 22.97 26.68 22.60 22.92 18.89 20.70 18.46 16.21 AAA - - - - - - - - - - -
Price/Sales 2.69 2.79 2.32 2.55 2.54 2.59 2.10 2.29 1.91 1.49 AA 18.91 18.91 18.91 18.12 19.89 25.14 40.38 53.01 71.4 81.61 75.311
Price/Book Value -152.87 47.50 20.34 10.49 7.84 7.63 6.30 6.82 5.63 4.61 A 22.13 17.61 15.23 22.31 34.64 29.32 67.55 64.71 115.71 162.38 95.795
Price/Cash Flow 12.35 19.99 14.54 16.04 18.04 15.55 13.33 13.63 12.29 9.83 BBB 5.78 29.6 46.88 55.21 71.92 102.86 131.69 154.08 172.15 271.49 277.49
Price/Cash Flow (excl negatives) 12.35 19.99 14.53 16.02 18.04 15.55 13.33 13.63 12.27 9.82 BB 110.75 110.75 110.75 110.75 204.293 209.43 214.47 241.25 268.135 268.135 268.135
Price/Free Cash Flow 17.99 34.63 23.99 27.25 38.83 29.92 25.44 22.58 19.27 17.14 B 210.868 210.868 210.868 210.868 210.868 210.868 210.868 210.868 210.868 210.868 210.868
Enterprise Value/EBIT 19.42 19.72 17.85 18.77 16.86 16.98 14.02 15.09 13.39 12.25 Consumer Services
Enterprise Value/EBITDA 14.94 15.28 13.44 14.18 12.92 13.14 10.93 11.69 10.23 9.12 AAA 102.729 102.729 102.729 102.729 102.729 102.729 102.729 102.729 102.729 91.5 77.84
Enterprise Value/Sales 3.17 3.24 2.70 2.85 2.78 2.83 2.35 2.51 2.13 1.76 AA 106.951 106.951 106.951 106.951 106.951 106.951 106.951 106.951 106.951 106.951 106.951
A 72.59 49.93 27.27 26.537 27.64 38.99 76.21 89.56 112.01 156.24 140.84
United States / Beverages: Non-Alcoholic -IND BBB 244.48 137.57 43.66 56.65 64.91 91.41 121.32 139.86 167.73 194.19 194.741
FI2420US BB 97.46 60.66 52.33 95.69 126.54 173.27 175.82 226.17 219.15 309.28 274.318
Source: FactSet Market Aggregrates B 200.853 200.853 200.853 183.6 256.1 368.57 478.17 471.35 323.734 362.103 362.103
DEC '18 DEC '17 DEC '16 DEC '15 DEC '14 DEC '13 DEC '12 DEC '11 DEC '10 DEC '09 Retail Trade
Price/Earnings 33.67 26.09 21.70 23.60 20.74 19.50 16.83 16.21 17.28 17.45 AAA - - - - - - - - - - -
Price/Earnings (excl negatives) 33.56 26.03 21.70 23.59 20.74 19.50 16.83 16.21 17.25 17.45 AA 9.648 9.648 9.648 10.35 14.86 27.01 41.53 61.76 82.36 119.63 84.173
Price/Sales 3.54 3.51 3.12 3.09 2.82 2.61 2.26 2.25 2.50 2.15 A 16.064 16.064 15.74 17.66 19.62 22.42 43.92 60.26 80.24 126.98 107.48
Price/Book Value 7.06 8.93 7.50 8.27 5.96 5.72 4.87 4.55 5.09 5.48 BBB 1227.49 631.9 37.02 43.68 71.4 75.07 125.99 141.33 205.78 226.32 218.026
Price/Cash Flow 22.40 20.55 17.58 16.37 16.15 15.16 14.49 14.08 13.72 13.25 BB 129.722 129.722 129.722 129.722 166.36 203.011 260.578 260.578 507.616 477.99 448.367
Price/Cash Flow (excl negatives) 22.38 20.54 17.58 16.37 16.15 15.16 14.49 14.08 13.71 13.25 B 648.92 648.92 393.65 147.74 157.11 403.489 403.489 403.489 580.519 580.519 580.519
Price/Free Cash Flow 30.93 27.98 24.36 21.65 21.85 20.42 21.11 21.41 18.63 19.45
Enterprise Value/EBIT 21.09 21.20 18.92 19.01 17.01 16.13 14.20 14.09 14.27 13.68
Enterprise Value/EBITDA 17.70 17.66 15.61 15.65 13.98 13.23 11.60 11.53 11.93 11.10
Enterprise Value/Sales 4.10 3.93 3.53 3.47 3.15 2.93 2.58 2.57 2.71 2.37
Or put together your own relevant peer analysis

Store counts

Starbucks Coffee Company - Store Counts by Market You can get additional data through Q1 2019
(Updated through the period ending September 30, 2018)
Licensed 2018 2017 2016 2015 2014 2013 Q3 FY13 Q2 FY13 Q1 FY13 Q4 FY12 Q3 FY12 Q2 FY12 Q1 FY12 Q4 FY11 Q3 FY11 Q2 FY11 Q1 FY11 Q4 FY10 Q3 FY10 Q2 FY10 Q1 FY10
Americas
Argentina 143 124 105 90 76 68 66 64 64 61 54 51 50 39 33 32 30 24 20 15 14
Aruba 4 4 3 3 3 3 3 3 3 3 3 3 3 3 2 2 2 2 1 1 1
Bahamas 12 12 10 9 9 9 8 8 8 8 9 9 9 9 9 9 9 8 8 8 8
Bolivia 4 4 4 3 - 0 - - - - - - - -
Brazil 118 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Canada 409 377 364 349 462 397 355 325 302 300 291 292 291 281 275 273 274 273 271 267 265
Chile 119 105 93 79 62 50 44 43 42 41 40 37 36 35 31 31 31 30 30 30 30
Colombia 31 21 11 10 2 - - - - - - - - - - - - - - - -
Costa Rica 14 12 11 7 4 3 2 2 2 1 1 - - - - - - - - - -
Curacao 3 3 2 2 2 2 2 1 1 1 1 1 1 - - - - - - - -
El Salvador 12 11 10 10 5 5 4 4 4 4 4 4 4 3 2 2 2 - - - -
Guatemala 9 7 7 5 4 2 2 2 2 2 2 2 2 2 1 1 - - - - -
Jamaica 6 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Mexico 708 632 563 506 434 403 384 377 368 356 349 342 338 318 314 304 296 283 273 268 266
Panama 9 6 5 1 - 0 - - - - - - - - 36 34 32 30 29 27 27 27
Peru 102 91 84 77 74 65 58 56 54 45 44 43 41 36 34 32 30 29 27 27 27
Puerto Rico 26 24 23 19 - 0 - - - - - - - - 36 34 32 30 29 27 27 27
Trinidad and Tobago 7 5 1 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
United States 6,031 5,708 5,292 4,962 4,659 4,408 4,311 4,258 4,222 4,189 4,107 4,083 4,041 4,005 3,942 3,906 3,901 3,867 3,847 3,837 3,861
Uruguay 3 - 0 - 0 - 0
The Americas 7,770 7,146 6,588 6,132 5,796 5,415 5,239 5,143 5,072 5,011 4,905 4,867 4,816 4,731 4,643 4,592 4,575 4,516 4,477 4,453 4,472
Rate of Growth 8.73% 8.47% 7.44% 5.80% 7.04%
CAP
Australia 42 31 22 25 24 24 24 24 24 23 22 22 22 21 22 22 22 22 22 22 22
Brunei 4 4 4 3 2 - - - - - - - - - - - - - - - -
Cambodia 14 7 2 - 0 - 0 - - - - - - - - - - - - - - - -
China - 0 1,396 1,110 785 544 403 364 345 325 292 264 247 239 218 207 198 194 186 178 177 172
Hong Kong/Macau 193 180 169 157 147 136 136 135 135 131 126 122 122 117 116 112 111 111 112 112 112
India 128 100 84 77 54 24 16 11 3 - - - - - - - -
Indonesia 365 317 260 214 186 161 154 147 139 133 127 122 117 109 102 96 90 85 80 75 76
Japan 106 86 72 58 1,060 1,000 988 985 975 965 966 955 950 935 925 914 901 892 886 878 876
Malaysia 268 248 226 199 175 150 142 141 140 134 130 125 123 121 121 119 116 117 115 116 117
New Zealand 22 23 25 26 26 28 29 30 30 34 34 35 35 35 35 37 38 39 39 41 41
Philippines 360 324 293 264 240 216 212 205 207 201 195 190 188 183 181 176 175 168 162 163 162
Singapore 141 134 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
South Korea 1,231 1,108 952 831 700 559 526 501 472 467 442 415 391 367 347 330 323 315 299 295 295
Taiwan 458 420 392 356 323 297 290 286 280 271 271 264 255 249 240 239 232 228 229 225 226
Vietnam 39 31 21 15 11 2 1 1 - - - - - - - - - - - - -
Total CAP 3,371 4,409 3,632 3,010 3,492 3,000 2,882 2,811 2,730 2,651 2,577 2,497 2,442 2,355 2,296 2,243 2,202 2,163 2,122 2,104 2,099
Rate of Growth -23.54% 21.39% 20.66% -13.80% 16.40%
EMEA
Andorra 1 1 1 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - - - - - - - -
Austria 2 1 1 1 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - - - - - - - -
Azerbaijan 4 4 4 1 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - - - - - - - -
Bahrain 29 23 20 18 17 15 15 15 14 13 13 12 11 11 11 11 11 11 11 10 10
Belgium 25 21 18 15 14 10 10 9 9 9 6 6 6 5 5 4 4 4 4 4 3
Bulgaria 12 6 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3 3
Cyprus 11 10 10 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9
Czech Republic 37 30 26 23 18 17 15 15 14 14 13 13 12 12 12 12 12 11 10 10 10
Denmark 20 21 21 19 15 8 4 4 4 3 3 3 3 3 3 2 2 2 2 2 2
Egypt 36 32 34 30 25 25 25 24 23 23 21 21 21 22 22 22 22 22 22 22 22
Finland 8 8 8 4 3 2 2 2 2 1 1 - - - - - - - - - -
France 100 70 50 27 23 18 14 13 13 11 8 4 3 3 3 3 3 2 2 2 2
Germany 152 156 161 10 7 4 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1
Greece 31 29 29 31 31 34 34 34 34 42 46 46 52 59 59 60 60 60 60 68 68
Hungary 22 17 14 11 9 9 8 7 7 7 7 6 6 5 3 3 3 1 1 - -
Ireland 77 78 71 53 40 29 29 29 27 27 28 25 24 23 24 22 22 22 23 23 23
Jordan 23 21 16 12 10 11 11 11 9 9 9 9 9 9 9 9 9 9 9 9 10
Kazakhstan 16 13 6 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Kuwait 142 118 95 77 72 69 69 67 66 65 67 67 67 67 68 67 68 66 67 65 63
Lebanon 39 36 29 27 20 17 17 15 15 16 16 16 16 16 15 14 14 14 14 14 17
Luxembourg 3 3 2 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Monaco 2 2 2 1 1 - - - - - - - - - - - - - - - -
Morocco 11 10 8 7 6 4 4 4 3 3 3 3 2 - - - - - - - -
Netherlands 65 57 48 45 41 29 28 25 25 23 20 19 16 14 11 10 8 8 7 7 6
Norway 24 23 17 16 11 5 2 1 1 1 1 1 - - - - - - - - -
Oman 13 12 12 10 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7
Poland 69 59 47 43 38 34 33 33 32 29 28 23 21 16 11 9 9 7 5 3 3
Portugal 18 11 11 10 8 8 7 7 7 7 7 7 7 7 7 7 7 6 6 5 5
Qatar 34 30 16 16 13 11 13 12 12 12 11 11 10 10 10 10 10 10 9 9 9
Romania 41 31 22 19 10 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 7
Russia 125 115 107 104 87 65 63 63 64 60 56 56 53 52 50 47 43 37 35 31 29
Saudi Arabia 166 124 92 71 67 62 68 65 65 64 63 63 63 65 65 67 69 69 69 69 68
Slovakia 4 3 2 - 0 - 0 - - - - - - - - - - - - - - - -
South Africa 12 6 3 - 0 - 0 - - - - - - - - - - - - - - - -
Spain 142 113 96 89 86 82 82 79 79 78 76 75 75 75 74 76 76 75 75 76 74
Sweden 15 16 18 11 6 5 5 4 3 3 3 3 1 1 1 1 1 1 1 1 -
Switzerland 7 5 3 5 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Turkey 453 387 314 260 220 193 190 181 176 171 169 162 159 153 147 141 138 137 132 129 127
United Kingdom 653 606 532 414 285 242 223 211 201 195 183 172 166 162 156 146 138 135 106 87 83
UAE - Dubai 186 164 148 131 115 107 107 106 105 99 97 98 98 94 95 95 97 95 95 94 93
Total EMEA 2,830 2,472 2,119 1,625 1,323 1,143 1,109 1,067 1,041 1,014 984 950 930 913 890 868 856 834 795 769 755
Rate of Growth 14.48% 16.66% 30.40% 22.83% 15.75%
Co-operated 2018 2017 2016 2015 2014 2013 Q3 FY13 Q2 FY13 Q1 FY13 Q4 FY12 Q3 FY12 Q2 FY12 Q1 FY12 Q4 FY11 Q3 FY11 Q2 FY11 Q1 FY11 Q4 FY10 Q3 FY10 Q2 FY10 Q1 FY10
Americas
Brazil - 0 108 104 103 89 70 59 55 54 53 45 38 32 28 26 24 24 23 23 24 24
Canada 1,109 1,083 1,035 1,009 983 940 913 898 886 874 862 844 838 830 812 807 803 799 790 787 785
Puerto Rico - 0 - 0 - 0 - 0 20 19 19 19 19 19 19 19 19 19 19 21 21 21 21 21 21
United States 8,575 8,222 7,880 7,559 7,303 7,049 6,923 6,880 6,869 6,856 6,726 6,705 6,696 6,697 6,683 6,691 6,698 6,699 6,719 6,728 6,760
Total The Americas 9,684 9,413 9,019 8,671 8,395 8,078 7,914 7,852 7,828 7,802 7,652 7,606 7,585 7,574 7,540 7,543 7,546 7,542 7,553 7,560 7,590
US Rate of Growth 4.29% 4.34% 4.25% 3.51% 3.60%
CAP
China 3,521 1,540 1,272 1,026 823 614 546 504 442 408 355 330 305 278 260 247 237 220 205 199 193
Japan 1,286 1,218 1,140 1,073 - 0 - - - - - - - -
Singapore - 0 - 0 126 116 106 94 88 86 84 80 79 77 76 72 70 69 66 64 65 65 64
Thailand 352 312 273 237 203 174 169 165 163 155 151 146 144 141 139 139 137 133 134 133 132
Total CAP 5,159 3,070 2,811 2,452 1,132 882 803 755 689 643 585 553 525 491 469 455 440 417 404 397 389
China Rate of Growth 128.64% 21.07% 23.98% 24.67% 34.04%
EMEA
Austria 17 17 17 18 17 16 14 13 12 12 12 12 12 12 12 11 11 10 10 10 11
France 70 73 74 76 78 72 70 69 69 67 66 64 63 62 59 56 54 54 52 51 51
Germany - 0 - 0 - 0 149 152 157 161 160 159 157 153 153 154 150 149 143 144 142 139 140 144
Switzerland 56 57 56 56 55 52 52 51 50 50 49 49 49 46 45 45 46 46 46 46 46
Netherlands 12 10 10 10 9 7 4 3 3 3 3 3 2 2 1 - - - - - -
United Kingdom 335 345 366 428 506 522 531 535 542 566 569 569 573 573 574 571 574 568 573 577 588
Total EMEA 490 502 523 737 817 826 832 831 835 855 852 850 853 845 840 826 829 820 820 824 840
EMEA Rate of Growth -2.39% -4.02% -29.04% -9.79% -1.09%
Regional Totals 2018 2017 2016 2015 2014 2013
Americas Licensed 7,770 7,146 6,588 6,132 5,796 5,415 5,239 5,143 5,072 5,011 4,905 4,867 4,816 4,731 4,643 4,592 4,575 4,516 4,477 4,453 4,472
Americas Co-operated 9,684 9,413 9,019 8,671 8,395 8,078 7,914 7,852 7,828 7,802 7,652 7,606 7,585 7,574 7,540 7,543 7,546 7,542 7,553 7,560 7,590
(U.S. Subtotal) 14,606 13,930 13,172 12,521 11,962 11,457 11,234 11,138 11,091 11,045 10,833 10,788 10,737 10,702 10,625 10,597 10,599 10,566 10,566 10,565 10,621
Total Americas 17,454 16,559 15,607 14,803 14,191 13,493 13,153 12,995 12,900 12,813 12,557 12,473 12,401 12,305 12,183 12,135 12,121 12,058 12,030 12,013 12,062
CAP Licensed 3,371 4,409 3,632 3,010 3,492 3,000 2,882 2,811 2,730 2,651 2,577 2,497 2,442 2,355 2,296 2,243 2,202 2,163 2,122 2,104 2,099
CAP Co-operated 5,159 3,070 2,811 2,452 1,132 882 803 755 689 643 585 553 525 491 469 455 440 417 404 397 389
(Mainland China Subtotal) 3,521 2,936 2,382 1,811 1,367 1,017 910 849 767 700 619 577 544 496 467 445 431 406 383 376 365
Total CAP 8,530 7,479 6,443 5,462 4,624 3,882 3,685 3,566 3,419 3,294 3,162 3,050 2,967 2,846 2,765 2,698 2,642 2,580 2,526 2,501 2,488
EMEA Licensed 2,830 2,472 2,119 1,625 1,323 1,143 1,109 1,067 1,041 1,014 984 950 930 913 890 868 856 834 795 769 755
EMEA Co-operated 490 502 523 737 817 826 832 831 835 855 852 850 853 845 840 826 829 820 820 824 840
(ME Subtotal) 643 538 436 369 326 302 310 301 295 287 285 285 282 278 279 280 285 281 281 277 277
Total EMEA 3,320 2,974 2,642 2,362 2,140 1,969 1,941 1,898 1,876 1,869 1,836 1,800 1,783 1,758 1,730 1,694 1,685 1,654 1,615 1,593 1,595
All Other Segments 2018 2017 2016 2015 2014 2013
Licensed 12 37 35 41 42 66 80 86 66 76 82 81 80 80 327 326 552 558 558 549 552
Co-operated 8 290 358 375 369 357 350 323 17 14 14 16 13 14 13 10 9 8 8 8 9
Total All Other Segments 20 327 393 416 411 423 430 409 83 90 96 97 93 94 340 336 561 566 566 557 561
Total Licensed 13,983 14,064 12,374 10,808 10,653 9,624 9,310 9,107 8,909 8,752 8,548 8,395 8,268 8,079 8,156 8,029 8,185 8,071 7,952 7,875 7,878
Total Co-operated 15,341 13,275 12,711 12,235 10,713 10,143 9,899 9,761 9,369 9,314 9,103 9,025 8,976 8,924 8,862 8,834 8,824 8,787 8,785 8,789 8,828
Grand Total 29,324 27,339 25,085 23,043 21,366 19,767 19,209 18,868 18,278 18,066 17,651 17,420 17,244 17,003 17,018 16,863 17,009 16,858 16,737 16,664 16,706
Licensed Rate of Growth -0.58% 13.66% 14.49% 1.45% 10.69%
Company Oper Rate of Growth 15.56% 4.44% 3.89% 14.21% 5.62%
4 Restated for Austria & Switzerland acquisitions
Note: 8 Restated for licensing Chile
Historical store counts have been recast for any ownership or segment reporting changes made prior to Q1 FY15. Effective in Q1 FY15, we changed our store count policy such that we will no longer recast historical store
counts upon a change in ownership. These transfers will be reflected as current period activity within "net stores opened/(closed) or transferred" during the period.
(1) Q1 FY18 reflects the transfer of 112 Brazil stores from company-operated to licensed.
(2) Q1 FY18 reflects the transfer of 1,477 China stores from licensed to company-operated as a result of the acquisition of East China JV on 12/31/2017.
(3) Q4 FY17 reflects the transfer of all Singapore stores from company-operated to licensed.
(4) Q3 FY16 reflects the transfer of all Germany stores from company-operated to licensed.
(5) Q4 FY15 reflects the transfer of all Puerto Rico stores from company-operated to licensed.
(6) Q1 FY15 reflects the transfer of 1,009 Japan stores from licensed to company-operated as a result of the acquisition of Starbucks Japan in the first quarter of fiscal 2015.
(7) Includes Bahrain, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, UAE - Dubai

(6)

(6)

(2, 3, 6)

(2, 3, 6)

(7)

(5)

(5)

(1, 5)

(4)

(4)

(3)

(3)

(4)

(4)

(2)

(2)

(1)

(1)

Comp Sales

Starbucks Coffee Company
Historical Comparable Store Sales
(Updated through the period ending December 30, 2018)
Consolidated
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
Q-1 Total 10% 2% 9% 10% 10% 7% 6% 1% -9% 4% 7% 9% 6% 5% 5% 8% 3% 2% 4%
Transaction 4% 4% 9% 9% 6% 6% 4% -1% -5% 1% 5% 7% 4% 4% 2% 4% -1% 0% 0%
Ticket 6% -2% 0% 1% 4% 1% 2% 2% -4% 4% 2% 2% 2% 1% 3% 4% 4% 2% 3%
Q-2 Total 6% 7% 7% 12% 7% 10% 4% -3% -8% 7% 7% 7% 6% 6% 7% 6% 3% 2%
Transaction 1% 7% 6% 11% 4% 8% 1% -4% -5% 3% 6% 6% 4% 3% 3% 2% -1% -1%
Ticket 5% 0% 1% 1% 3% 2% 3% 1% -3% 4% 1% 1% 2% 3% 4% 4% 4% 3%
Q-3 Total 3% 8% 8% 11% 7% 6% 4% -4% -5% 9% 8% 6% 8% 6% 7% 4% 4% 1%
Transaction 1% 8% 7% 10% 3% 4% 1% -4% -4% 6% 6% 5% 7% 2% 4% 0% 0% -2%
Ticket 2% 0% 1% 1% 4% 2% 3% 0% -2% 3% 2% 2% 1% 4% 3% 4% 4% 3%
Q-4 Total 2% 8% 9% 9% 8% 5% 4% -7% -1% 8% 9% 6% 7% 5% 8% 4% 2% 3%
Transaction 1% 8% 8% 8% 4% 4% 0% -4% -1% 5% 6% 5% 5% 1% 4% -1% 1% -1%
Ticket 1% 0% 1% 1% 4% 1% 4% -3% 0% 2% 3% 1% 2% 4% 4% 5% 2% 4%
FY Total 5% 6% 8% 10% 8% 7% 5% -3% -6% 7% 8% 7% 7% 6% 7% 5% 3% 2%
Transaction 2% 7% 7% 9% 4% 5% 1% -4% -4% 4% 6% 6% 5% 3% 3% 1% 0% -1%
Ticket 3% -1% 1% 1% 4% 2% 4% 0% -2% 3% 2% 1% 2% 3% 4% 4% 3% 3%
Americas
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
Q-1 Total -10% 4% 7% 9% 7% 5% 5% 9% 3% 2% 4%
Transaction -5% 0% 5% 7% 4% 4% 2% 4% -2% 0% 0%
Ticket -4% 4% 2% 2% 2% 1% 3% 5% 5% 2% 4%
Q-2 Total -8% 7% 6% 8% 6% 6% 7% 7% 3% 2%
Transaction -5% 3% 5% 7% 5% 2% 2% 3% -1% 0%
Ticket -3% 4% 1% 1% 2% 3% 5% 5% 4% 3%
Q-3 Total -6% 9% 8% 7% 9% 6% 8% 4% 5% 1%
Transaction -4% 6% 5% 5% 7% 2% 4% 0% 0% -2%
Ticket -2% 3% 2% 2% 2% 4% 4% 4% 5% 4%
Q-4 Total -1% 7% 10% 7% 8% 5% 8% 5% 3% 4%
Transaction -1% 5% 6% 5% 5% 1% 4% -1% 1% -1%
Ticket 0% 2% 3% 2% 3% 4% 5% 6% 2% 5%
FY Total -6% 7% 8% 8% 7% 6% 7% 6% 3% 2%
Transaction -4% 3% 5% 6% 5% 2% 3% 1% 0% -1%
Ticket -2% 3% 2% 2% 2% 3% 4% 5% 4% 3%
U.S.
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
Q-1 Total 11% 11% 7% 6% -1% -10% 4% 8% 9% 7% 5% 5% 9% 3% 2% 4%
Transaction 6% 6% 3% -3% -6% 0% 6% 7% 4% 4% 2% 4% -2% 0% 0%
Ticket 5% 1% 3% 2% -5% 4% 2% 1% 2% 1% 4% 5% 5% 2% 4%
Q-2 Total 13% 7% 10% 3% -4% -8% 7% 7% 8% 7% 6% 7% 7% 3% 2%
Transaction 12% 4% 8% 0% -5% -5% 3% 6% 7% 5% 2% 2% 3% -2% 0%
Ticket 1% 3% 2% 3% 1% -3% 5% 1% 1% 2% 3% 5% 5% 4% 3%
Q-3 Total 12% 7% 6% 4% -5% -6% 9% 8% 7% 9% 7% 8% 4% 5% 1%
Transaction 11% 3% 5% 0% -4% -4% 6% 6% 5% 7% 2% 4% 0% 0% -3%
Ticket 1% 4% 1% 4% -1% -2% 3% 2% 2% 2% 5% 4% 4% 5% 4%
Q-4 Total 9% 9% 5% 4% -8% -1% 8% 10% 7% 8% 5% 9% 4% 2% 4%
Transaction 8% 4% 4% -1% -5% -1% 6% 7% 5% 5% 1% 4% -1% 0% -1%
Ticket 1% 5% 1% 5% -3% 0% 2% 3% 2% 3% 4% 5% 6% 2% 5%
FY Total 5% 7% 9% 11% 9% 7% 4% -5% -6% 7% 8% 8% 8% 6% 7% 6% 3% 2%
Transaction 10% 4% 5% 0% -4% -4% 3% 6% 6% 5% 2% 3% 1% -1% -1%
Ticket 1% 5% 2% 4% 0% -2% 4% 2% 2% 2% 3% 4% 5% 4% 3%
CAP
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
Q-1 Total 2% 6% 19% 20% 11% 8% 8% 5% 5% 1% 3%
Transaction -1% 6% 18% 15% 8% 7% 8% 4% 2% 1% 1%
Ticket 3% 0% 1% 5% 3% 1% 0% 2% 3% 0% 2%
Q-2 Total 1% 12% 18% 18% 8% 7% 12% 3% 3% 3%
Transaction -1% 10% 17% 14% 4% 7% 10% 2% 1% 0%
Ticket 3% 2% 1% 4% 3% 0% 2% 2% 1% 3%
Q-3 Total 3% 11% 26% 12% 9% 7% 11% 3% 1% -1%
Transaction 1% 8% 24% 8% 8% 6% 10% 2% 0% -3%
Ticket 2% 2% 2% 4% 0% 1% 1% 1% 1% 2%
Q-4 Total 3% 17% 25% 10% 8% 5% 6% 1% 2% 1%
Transaction 2% 12% 21% 7% 6% 6% 6% 0% 1% -1%
Ticket 1% 4% 3% 2% 2% -1% 0% 2% 1% 2%
FY Total 2% 11% 22% 15% 9% 7% 9% 3% 3% 1%
Transaction 0% 9% 20% 11% 7% 6% 8% 1% 1% -1%
Ticket 2% 2% 2% 3% 2% 0% 1% 2% 1% 2%
EMEA
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
Q-1 Total -5% 3% 3% 2% -1% 5% 4% 1% -1% -1% -1%
Transaction -4% 6% 2% 2% 2% 3% 3% 1% -2% -4% -1%
Ticket -1% -2% 2% 1% -3% 1% 1% 0% 1% 3% 0%
Q-2 Total -4% 4% 4% -1% -2% 6% 2% 1% -1% -1%
Transaction -1% 6% 5% 0% -1% 5% 2% 0% 0% -4%
Ticket -3% -2% -1% 0% 0% 1% 1% 1% -1% 3%
Q-3 Total -2% 5% 3% 0% 2% 3% 3% -1% 2% 0%
Transaction 1% 5% 3% 0% 5% 2% 2% 0% 0% -2%
Ticket -3% 0% 1% 0% -3% 2% 1% -2% 2% 3%
Q-4 Total 0% 7% 1% -1% 2% 5% 5% -1% 1% 2%
Transaction 4% 5% 2% 0% 3% 2% 3% 0% -2% 0%
Ticket -4% 2% -1% -1% -1% 2% 3% -1% 3% 2%
FY Total -3% 5% 3% 0% 0% 5% 4% 0% 1% 0%
Transaction 0% 6% 3% 0% 2% 3% 2% 1% -1% -3%
Ticket -3% -1% 0% 0% -2% 2% 1% 0% 1% 3%
NOTE: Includes only Starbucks company-operated stores open 13 months or longer. Comparable store sales exclude the effect of fluctuations in foreign currency exchange rates.

HW Ratios

Starbucks (SBUX) Tax rate 21.83% WACC 7.50% Download any other relevant data from Starbucks or its competition
% of Data from Dunkin Donuts is given in the DNKN tab
Fiscal Year & TTM 2013 2014 2015 2016 2017 2018 TTM Total
Sales 14,866.8 16,447.8 19,162.7 21,315.9 22,386.8 24,719.5 25,278.4 2018 2017 2016 2015 2014
Company 11,793.2 12,977.9 15,197.3 16,844.1 17,650.7 19,690.3 20,318.8 80.4% Beverages 74% 73% 74% 73% 73%
Licensed 1,360.5 1,588.6 1,861.9 2,154.2 2,355.0 2,652.2 2,706.9 10.7% Food 20% 20% 19% 19% 19%
CPG & Other 1,713.1 1,881.3 2,103.5 2,317.6 2,381.1 2,377.0 2,252.7 8.9% Packaged 2% 3% 3% 3% 3%
Other 4% 4% 4% 5% 5%
EBIT -325.4 3,081.1 3,601.0 4,171.9 4,134.7 3,883.3 3,783.0 Total 100% 100% 100% 100% 100%
NOPLAT GAAP -254.4 2,408.4 2,814.8 3,261.0 3,231.9 3,035.4 2,957.0
Adjustments to EBIT -2,784.1 20.2 0.0 0.0 -153.5 -224.4 -240.0 % of Total Sales 2018 2017 2016 2015 2014
NOPLAT non-GAAP 1,921.9 2,392.6 2,814.8 3,261.0 3,351.9 3,210.8 3,144.6 Total 100.0 100.0 100.0 100.0 100.0
Net Income 8.3 2,068.1 2,757.4 2,817.7 2,884.7 4,518.3 3,028.8 Americas 68.2 71.4 71.2 71.3 75.1
China/Asia Pacific 18.2 14.8 14.1 12.9 7.1
Cash 3,233.8 1,843.8 1,611.4 2,263.2 2,690.9 8,937.8 Channel Development 9.4 9.2 9.3 9.3 9.7
Total Equity 4,482.3 5,273.7 5,819.8 5,890.7 5,457.0 1,175.8 EMEA 4.3 4.6 5.4 6.5 8.1
Total Debt 1,299.4 2,048.3 2,391.4 3,642.9 3,987.6 9,493.7
Total Assets 11,516.7 10,752.9 12,416.3 14,312.5 14,365.6 24,156.4 United States 70.4 73.8 74.0 73.7 76.5
China/Japan/UK 22.1 20.2 20.0 20.0
Invested Capital 5,781.7 7,322.0 8,211.2 9,533.6 9,444.6 10,669.5 Other 7.5 6.0 6.0 6.3
Fiscal Year & TTM 2013 2014 2015 2016 2017 2018 TTM Growth in Sales 2018 2017 2016 2015 2014
Capital Expenditure -1,151.2 -1,160.9 -1,303.7 -1,440.3 -1,519.4 -1,976.4 Total 12.0 5.4 11.6 16.8 10.0
Acquisition -610.4 0.0 -284.3 0.0 0.0 -1,311.3 Americas 6.9 5.8 11.3 11.0 8.9
Noncash expenses 655.6 748.4 933.8 1,030.1 1,067.1 1,305.9 China/Asia Pacific 38.1 10.3 22.7 112.1 23.2
Change in NWC 734.8 -2,209.8 278.8 353.0 89.7 6,913.7 Channel Development 14.4 3.9 11.6 12.0 8.8
Net Investment 239.2 -2,622.3 -91.1 -57.2 -362.6 6,243.2 EMEA 3.4 -9.9 -7.5 -6.0 11.6
Net Investment w/acquisition -371.2 -2,622.3 -375.4 -57.2 -362.6 4,931.9
United States 4.8 11.7 12.2 10.3
FCF w/o acquisition -15.2 -213.9 2,723.7 3,203.8 2,869.3 9,278.6 China/Japan/UK 5.7 11.4
FCF w/acquisition -625.6 -213.9 2,439.4 3,203.8 2,869.3 7,967.3 Other 5.8 5.4 -68.6 10.9
FCF non-GAAP 2,161.1 -229.7 2,723.7 3,203.8 2,989.3 9,454.0
Operating Margin 2018 2017 2016 2015 2014
Fiscal Year End 2013 2014 2015 2016 2017 2018 Total 22.28 24.81 25.65 24.39 24.19
Stock Price (Data) $38.5 $37.73 $56.84 $54.14 $53.71 $56.84 Americas 21.60 23.40 25.29 24.25 23.45
Dividend per share (data) $0.42 $0.52 $0.64 $0.80 $1.00 $1.26 Channel Development 40.36 44.48 41.77 37.78 36.04
Shares (Basic) 1,498.5 1,506.3 1,495.9 1,471.6 1,449.5 1,382.7 China/Asia Pacific 19.39 23.61 21.49 20.89 32.98
Shares (Diluted) 1,524.5 1,526.3 1,513.4 1,486.7 1,461.5 1,394.6 EMEA 5.87 11.45 13.48 13.82 9.21
Market capitalization $57,677.27 $56,832.70 $85,026.96 $79,672.42 $77,852.65 $78,592.67
Enterprise Value $55,745.0 $57,038.9 $85,808.8 $81,058.8 $79,156.2 $79,154.9 Q1 2019 operating margin
Total 15.30% down 310 bp - non GAAP 17.4%
P/E ratio 6949.1x 27.5x 30.8x 28.3x 27.0x 17.4x Americas 22.00%
EV/ EBITDA 168.8x 14.9x 18.9x 15.6x 15.2x 15.3x Channel Development 34.80%
EV/EBITDA non-GAAP 17.9x 15.0x 18.9x 15.6x 14.8x 14.6x China/Asia Pacific 18.00%
EMEA 10.10%
Calendar Year End 2013 2014 2015 2016 2017 2018 YTD
Stock Price (Data) $39.20 $41.03 $60.03 $55.52 $57.43 $64.40 $67.09 Same store sales by geography
Shares (Data) 1513.00 1,498.8 1,485.9 1,457.5 1,421.0 1,240.6 $1,240.60 Americas 4% increase all due to price
Market capitalization $59,309.6 $61,495.8 $89,198.6 $80,920.4 $81,608.0 $79,894.6 $83,231.9 CAP 3% increase with 2% due to price and 1% transactions - China same store up 1% with transactions down 2%
EMEA down 1% due to 1% decline in transactions
Channel Development revenue down 20% and margins down to 34.8%
Fiscal Year 2014 2015 2016 2017 2018 TTM Average Industry
ROIC w/goodwill 36.8% 36.2% 36.8% 34.1% 30.2% 34.8% 20.9%
ROIC w/o goodwill 42.0% 43.0% 45.1% 42.6% 42.7% 43.1%
ROIC non-GAAP 36.5% 36.2% 36.8% 35.3% 31.9% 35.4% average only fiscal years
ROE 42.4% 49.7% 48.1% 50.8% 136.2% 65.5% -700.6%
ROA 18.6% 23.8% 21.1% 20.1% 23.5% 21.4% 13.2%
Gross Margin 58.3% 59.4% 60.1% 59.6% 58.8% 58.7% 59.2% 24.6%
Operating Margin GAAP 18.7% 18.8% 19.6% 18.5% 15.7% 15.0% 18.3% 16.3%
Operating Margin non-GAAP 18.6% 18.8% 19.6% 19.2% 16.6% 15.9% 18.5%
Net Margin 12.6% 14.4% 13.2% 12.9% 18.3% 12.0% 14.3% 12.3%
Current Ratio 1.37 1.09 1.05 1.25 2.20 1.39
Quick Ratio 1.01 0.73 0.74 0.93 1.95 1.07
Debt/Equity 0.39 0.41 0.62 0.73 8.07 2.04 -3487.83
Interest Coverage 48.07 51.08 51.31 44.70 22.80 43.59 7.02
Debt/ EBITDA 0.53 0.49 0.58 0.73 1.30 0.73 2.89
Economic Profit Spread ($) $1,917.0 $2,232.3 $2,595.6 $2,520.3 $2,281.1
Economic Profit Charge ($) $1,917.0 $2,232.3 $2,595.6 $2,520.3 $2,281.1
As a % of Sales 2014 2015 2016 2017 2018 TTM Average
CapEx 7.1% 6.8% 6.8% 6.8% 8.0% 7.1%
Acquisition 0.0% 1.5% 0.0% 0.0% 5.3% 1.4% average only fiscal years
% Change 2014 2015 2016 2017 2018 TTM Average CAGR
Revenue 10.6% 16.5% 11.2% 5.0% 10.4% 2.3% 10.8% 10.7%
Company 10.0% 17.1% 10.8% 4.8% 11.6% 3.2% 10.9% 10.8%
Licensed 16.8% 17.2% 15.7% 9.3% 12.6% 2.1% 14.3% 14.3%
CPG 9.8% 11.8% 10.2% 2.7% -0.2% -5.2% 6.9% 6.8%
Same Store Sales (data) 6.0% 7.0% 5.0% 3.0% 2.0% 4.0% 4.6%
Domestic Same Store Sales (data) 6.0% 7.0% 6.0% 3.0% 2.0% 4.0% 4.8%
Operating Income GAAP 846.9% 16.9% 15.9% -0.9% -6.1% -2.6% 174.5% 264.2% average only fiscal years
Operating Income non-GAAP 24.5% 17.6% 15.9% 2.8% -4.2% -2.1% 11.3% 10.8%
Net Income 24816.9% 33.3% 2.2% 2.4% 56.6% -33.0% 4982.3% 252.5%
FCF 1311.8% -1373.2% 17.6% -10.4% 223.4% 33.8% 260.9%
FCF w/ acquisition 65.8% -1240.3% 31.3% -10.4% 177.7% -195.2% 66.3%
Capex 0.8% 12.3% 10.5% 5.5% 30.1% 11.8%
Economic Profit 16.4% 16.3% -2.9% -9.5% 5.1%
Fiscal Year % Change 2014 2015 2016 2017 2018 Average CAGR
Stock Price -1.97% 50.65% -4.75% -0.79% 5.83% 9.79% 8.11%
Total Return -0.62% 52.35% -3.34% 1.05% 8.17% 11.52% 9.85%
Calendar Year % Change 2014 2015 2016 2017 2018 YTD Average CAGR
Stock Price 4.7% 46.3% -7.5% 3.4% 12.1% 4.2% 11.81% 10.44%
Total Return (data) 6.2% 48.2% -6.1% 5.4% 14.8% 14.8% 13.69%
Industry (data) 5.7% 15.4% -0.3% 19.8% 4.94% 5.38% 9.11% average only calendar years
S&P 500 Price (data & calc) 11.4% -0.8% 9.5% 19.4% -6.26% 2.08% 6.65% 6.28%
Moody's S&P Fitch
Current Credit Rating (Data) Baa1 BBB+ BBB+
Downgraded in 2016,17,18 by each agency
** Everything must be calculated or carried over from financial statements UNLESS specifically noted by the term "data"
S&P 500
2013 1848.36
2018 2506.85

The downgrade reflects Starbucks' aggressive change in financial policy, the third material revision within the past year, with an increased commitment to return $25 billion of cash to shareholders via dividends and share repurchases over the three year period ending fiscal 2020 (September), up from $9 billion returned during the previous three years. Fitch anticipates total debt could increase by almost $10 billion by fiscal 2020 to help finance Starbucks' cash return goal given Fitch's projection of FCF before dividends of more than $8 billion over that period and roughly $5 billion of after-tax proceeds from the Nestle licensing agreement. At fiscal year-end 2017, Starbucks had $3.9 billion of total debt. (FITCH)

The downgrade was prompted by Starbucks decision to materially increase debt to support returns to shareholders. Shareholder returns are now targeted at $25 billion -- up from $15 billion in November 2017 -- over the three year period from 2018 through 2020. This change in policy will be partially funded with additional debt and result in a deterioration in credit metrics that are more representative of the revised ratings. "The material increase in Starbuck's fixed shareholder return target will result in significantly higher debt levels and weaker credit metrics at a time of operating challenges" stated Moody's Senior Credit Officer Bill Fahy." We estimate that the additional debt needed to fund the proposed shareholder returns will result in leverage exceeding 2.8 times and retained cash flow to total debt of around 20%. "In addition, we remain concerned that Starbucks willingness to curtail shareholder returns in the event operating results fall short of expectations remains uncertain and could lead to a further deterioration in credit metrics," added Fahy. (MOODYS)

Graphs

Calendar Year % Change 2014 2015 2016 2017 2018 YTD
Stock Price 4.7% 46.3% -7.5% 3.4% 12.1% 4.2%
Industry 5.7% 15.4% -0.3% 19.8% 4.94% 5.38%
S&P 500 11.4% -0.8% 9.5% 19.4% -6.26% 2.08%
Fiscal Year 2014 2015 2016 2017 2018 TTM
ROIC 36.8% 36.2% 36.8% 34.1% 30.2% 30.0%
Operating Margin GAAP 18.7% 18.8% 19.6% 18.5% 15.7% 15.0%
Operating Margin non-GAAP 18.6% 18.8% 19.6% 19.2% 16.6% 15.9%
FCF 1311.8% -1373.2% 17.6% -10.4% 223.4%
Revenue 10.6% 16.5% 11.2% 5.0% 10.4% 2.3%
2013 2014 2015 2016 2017 2018 TTM
NOPLAT -254.4 2,408.4 2,814.8 3,261.0 3,231.9 3,035.4 2,957.0
Invested Capital 5,781.7 7,322.0 8,211.2 9,533.6 9,444.6 10,669.5 12,056.5
2013 2014 2015 2016 2017 2018 TTM
Sales 14866.8 16447.8 19162.7 21315.9 22386.8 24719.500976 25278.399951
NOPLAT -254.3524670481 2408.3754954573 2814.761013645 3261.0112393295 3231.9334526848 3035.4245284807 2957.0232945451
2014 2015 2016 2017 2018 YTD
Sales growth 10.6% 16.5% 11.2% 5.0% 10.4% 2.3%
Cost of Sales 7.5% 13.5% 9.3% 6.2% 12.6% 2.6%
Store operating exp 8.2% 16.7% 12.1% 7.1% 10.8% 3.6%
Other oper exp 5.9% 14.2% 4.4% 1.5% -2.6% -1.3%
General oper exp 5.7% 20.7% 13.7% 2.4% 26.2% 2.2%
Restructuring 46.2% 7.0%
Operating expense growth 7.5% 15.2% 10.5% 7.0% 12.8% 2.8%
Calendar Year % Change 2014 2015 2016 2017 2018 YTD
Stock Price 4.7% 46.3% -7.5% 3.4% 12.1% 4.2%
Main Competitor -11.5% -0.1% 23.1% 22.9% -0.5% 7.4%
2014 2015 2016 2017 2018 YTD
Sales growth 10.6% 16.5% 11.2% 5.0% 10.4% 2.3%
Cost of Sales 7.5% 13.5% 9.3% 6.2% 12.6% 2.6%
Store operating exp 8.2% 16.7% 12.1% 7.1% 10.8% 3.6%
Other oper exp 5.9% 14.2% 4.4% 1.5% -2.6% -1.3%
General oper exp 5.7% 20.7% 13.7% 2.4% 26.2% 2.2%
Restructuring 46.2% 7.0%
Operating expense growth 7.5% 15.2% 10.5% 7.0% 12.8% 2.8%
Same Store Sales (data) 6.0% 7.0% 5.0% 3.0% 2.0% 4.0%
Operating Margin GAAP 18.7% 18.8% 19.6% 18.5% 15.7% 15.0%

Correlation of NOPLAT & Invested Capital

NOPLAT 2013 2014 2015 2016 2017 2018 TTM -254.35246704806849 2408.3754954572905 2814.7610136450312 3261.0112393295458 3231.9334526848406 3035.4245284806821 2957.0232945450653 Invested Capital 2013 2014 2015 2016 2017 2018 TTM 5781.7000000000007 7322.0000000000009 8211.2000000000007 9533.6 9444.5999999999985 10669.499843 12056.534822589998

Correlation of Sales & NOPLAT

Sales 2013 2014 2015 2016 2017 2018 TTM 14866.800000000001 16447.8 19162.7 21315.899999999998 22386.800000000003 24719.500976000003 25278.399950999999 NOPLAT 2013 2014 2015 2016 2017 2018 TTM -254.35246704806849 2408.3754954572905 2814.7610136450312 3261.0112393295458 3231.9334526848406 3035.4245284806821 2957.0232945450653

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