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Valuation Approach and Company Report
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VALUATION APPROACH AND COMPANY REPORT 2
Section 1: Private Company Valuation Approaches
Introduction
The overall economic rationality is that companies must strive towards optimal
returns and profitability. Even though private companies differ from public companies in
nature and legal expectations, the profit objective suffices in both. Therefore, there is a need
to keep efficient records when dealing with private companies through valuation. Valuation is
the consolidation of relevant data and information that gives direction on the company's
progress and potential success or failure. Because private companies are directed by an
inherent need to achieve efficiency and optimal profitability, the asset, market, and income
approaches offer a broad framework for the proper valuation of private firms to the benefit of
the stakeholders.
The stakeholders in a private company are the primary consumers of valuation
information. Even though private companies do not list their share for a public offering, its
ordinary course of operations leads to several stakeholders. Some investors, for example, are
interested in the asset valuation approach before conducting business with private companies.
Additionally, valuation information solves the information asymmetry between other external
stakeholders like suppliers and creditors. Even though private firms are not subjected to
stringent accounting and reporting standards stipulated by the Securities and Exchange
Commission (SEC), investors and other stakeholders appreciate proper valuation done within
the constricts of formal reporting procedures. Therefore, valuation is as essential a procedure
for private firms as it is for publicly traded companies.
Research Objectives
VALUATION APPROACH AND COMPANY REPORT 3
Several approaches can be incorporated into the valuation of private companies. Each
valuation approach incorporates a specific set of data and information. The main approaches
in the valuation of private companies are the Asset Approach, Market Approach, and Income
approach (Hitchner, 2017). This paper intends to peruse how each method operates in private
companies. Additionally, the paper will reveal the efficiencies and inefficiencies of each
approach in the private company context. Finally, the paper will reduce the introspection into
the different approaches into their inherent similarities and differences. Therefore, the
research objectives can be listed as:
❖To indicate the three valuation approaches and their operation.
❖To reveal the benefits and limitations of using each valuation approach
❖To identify the similarities between the valuation approaches.
❖ To investigate the differences between the valuation approaches.
To study each of the research, objectives will be compiled to come up with a cogent
conclusion. The similarities and differences of the valuation methods give necessary
directions to the stakeholders in private companies on the trajectory of their financial
reporting. This paper does not imply that all private firms have a similar view of valuation.
Still, it takes on the various valuation approaches primarily adopted in line with formal and
common reporting standards.
The valuation approaches can be identified as:
Asset-Based Approach
The asset-based approach to valuation is one of the primary modes of valuation in
private companies. In the most rudimentary of this method, the asset-based approach reflects
the book value of the company because it is a calculation generated from subtracting
liabilities from the total assets in the company (Hitchner, 2017). Jenkins and Kane (2006)
VALUATION APPROACH AND COMPANY REPORT 4
posit that the asset-based approach can be used in the context of liquidity valuation,
accounting valuation, and a sum of the parts valuation. Liquidity valuation in the context of
asset valuation is when assets are valued with the prospects of sale (Jenkins and Kane, 2006).
Accounting valuation is where a private company is valued following internal controls or
accounting guidelines (Jenkins and Kane, 2006). Lastly, a sum of the parts is asset valuation
with investment prospect through acquisition or restructuring (Jenkins and Kane, 2006).
Hitchner (2017) posits that the asset-based approach to valuation attempts to find the firm's
underlying assets and uses the value of the tangible and intangible assets. Therefore, an asset-
based approach for a private company can be termed as more than just the company's book
value.
The necessary data and information involved in the asset approach are the value of
assets (both tangible and intangible) and the value of liabilities. However, this value can be
challenging to derive at actual value. Therefore, Jenkins and Kane (2006) posit that the value
of the individual assets can be derived using the expected cash flows from an asset (intrinsic
valuation) or through the pricing of similar assets (relative valuation). Most financial
statement adjustments already account for either or both of the valuation mentioned above
methods for tangible assets. However, intangible assets like goodwill can present a challenge
in the asset-based approach, with the income or market approach better suited for such
valuations (Hitchner, 2017). Therefore, the asset-based approach presents an advantage with
financial statement adjustments for straightforward valuation but presents a challenge for
private firms with a significant bulk of intangible assets.
Income-Based Approach
VALUATION APPROACH AND COMPANY REPORT 5
The income approach is another prominent approach to the valuation of private
companies. Private companies that choose to use this method are often split between the
capitalization of the cash flow method and the discounted cash flow method (Miciuła et al.,
2020). The data that is required when using the income approach for private companies
includes:
⮚Net cash flows
⮚Pre-tax earnings
⮚Depreciation
⮚After-tax earnings
⮚Weighted Average Cost of Capital
Therefore, by deriving the present values of the data depicted above, the income-based
approach generally reflects the amount of income that a company is likely to generate in the
future.
The Capitalization of Cash Flows method is one of the standard methods under the
income-based approach. The method primarily utilizes the earnings before interest and taxes
and the company's cash flows (Miciuła et al., 2020). This method assumes that there are
negligible differences between tangible and intangible assets and that the value of assets need
not be separated (Miciuła et al., 2020). The defining mark of the capitalization of earnings
method is that it gives a reliable relationship between the following aspects in a private firm:
●Estimated Future benefits (Earnings or cash flow)
●Yield(Required rate of return)
●The estimated value of the business.
On the other hand, another standard method under the income-based approach to valuation is
the Discounted Cash Flow Method. This method is pegged on the theory that a private firm’s
value is equivalent to the present value of the projected future benefits (including the present
VALUATION APPROACH AND COMPANY REPORT 6
value of its terminal value (Hitchner, 2017). In this method, the valuation starts by
determining the applicable revenue growth rate for the private firm. Projections are then
made based on the firm's revenues, operating expenses, and taxes with the view of generating
the Free Cash Flows (FCF) (Miciuła et al., 2020). In this method, the weighted average cost
of capital (WACC) is utilized as the discount rate (Hitchner, 2017). Therefore, both the
Discounted Cash Flows method and the Capitalization of Cash Flows method are effective
methods under the income-based business valuation approach.
Several pros and cons emerge from the Income-based approach of valuation. The pros
include the inherent nature of the income-based approach inclines towards the future and not
historical data; thus, it provides investors with valuable information. Additionally, the
income-based approach emphasizes the cost of debt and equity, which is relevant for future
projections. The cons of the income-based approach are that it is slightly complicated and
that valuation is based on financial forecast and WACC, which are not rigid estimates, but
subject to manipulation and constant changes. Because most of these cons can be solved
through proper valuation practices, the income-based approach to valuation is still reliable.
Market-Based Approach
The market approach is a valuation method of valuation that emphasizes the market
forces related to the prices. Hitchner (2017) posits that the following variables are relevant
for a private firm that uses the market-based approach:
✔Earnings before Interest and Taxes (EBIT)
✔Revenues
✔Assets
✔Equity
VALUATION APPROACH AND COMPANY REPORT 7
The main methods used under the market-based approaches are the public company
comparables method and the precedent transactions (Tham and Vélez-Pareja, 2004). Because
private companies are limited in using public company comparables, the precedent
transactions method is the commonly used method. The precedent transactions method
involves using pricing data based on observed transactions (Tham and Vélez-Pareja, 2004).
This method emphasizes the value of transactional value without coherent financial
adjustments (Tham and Vélez-Pareja, 2004). Therefore, the market-based approach is
concerned with price-related indicators.
Several pros and cons emerge from the use of market-based approaches in the valuation
of private businesses. One of the primary advantages is that this approach is relatively
straightforward. Additionally, unlike other approaches, the approach does not rely on
subjective forecasts or calculations. On the other hand, this method is inherently limited
because it is challenging to access comparable data with private companies. In addition, the
viability and reliability of data can affect the valuation process.
Results and Findings
The paper shows the different approaches to valuation. The income-based, market-
based, and asset-based approaches are the main approaches to valuation in a private
company. Each approach is unique and requires a different set of data to complete.
Several similarities emerge between the three approaches to valuation. The first
similarity is that all the approaches have an inherent inclination towards the future. Hitchner
(2017) disputes that the market-based approach has no interest in future earnings and data.
An additional similarity is that all the marketing approaches appreciate financial statements
and accounting adjustments because most of the ratios and data are derived from such
records. Lastly, all the marketing approaches are concerned with the notion of risk and
VALUATION APPROACH AND COMPANY REPORT 8
propose different methods of dealing with different risks. Therefore, even though the three
approaches to valuation differ in nature and operation, they can have several similarities.
Several notable differences emerge between the three approaches to valuation. The
first difference is that only the asset-based approach appreciates the difference between
tangible and intangible assets. The market-based and income-based approaches view this
dichotomy as trivial or negligible. Another difference is that all the approaches utilize some
unique data sources to posit the final valuation; for example, the asset-based approach uses
the value of tangible and intangible assets, the income-based approach uses the net cash
flows, and the market-based approach uses equity. This data is different and does not exist in
the other approaches. Therefore, the approaches to valuation are substantively different.
Conclusion
The three approaches to valuation give different perspectives of value in the context
of private companies. Because private companies are directed by an inherent need to achieve
efficiency and optimal profitability, the asset, market, and income approaches offer a broad
framework for the proper valuation of private firms to the benefit of the stakeholders. The
approaches mentioned several inherent similarities and differences. Additionally, every
valuation approach has several advantages and limitations. Therefore, every private company
should contemplate which valuation approach or combination of approaches best suits their
firm.
References
Hitchner, J. (2017). Financial Evaluation: Applications and models (4th ed.). Hoboken, NJ:
Wiley. ISBN 978-1-119-28660-8.
Jenkins, D. S., & Kane, G. D. (2006). A Contextual Analysis of Income and Asset‐Based
Approaches to Private Equity Valuation. Accounting Horizons, 20(1), 19-35.
VALUATION APPROACH AND COMPANY REPORT 9
Miciuła, I., Kadłubek, M., & Stępień, P. (2020). Modern Methods of Business Valuation
Case Study and New Concepts. Sustainability, 12(7), 2699.
Tham, J., & Vélez-Pareja, I. (2004). Principles of cash flow valuation: An integrated
market-based approach. Elsevier.
Section Two: Company Report
1. Company, Industry, and Economic Analysis
Company Analysis
A widely known retailer of specialty coffee, Starbucks Corporation is operating
through several segments. The organization is presently operating in 62 countries with an
employee workforce nearing 183000 workers. These segments are channel development,
America's and international development. The organization deals with tea and coffee
products, operating more than 32,000 corporation-operated stores worldwide. Currently, the
company has 82 markets. The company usually buys and roasts coffee along with other
beverages. Also, the organization deals with other food kinds of stuff through its
organization-operated stores. Apart from its flagship coffee brand, the firm also sells other
goods under different brands like Ethos, Princi, Teavana, and Seattle's Best Coffee.
Starbucks Corporation started its operation in 1971 in the United States with Zev
Siegl, Gordon Bowker, and Jerry Baldwin. The company opened its first store in Seattle next
to a historic pike place field market. The founders based the firm's business model on selling
high-quality roasted coffee. With its change of ownership in the late 1980s, the organization
expanded a great deal. Further expansion occurred upon the firm going public in 1992. Four
years later, the company's president started opening more stores outside North America. Until
VALUATION APPROACH AND COMPANY REPORT 10
recently, the company has encountered some excellent levels of success in the food and
beverage industry. With its specialization in premium tea and high-quality coffee as its
primary brand, the corporation has seen a significant transformation to preserve market
dominance and competitiveness.
To understand the reason for Starbucks' success, which has spanned over the years, it
is imperative first to understand the nature of the company's business. Firstly, Starbucks buys
whole bean coffees, Italian-style espresso drinks, and other coffee-related accessories and
accessories, mainly its retail stores. Besides, the company uses other channels; for instance,
some of its equity investors create and sell a line of special premium ice creams and bottled
drinks sold through non-retail channels, which aligns with the companies' goals and
objectives. These channels are referred to as special operations geared towards Starbucks'
plan of a continued expansion of retail operations and recognition as the world's most
respected brand. In this regard, Starbucks is growing its specialty operations by selectively
pursuing a wide range of opportunities to leverage its name.
The essential products and services offered by Starbucks are easily noticeable thanks
to the company's effective strategies of marketing its products. In response to the high
demand for coffee, the company's stores had devised several ways of marketing their
products. For instance, they have adopted customization and the selling of seasonal products
such as hot beverages. Additionally, the stores also offer tea as a complementary food item
like tea and non-food products such as coffee mugs to expand their market share. However,
the company stores have a unique way of differentiating these products from competitors
through a customer-driven marketing strategy of segmenting the market.
The organization's marketing strategies have enabled it to serve critical markets
worldwide. Starbucks mainly dominates in the U.S market, although it is increasingly facing
a lot of competition from other known brands from China. The U.K. America's segment
VALUATION APPROACH AND COMPANY REPORT 11
comprises company-owned and licensed stores in the U.S., Latin America, and Canada. The
segments from these countries account for the most significant percentage of Starbucks'
market. However, 64% of the entire segment income is generated from America's stores
(Geereddy, 2020). Internationally, the company runs store segments that are company-owned,
mainly in Japan, China, Europe, Asia Pacific, and some African countries. The international
segments account for almost a quarter of the corporation's operating income.
Starbucks participates in several corporate social responsibility activities in current
times. Additionally, the new brand would attract a whole new range of customers hence
expanding revenue. Apart from finding ways to deal with competition while expanding the
market share effectively, its success can also be attributed to its highly effective suppliers.
For example, the First Capital Realty Company leases property to the organization to
generate a sustainable cash flow. Another one is a Chinese-based Tingyi Cayman holding
corporation which manufactures and advertises ready-to-drink products from Starbucks.
The various multinational companies worldwide that have partnered with Starbucks
are the driving force to the company's successful implementation of its marketing plan.
According to Geereddy (2020), the snacks and coffee retail industry has shown steady growth
over the recent past. However, it suffered some losses from the 2008/9 economic crisis,
which saw the industry revenue decrease by 6.6% to $25.9 billion. Since then, the industry
has experienced a positive trajectory by recording growth in sales with a projected rate of
3.9% per annum (Geereddy, 2020). Starbucks does not take part in online sales, but through
its distribution review, one can find Starbuck branded roasted coffee beans in several retail
stores worldwide, such as Costco and Walmart.
The strengths, weaknesses, opportunities, and threats (SWOT) analysis reveals
Starbucks ' position in the snacks and coffee retail industry. A formidable strength of the
corporation is its global brand recognition and its market position. The exemplary quality of
VALUATION APPROACH AND COMPANY REPORT 12
the firm's products like coffee and premium tea is the other strength. Also, the company's
utilization of technology marketing by having attractive coffee stores aesthetic has lured
customers to consumption of its products globally. These strengths continue to solidify the
firm's profitability and market share.
Below is a chart that highlights Starbucks’ SWOT analysis:
The significant threats for Starbucks are the volatile coffee prices and the stiff
competition from the new entrants. Since there are no significant barriers to entry into the
industry, new companies offering similar products can freely enter the market, leading to
competition against Starbucks. Also, volatile coffee prices, which cause supply chain
turbulence, affect the company's profitability. The volatility of products' prices may also lead
to volatility of GDP as the tax revenue is also reduced. . Thus, the supply chain and market
are the main threats to the company's profitability.
Porter's five forces of analysis give a depiction of Starbucks' competition within the
industry. The firm operates in a business environment with intense competition from other
notable firms like McDonald's, Wendy’s, Burger King, and Subway. Assessing the
STRENGTHS
1. Global Market recognizition and Position
2. High quality products in terms of premium
coffee and tea
3. Attractive stores aesthetic
4. Technology usage in marketing
WEAKNESSES
1. Fairly expensive products
2. Excess focus on the United states markets
THREATS
1. Increased competition from new entrants
2. volatile prices of coffee
OPPORTUNITIES
1. New products
2. New distribution channels
3. Technological advancements
SWOT ANALYSIS
VALUATION APPROACH AND COMPANY REPORT 13
competitiveness of Starbucks is necessary because it emphasizes the trajectory of
recommendations in future decisions and projects for Starbucks.
The first force in Porter's analysis is the competitive rivalry or competition between
firms within the industry. This force can be defined as strong because of the large number of
competitors within the industry. Additionally, firms within the industry have a moderate
variety which ensures that the force of competition is sustained at reasonably high standards.
Lastly, because consumers incur minor to no costs in switching, the competition force is
exemplified. Therefore, there is a strong competitive force in Starbucks' industry.
The second force in Porter’s analysis is the bargaining power of Starbucks’ buyers.
This bargaining force is strong because of three variables: availability of various substitutes,
low switching costs, and a relatively stretched buyer size. Because of the substitute in firms
and products (beverages), Starbucks' industry consumers have the upper hand. Additionally,
the relatively strained stretch of buyers for every seller in the industry makes this force
strong.
The third force in Porter's analysis is the bargaining power of Starbucks' suppliers.
This force is relatively weak. One of the reasons for this weak force is the oversupply of
agricultural products like coffee berries. Additionally, most individual suppliers are small to
moderate-sized, and the wide variety of supplier products leads to rivalries between the
suppliers. Therefore, Starbucks enjoys a state of reasonable imposition as suppliers have
strained power.
The fourth force of Porter's analysis is the threat of substitutes. This is a strong force
because of the incredible variety of beverages that can compete against the products offered
by Starbucks. Additionally, even though Starbucks has created a niche for itself through
iconic coffee tastes, there are negligible costs for customers that decide to switch to other
VALUATION APPROACH AND COMPANY REPORT 14
brands. Therefore, there is a strong possibility for Starbucks' profitability being affected by
substitutes.
The fifth force under Porter's analysis is the threat of new entrants. This is a moderate
force. There are limited barriers to entry in the market and beverages industry. Therefore,
more firms can provide competition for Starbucks. Additionally, there are moderate costs
associated with the supply chain associated with Starbucks. Therefore, Starbucks suffers a
moderate likelihood of being displaced by new entrants in its industry position and market
share.
Industry Analysis
As earlier mentioned, the retail coffee and beverage industry in which Starbucks
operates has a significant number of competitors. Although the company is currently
dominating the industry with an estimated 36.7% market share, several other brands like
Dunkin also have an outstanding share in the same market. According to Geereddy (2020), it
has proven quite challenging to impose barriers to entry to this industry due to the nature of
the products provided. In this regard, new entrants will always get into the market, and thus
competition is likely to increase. However, Mahmutllari (2014) posits that competition can be
termed as positive in the process of creating new products since the unexplored market gaps
are filled in that process.
Economic Analysis
The economic outlook of Starbucks cooperation can be analyzed using the political,
economic, socio-cultural, environmental, and legal (PESTEL) framework. PESTEL is an
effective tool for analyzing the effects of external issues and attributes of the company's
macro-environment. To maintain its position in the coffee and beverages industry, the
VALUATION APPROACH AND COMPANY REPORT 15
company should continue monitoring its external environment. Through an effective address
of the factors identified by the PESTEL analysis of the remote business, Starbucks can attain
long-term successes regardless of the hostile external forces that may impact the business.
The success of Starbucks can be linked to its effectiveness in dealing with the factors
identified in the PESTEL analysis.
Some of the economic factors critical to the global coffeehouse stores are the
increasing labor costs in the countries supplying coffee, declining unemployment rates, and
economic growth of developing nations. A decrease in the unemployment levels brings
opportunities for the company to attain an extra income from different markets worldwide.
However, the increasing labor cost in developing nations poses an external threat to the
company as it hikes the firm's spending on ingredients. It is imperative to note that Starbucks
sources almost all of the coffee beans from these third-world countries. Although the supply
of coffee beans could be an issue, this analysis of the PESTEL model presents opportunities
for the company's products primarily.
Socio-cultural factors are another PESTLE analysis framework that shows trends
affecting consumption and the coffeehouse business. The company must deal with some
opportunities like growing the middle class and building the coffee culture to expand its
revenues by growing demand for specialty coffee. Starbucks can further widen the demand
for its products by widening its range of healthful items which would be attractive to health-
conscious consumers. Starbucks, however, faces some threats that are connected to
independent coffeehouses, which are socio-cultural. These threats tend to side with the
independent coffee houses instead of the big multinational chains like Starbucks. The
Starbucks SWOT analysis had also pointed out the threat of the independent coffeehouse
movement. From the analysis, the external social factors provide significant opportunities and
a vital threat that could influence Starbucks ' chain revenues.
VALUATION APPROACH AND COMPANY REPORT 16
The technological factors in this industry influence the coffeehouse chain. Starbucks
is experiencing several external factors related to technology, like rapid adoption of mobile in
online purchases and an increase in the availability of coffee machines for creating specialty
coffee. The company has opportunities of expanding its mobile apps and linked services and
therefore present extra avenues for income gains via mobile purchases. Also, Starbucks has
improved its efficiency in the supply chain, judging from the coffee farmers' use of recent
technologies. However, the increased home use and availability of specialty coffee machines
pose a threat to Starbucks since it is the leading cause of an influx of substitutes for its
products.
Sustainable business processes which are on the rise are trends that present Starbucks
the opportunity to improve on its sustainability standards. The Improvement can build the
organization's brand while also attracting customers to consume its products. The PESTLE
analysis model identifies this issue as an ecological factor. Other environmental factors in the
company's macro-economic business environment include the rising push for ecologically
friendly products. For instance, the company can innovate to create products that are more
ecologically friendly. According to the PESTLE analysis, the environmental factors present
opportunities for enhancing the company's corporate image.
2. Financial statement & company risk analysis
(US$ in thousands)
Description Sep 27, 2020 Sep 29, 2019
Cash provided by
changes in operating assets
and liability
2,676,400 1,648.700
Adjustments to
reconcile net earnings to net
673, 100 1,452,400
VALUATION APPROACH AND COMPANY REPORT 17
cash provided by operating
activities
Net cash from
operating activities
1,597,800 5,047,000
Net cash used in
investing activities
1, 711,500 1,010,800
Net cash used in
financing activities.
1,713,300 10,056,900
Net Increase/decrease
in cash and equivalents
1, 664, 300 6,069,700
Cash and cash
equivalents end of a period
4,350,900 2,686,600
Cash flow statement
item
Description The company
Cash from operating
activities
This section refers to
the total amount of outflow
or inflow obtained from
operating activities while
excluding the discontinued
operations (Sakal, 2018).
These activities' cash flows
are adjustments and value
changes that are not termed
The net cash that
Starbucks corporation
obtained from the operating
activities was reduced from
2019-2020 (Clements, 2019).
VALUATION APPROACH AND COMPANY REPORT 18
financing or investing
activities.
Cash utilized in
investing activities.
This is the amount of
cash outflow or inflow of the
investing activities with the
exclusion of discontinued
operations (Sakal, 2018).
This cash flow material
includes collecting loans,
acquisition, and disposition
of debts or/and equity
instruments, equipment, plant
and property, and other
productive assets.
The net cash used by
Starbucks in investing
activities rose from 2019-
2020 (Clements, 2019).
Cash from financing
activities
This is the amount of
outflow or the cash inflow of
any financing activities with
the exclusion of the
discontinued operations
(Sakal, 2018). The financing
activity cash flows entail
obtaining resources from the
owners and providing the
resources with a return on
their investment. This issue
Starbucks’ net cash
provided in the financing
activities increased from
2019-2020(Clements, 2019).
VALUATION APPROACH AND COMPANY REPORT 19
translates to borrowing an
amount of money and
repaying the same amount
borrowed-settling the
obligation. The process
involves acquiring and
repaying for the resources
from the creditors that were
obtained on long-term credit.
3. Valuation Estimates & Recommendation
Asset-Based Approach
The asset-based approach in the case of Starbucks is based on the depictions of the
balance statement. NASDAQ (2021) posits that the year ended September 2020 showed that
the company had $29,374,500,000 in assets, which primarily includes tangible assets and
includes the value of intangible assets like goodwill. Boulton et al. (2000) posit that the asset-
based approach may be incapacitated for the modern view of companies. However, the asset-
based approach can be used by investors to get a reflection of the liquidation value.
Income-Based Approach
The Income-based approach used in the case of Starbucks takes the trajectory of the
Discounted Cash Flow method. Hitchner (2017) posits that this method is pegged on the
theory that a private firm’s value is equivalent to the present value of the projected future
benefits (including the present value of its terminal value. The Income-based approach using
VALUATION APPROACH AND COMPANY REPORT 20
the DCF method is reflected by NASDAQ (2021) as 50.54 USD in intrinsic value. Therefore,
Starbucks has a good potential for the future based on the income-based view.
Recommendations
Based on the data and the information posited about Starbucks Corporation, a few
recommendations can be cited. The first recommendation is that the company be engrossed in
launching new products to increase its product portfolio and edge the competitors for a more
significant market share. Additionally, because one of the primary threats is that the firm
relies heavily on the USA market, there is a need to expand the geographical markets. Lastly,
the company should consider more cause marketing approaches and corporate social
responsibility ventures to improve the brand.
VALUATION APPROACH AND COMPANY REPORT 21
References
Boulton, R. E., Libert, B. D., & Samek, S. M. (2000). A business model for the new
economy. Journal of business strategy, 21(4), 29-29.
Clements, M. (2019). Strategic Audit: Starbucks.
Geereddy, N. (2020). Strategic Analysis of Starbucks Corporation. Retrieved Apr 5, 2021,
from.
https://scholar.harvard.edu/files/nithingeereddy/files/starbucks_case_analysis.pdf.
Hitchner, J. (2017). Financial Evaluation: Applications and models (4th ed.). Hoboken, NJ:
Wiley. ISBN 978-1-119-28660-8.
Mahmutllari, J. (2014). Developing a new product development and launch process: Case:
Company X.
NASDAQ. (2021). Starbucks Corporation (NASDAQ: SBUX). AlphaSpread.com. Retrieved
Jul 7, 2021, from https://www.alphaspread.com/security/nasdaq/sbux/dcf-valuation.
Sakal, D. V. (2018). COMPANY ANALYSIS OF STARBUCKS CORPORATION.
