Pershing Square Activist Presentation Deck
Strategic Investment in Coffee is Accelerating
Over $100bn in coffee-related acquisitions have been completed since 2012,
at valuations that average ~20% more than where SBUX now trades
TEV / EBITDA for Coffee-Related Transactions
2012 2013
17.4x
Target
16.3x
2014
15.8x
16.5x
2015 2016 2017
13.8x
Mondelez Tim KEURIG
International
GREEN MOUNTAIN
coffee Hortons.
16.2x
Krispy Kreme
DOUGHNUTS
JAB 3G/BKW JAB JAB
$11.1 $13.4 $14.3 $1.3
17.2x
14
Coca
Panera
BREAD
16.7x
DE
Peet's MASTER
COFFEE
BLENDERS
Acquirer JAB JAB
TEV ($bn) $1.0 $9.9
Source: Public filings, broker research, Pershing Square estimates. Represents all coffee-related transactions with a TEV of at least $1bn completed since 2012.
Note: SBUX trading multiple represents TEV excluding the capitalized value of JV income at 20x earnings divided by Pershing Square 2019E EBITDA.
(1) Total TEV includes transactions with a TEV less than $1bn.
JAB
$7.5
DR PEPPER
SNAPPLE GROUP
2018 YTD
15.0x 15.0x
license
JAB Nestle
$26.6 $7.2
16.4x
JAB
$2.0
SIMILE
Total
ΚΟ
$5.1
Avg.
16.0x
$100+ (1)
13.3xView entire presentation