Pershing Square Activist Presentation Deck
Overview
Ticker:
"SBUX"
Stock Price:
$56
Div. Yield:
2.6%
► Leading global specialty coffee retailer and iconic brand
► 29,000 stores with over $32 billion in systemwide sales
50% U.S., 50% International
■ 53% Owned (U.S. 60%, China 100%, RoW 30%), 47% Licensed
Americas (primarily U.S.) = 67% of EBIT, Asia Pacific = 22%(1)
Market capitalization and enterprise valuation of ~$77bn(²)
Pershing Square owns 15.2 million shares at an average cost
of $51 per share(3)
(1) Based on Pershing Square estimated 2019 EBIT including JV income.
(2) Based on net cash of ~$0.4bn as of 6/30/18 pro forma for $5bn received from the closing of the recent Nestle transaction.
(3) Shares owned by all core funds managed by Pershing Square through forward contracts.
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