Intrinsic value of Starbucks - SBUX

Previous Close

$50.91

  Intrinsic Value

$32.05

stock screener

  Rating & Target

sell

-37%

Previous close

$50.91

 
Intrinsic value

$32.05

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of SBUX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 73.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  23,506
  24,682
  25,916
  27,212
  28,572
  30,001
  31,501
  33,076
  34,730
  36,466
  38,289
  40,204
  42,214
  44,325
  46,541
  48,868
  51,311
  53,877
  56,571
  59,399
  62,369
  65,488
  68,762
  72,200
  75,810
  79,601
  83,581
  87,760
  92,148
  96,755
Variable operating expenses, $m
  19,242
  20,194
  21,194
  22,244
  23,346
  24,503
  25,718
  26,994
  28,334
  29,741
  31,020
  32,571
  34,200
  35,910
  37,705
  39,590
  41,570
  43,648
  45,831
  48,122
  50,529
  53,055
  55,708
  58,493
  61,418
  64,489
  67,713
  71,099
  74,654
  78,386
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  19,242
  20,194
  21,194
  22,244
  23,346
  24,503
  25,718
  26,994
  28,334
  29,741
  31,020
  32,571
  34,200
  35,910
  37,705
  39,590
  41,570
  43,648
  45,831
  48,122
  50,529
  53,055
  55,708
  58,493
  61,418
  64,489
  67,713
  71,099
  74,654
  78,386
Operating income, $m
  4,265
  4,488
  4,722
  4,968
  5,226
  5,498
  5,782
  6,081
  6,395
  6,725
  7,269
  7,633
  8,014
  8,415
  8,836
  9,278
  9,741
  10,228
  10,740
  11,277
  11,841
  12,433
  13,054
  13,707
  14,393
  15,112
  15,868
  16,661
  17,494
  18,369
EBITDA, $m
  5,180
  5,439
  5,711
  5,996
  6,296
  6,611
  6,941
  7,288
  7,653
  8,035
  8,437
  8,859
  9,302
  9,767
  10,255
  10,768
  11,306
  11,872
  12,465
  13,089
  13,743
  14,430
  15,152
  15,909
  16,705
  17,540
  18,417
  19,338
  20,305
  21,320
Interest expense (income), $m
  97
  212
  237
  262
  289
  317
  346
  377
  409
  443
  478
  516
  555
  596
  640
  685
  733
  783
  835
  891
  949
  1,009
  1,073
  1,140
  1,211
  1,285
  1,363
  1,444
  1,530
  1,620
  1,714
Earnings before tax, $m
  4,052
  4,251
  4,460
  4,679
  4,910
  5,152
  5,406
  5,672
  5,952
  6,247
  6,753
  7,078
  7,418
  7,775
  8,151
  8,545
  8,959
  9,393
  9,849
  10,328
  10,831
  11,359
  11,914
  12,496
  13,108
  13,749
  14,424
  15,131
  15,874
  16,655
Tax expense, $m
  1,094
  1,148
  1,204
  1,263
  1,326
  1,391
  1,460
  1,532
  1,607
  1,687
  1,823
  1,911
  2,003
  2,099
  2,201
  2,307
  2,419
  2,536
  2,659
  2,789
  2,924
  3,067
  3,217
  3,374
  3,539
  3,712
  3,894
  4,085
  4,286
  4,497
Net income, $m
  2,958
  3,103
  3,256
  3,416
  3,584
  3,761
  3,946
  4,141
  4,345
  4,560
  4,930
  5,167
  5,415
  5,676
  5,950
  6,238
  6,540
  6,857
  7,190
  7,540
  7,907
  8,292
  8,697
  9,122
  9,569
  10,037
  10,529
  11,046
  11,588
  12,158

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,088
  15,842
  16,634
  17,466
  18,339
  19,256
  20,219
  21,230
  22,291
  23,406
  24,576
  25,805
  27,095
  28,450
  29,872
  31,366
  32,934
  34,581
  36,310
  38,125
  40,032
  42,033
  44,135
  46,342
  48,659
  51,092
  53,646
  56,329
  59,145
  62,102
Adjusted assets (=assets-cash), $m
  15,088
  15,842
  16,634
  17,466
  18,339
  19,256
  20,219
  21,230
  22,291
  23,406
  24,576
  25,805
  27,095
  28,450
  29,872
  31,366
  32,934
  34,581
  36,310
  38,125
  40,032
  42,033
  44,135
  46,342
  48,659
  51,092
  53,646
  56,329
  59,145
  62,102
Revenue / Adjusted assets
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
  1.558
Average production assets, $m
  7,169
  7,528
  7,904
  8,300
  8,714
  9,150
  9,608
  10,088
  10,593
  11,122
  11,678
  12,262
  12,875
  13,519
  14,195
  14,905
  15,650
  16,432
  17,254
  18,117
  19,023
  19,974
  20,972
  22,021
  23,122
  24,278
  25,492
  26,767
  28,105
  29,510
Working capital, $m
  611
  642
  674
  707
  743
  780
  819
  860
  903
  948
  996
  1,045
  1,098
  1,152
  1,210
  1,271
  1,334
  1,401
  1,471
  1,544
  1,622
  1,703
  1,788
  1,877
  1,971
  2,070
  2,173
  2,282
  2,396
  2,516
Total debt, $m
  4,386
  4,855
  5,347
  5,863
  6,406
  6,975
  7,573
  8,201
  8,860
  9,552
  10,279
  11,042
  11,843
  12,684
  13,568
  14,495
  15,469
  16,492
  17,565
  18,693
  19,877
  21,120
  22,425
  23,795
  25,234
  26,745
  28,331
  29,997
  31,746
  33,583
Total liabilities, $m
  9,369
  9,838
  10,330
  10,846
  11,389
  11,958
  12,556
  13,184
  13,843
  14,535
  15,262
  16,025
  16,826
  17,667
  18,551
  19,478
  20,452
  21,475
  22,548
  23,676
  24,860
  26,103
  27,408
  28,778
  30,217
  31,728
  33,314
  34,980
  36,729
  38,566
Total equity, $m
  5,718
  6,004
  6,304
  6,619
  6,950
  7,298
  7,663
  8,046
  8,448
  8,871
  9,314
  9,780
  10,269
  10,782
  11,322
  11,888
  12,482
  13,106
  13,761
  14,450
  15,172
  15,931
  16,727
  17,563
  18,442
  19,364
  20,332
  21,349
  22,416
  23,537
Total liabilities and equity, $m
  15,087
  15,842
  16,634
  17,465
  18,339
  19,256
  20,219
  21,230
  22,291
  23,406
  24,576
  25,805
  27,095
  28,449
  29,873
  31,366
  32,934
  34,581
  36,309
  38,126
  40,032
  42,034
  44,135
  46,341
  48,659
  51,092
  53,646
  56,329
  59,145
  62,103
Debt-to-equity ratio
  0.770
  0.810
  0.850
  0.890
  0.920
  0.960
  0.990
  1.020
  1.050
  1.080
  1.100
  1.130
  1.150
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.290
  1.310
  1.330
  1.340
  1.350
  1.370
  1.380
  1.390
  1.410
  1.420
  1.430
Adjusted equity ratio
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,958
  3,103
  3,256
  3,416
  3,584
  3,761
  3,946
  4,141
  4,345
  4,560
  4,930
  5,167
  5,415
  5,676
  5,950
  6,238
  6,540
  6,857
  7,190
  7,540
  7,907
  8,292
  8,697
  9,122
  9,569
  10,037
  10,529
  11,046
  11,588
  12,158
Depreciation, amort., depletion, $m
  915
  951
  989
  1,028
  1,070
  1,113
  1,159
  1,207
  1,257
  1,310
  1,168
  1,226
  1,288
  1,352
  1,419
  1,490
  1,565
  1,643
  1,725
  1,812
  1,902
  1,997
  2,097
  2,202
  2,312
  2,428
  2,549
  2,677
  2,811
  2,951
Funds from operations, $m
  3,873
  4,054
  4,244
  4,444
  4,654
  4,874
  5,105
  5,348
  5,603
  5,870
  6,098
  6,393
  6,703
  7,028
  7,370
  7,728
  8,105
  8,500
  8,915
  9,351
  9,809
  10,290
  10,794
  11,324
  11,881
  12,465
  13,078
  13,722
  14,399
  15,109
Change in working capital, $m
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  99
  103
  109
  114
  120
Cash from operations, $m
  3,844
  4,023
  4,212
  4,410
  4,618
  4,837
  5,066
  5,307
  5,560
  5,825
  6,050
  6,343
  6,650
  6,973
  7,312
  7,668
  8,041
  8,434
  8,845
  9,278
  9,732
  10,209
  10,709
  11,235
  11,787
  12,366
  12,975
  13,614
  14,285
  14,989
Maintenance CAPEX, $m
  -683
  -717
  -753
  -790
  -830
  -871
  -915
  -961
  -1,009
  -1,059
  -1,112
  -1,168
  -1,226
  -1,288
  -1,352
  -1,419
  -1,490
  -1,565
  -1,643
  -1,725
  -1,812
  -1,902
  -1,997
  -2,097
  -2,202
  -2,312
  -2,428
  -2,549
  -2,677
  -2,811
New CAPEX, $m
  -335
  -358
  -376
  -395
  -415
  -436
  -458
  -480
  -504
  -530
  -556
  -584
  -613
  -644
  -676
  -710
  -745
  -782
  -822
  -863
  -906
  -951
  -999
  -1,049
  -1,101
  -1,156
  -1,214
  -1,275
  -1,338
  -1,405
Cash from investing activities, $m
  -1,018
  -1,075
  -1,129
  -1,185
  -1,245
  -1,307
  -1,373
  -1,441
  -1,513
  -1,589
  -1,668
  -1,752
  -1,839
  -1,932
  -2,028
  -2,129
  -2,235
  -2,347
  -2,465
  -2,588
  -2,718
  -2,853
  -2,996
  -3,146
  -3,303
  -3,468
  -3,642
  -3,824
  -4,015
  -4,216
Free cash flow, $m
  2,826
  2,948
  3,083
  3,225
  3,373
  3,529
  3,693
  3,866
  4,046
  4,236
  4,382
  4,591
  4,811
  5,042
  5,284
  5,538
  5,806
  6,086
  6,381
  6,690
  7,014
  7,355
  7,713
  8,089
  8,484
  8,898
  9,333
  9,790
  10,270
  10,773
Issuance/(repayment) of debt, $m
  454
  468
  492
  516
  542
  569
  598
  628
  659
  692
  727
  763
  801
  841
  883
  928
  974
  1,023
  1,074
  1,127
  1,184
  1,243
  1,305
  1,370
  1,439
  1,511
  1,586
  1,666
  1,749
  1,836
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  454
  468
  492
  516
  542
  569
  598
  628
  659
  692
  727
  763
  801
  841
  883
  928
  974
  1,023
  1,074
  1,127
  1,184
  1,243
  1,305
  1,370
  1,439
  1,511
  1,586
  1,666
  1,749
  1,836
Total cash flow (excl. dividends), $m
  3,280
  3,416
  3,575
  3,741
  3,916
  4,099
  4,291
  4,493
  4,706
  4,928
  5,109
  5,354
  5,612
  5,883
  6,167
  6,466
  6,780
  7,109
  7,454
  7,817
  8,198
  8,598
  9,018
  9,459
  9,923
  10,409
  10,920
  11,456
  12,019
  12,610
Retained Cash Flow (-), $m
  -268
  -286
  -300
  -315
  -331
  -348
  -365
  -383
  -402
  -422
  -444
  -466
  -489
  -513
  -539
  -566
  -594
  -624
  -655
  -688
  -722
  -759
  -797
  -836
  -878
  -922
  -968
  -1,017
  -1,067
  -1,121
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  179
  188
  197
  207
  218
  229
  240
  252
  265
  278
  292
  306
  322
  338
  355
  372
  391
  410
  431
  453
  475
  499
  524
  550
  578
  606
  637
  669
  702
  737
Cash available for distribution, $m
  3,012
  3,131
  3,275
  3,426
  3,585
  3,751
  3,926
  4,110
  4,303
  4,506
  4,665
  4,889
  5,123
  5,370
  5,628
  5,900
  6,185
  6,485
  6,799
  7,129
  7,476
  7,840
  8,222
  8,623
  9,044
  9,487
  9,951
  10,439
  10,951
  11,489
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  2,887
  2,866
  2,850
  2,821
  2,779
  2,723
  2,653
  2,569
  2,472
  2,362
  2,215
  2,086
  1,948
  1,803
  1,652
  1,499
  1,346
  1,194
  1,047
  906
  773
  650
  539
  439
  352
  277
  214
  162
  120
  87
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development. The Company's Americas, CAP, and EMEA segments include both company-operated and licensed stores. Its Channel Development segment includes roasted whole bean and ground coffees, Tazo teas, Starbucks- and Tazo-branded single-serve products, a range of ready-to-drink beverages, such as Frappuccino, Starbucks Doubleshot and Starbucks Refreshers beverages and other branded products sold across the world through channels, such as grocery stores, warehouse clubs, specialty retailers, convenience stores and the United States foodservice accounts.

FINANCIAL RATIOS  of  Starbucks (SBUX)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 3.3
Price to Book 13.4
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow 27.5
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.5%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 72.2%
Total Debt to Equity 72.2%
Interest Coverage 46
Management Effectiveness
Return On Assets 20.6%
Ret/ On Assets - 3 Yr. Avg. 22.1%
Return On Total Capital 30.6%
Ret/ On T. Cap. - 3 Yr. Avg. 32.7%
Return On Equity 50.9%
Return On Equity - 3 Yr. Avg. 49.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 59.6%
Gross Margin - 3 Yr. Avg. 59.7%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. 25%
Operating Margin 18.5%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin 19.3%
Pre-Tax Margin - 3 Yr. Avg. 19.8%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 13.5%
Effective Tax Rate 33.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 50.3%

SBUX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBUX stock intrinsic value calculation we used $22387 million for the last fiscal year's total revenue generated by Starbucks. The default revenue input number comes from 2017 income statement of Starbucks. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SBUX stock valuation model: a) initial revenue growth rate of 5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SBUX is calculated based on our internal credit rating of Starbucks, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Starbucks.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SBUX stock the variable cost ratio is equal to 81.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SBUX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Starbucks.

Corporate tax rate of 27% is the nominal tax rate for Starbucks. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SBUX stock is equal to 0.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SBUX are equal to 30.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Starbucks operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SBUX is equal to 2.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5450 million for Starbucks - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1450 million for Starbucks is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Starbucks at the current share price and the inputted number of shares is $73.8 billion.

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COMPANY NEWS

▶ Dunkin' Brands' Earnings Results: What to Look For   [Jul-22-18 03:38PM  Motley Fool]
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▶ China's Luckin Coffee takes on Starbucks   [09:53AM  CNBC Videos]
▶ Yahoo Finance Live: Market Movers - Jul 20th, 2018   [07:20AM  Yahoo Finance Video]
▶ Big Dairy scores major win over 'milk'   [04:21PM  Yahoo Finance]
▶ Starbucks To Open First U.S. Signing Store   [09:00AM  Business Wire]
▶ Restaurant Brands International Brings Tim Hortons to China   [Jul-18-18 10:48PM  InvestorPlace]
▶ 3 Top Dividend Stocks to Buy in July   [09:35AM  Motley Fool]
▶ New development to host Sourdough & Co., Starbucks near Power Inn district   [Jul-17-18 03:15PM  American City Business Journals]
▶ Kosher certifier reduces list of acceptable Starbucks drinks   [Jul-16-18 06:41PM  Associated Press]
▶ 4 GARP Stocks to Buy Now   [03:46PM  InvestorPlace]
▶ Wilmington coffee shop to replace Starbucks in UNC dining hall   [02:15PM  American City Business Journals]
▶ Is It Time to Buy Starbucks (SBUX) Stock Again?   [Jul-13-18 01:29PM  Zacks]
▶ 7 Hot Stocks Savvy Investors Are Buying   [10:19AM  InvestorPlace]
▶ 3 Top Value Stocks to Buy Right Now   [06:17AM  Motley Fool]
▶ Sippy Cups Are the Future   [04:59PM  The Wall Street Journal]
▶ Closing Bell: LIVE MARKETS BLOG   [04:10PM  TheStreet.com]
▶ [$$] Starbucks/Luckin Coffee: trouble brewing   [07:25AM  Financial Times]
▶ This is what Starbuck's strawless cups look like   [01:14PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Jul 10th, 2018   [09:40AM  Yahoo Finance Video]
▶ Starbucks, Hyatt latest to dump plastic straws   [08:37AM  American City Business Journals]
▶ Starbucks To Phase Out Plastic Straws   [03:59AM  Associated Press Videos]
▶ [$$] Starbucks to Eliminate Plastic Straws by 2020   [Jul-09-18 10:51PM  The Wall Street Journal]
▶ Starbucks to phase out plastic straws   [07:47PM  Reuters Videos]
▶ Business Highlights   [06:06PM  Associated Press]
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